Commonwealth Equity Services LLC lessened its holdings in Harris Co. (NYSE:HRS) by 10.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 29,019 shares of the communications equipment provider’s stock after selling 3,449 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Harris were worth $4,634,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the business. Sigma Planning Corp boosted its holdings in shares of Harris by 3.1% in the 1st quarter. Sigma Planning Corp now owns 2,022 shares of the communications equipment provider’s stock valued at $323,000 after purchasing an additional 61 shares in the last quarter. GAM Holding AG lifted its stake in shares of Harris by 0.6% in the 4th quarter. GAM Holding AG now owns 10,844 shares of the communications equipment provider’s stock valued at $1,460,000 after acquiring an additional 66 shares during the last quarter. Weatherstone Capital Management lifted its stake in shares of Harris by 2.8% in the 1st quarter. Weatherstone Capital Management now owns 2,756 shares of the communications equipment provider’s stock valued at $440,000 after acquiring an additional 74 shares during the last quarter. Shine Investment Advisory Services Inc. lifted its stake in shares of Harris by 25.1% in the 1st quarter. Shine Investment Advisory Services Inc. now owns 419 shares of the communications equipment provider’s stock valued at $67,000 after acquiring an additional 84 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in shares of Harris by 1.8% in the 4th quarter. Thrivent Financial for Lutherans now owns 5,188 shares of the communications equipment provider’s stock valued at $699,000 after acquiring an additional 91 shares during the last quarter. 97.28% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have recently commented on the company. Zacks Investment Research cut Harris from a “hold” rating to a “sell” rating in a research note on Tuesday, April 16th. Barclays increased their price target on Harris from $205.00 to $245.00 and gave the company an “overweight” rating in a research note on Wednesday, May 29th. ValuEngine upgraded Harris from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Raymond James increased their price target on Harris from $190.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, May 2nd. Finally, Argus increased their price target on Harris to $200.00 and gave the company a “positive” rating in a research note on Wednesday, May 8th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $201.13.
Shares of HRS opened at $190.60 on Friday. Harris Co. has a 52 week low of $123.24 and a 52 week high of $200.77. The firm has a market capitalization of $22.42 billion, a PE ratio of 29.32, a PEG ratio of 2.91 and a beta of 1.03. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.42 and a quick ratio of 1.15.
Harris (NYSE:HRS) last announced its quarterly earnings results on Wednesday, May 1st. The communications equipment provider reported $2.11 EPS for the quarter, beating the Zacks’ consensus estimate of $2.04 by $0.07. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Harris had a return on equity of 27.13% and a net margin of 13.60%. Harris’s revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.67 EPS. As a group, analysts expect that Harris Co. will post 8.15 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 4th. Investors of record on Friday, May 17th were given a dividend of $0.685 per share. This represents a $2.74 annualized dividend and a yield of 1.44%. The ex-dividend date was Thursday, May 16th. Harris’s dividend payout ratio is currently 42.15%.
In related news, insider William H. Gattle sold 5,131 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $178.71, for a total transaction of $916,961.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Robert L. Duffy sold 9,124 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $179.99, for a total value of $1,642,228.76. The disclosure for this sale can be found here. 2.51% of the stock is owned by company insiders.
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Harris Corporation provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems. It designs, develops, and manufactures radio communications products and systems, including single channel ground and airborne radio systems, multiband manpack and handheld radios, multi-channel manpack and airborne radios, and single-channel airborne radios, as well as wideband rifleman team, ground, and high frequency manpack radios.
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