Arizona State Retirement System lifted its holdings in shares of Harris Co. (NYSE:HRS) by 0.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,601 shares of the communications equipment provider’s stock after purchasing an additional 637 shares during the period. Arizona State Retirement System owned 0.08% of Harris worth $15,500,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Checchi Capital Advisers LLC bought a new position in shares of Harris in the third quarter worth $221,000. Oppenheimer & Co. Inc. raised its position in Harris by 3.2% during the third quarter. Oppenheimer & Co. Inc. now owns 41,223 shares of the communications equipment provider’s stock valued at $6,976,000 after purchasing an additional 1,276 shares in the last quarter. Congress Asset Management Co. MA raised its position in Harris by 0.9% during the third quarter. Congress Asset Management Co. MA now owns 41,535 shares of the communications equipment provider’s stock valued at $7,028,000 after purchasing an additional 376 shares in the last quarter. Alps Advisors Inc. purchased a new stake in Harris during the third quarter valued at about $583,000. Finally, Palo Capital Inc. purchased a new stake in Harris during the third quarter valued at about $1,638,000. Institutional investors own 84.83% of the company’s stock.
In related news, VP Todd A. Taylor sold 18,698 shares of the company’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $161.79, for a total value of $3,025,149.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Scott T. Mikuen sold 3,903 shares of the stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $160.75, for a total transaction of $627,407.25. Following the transaction, the senior vice president now directly owns 47,243 shares of the company’s stock, valued at approximately $7,594,312.25. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,912 shares of company stock valued at $7,935,987. Insiders own 2.51% of the company’s stock.
Several research analysts have recently commented on the company. Credit Suisse Group lifted their price objective on Harris from $190.00 to $209.00 and gave the stock an “outperform” rating in a report on Monday, October 15th. Argus raised their target price on Harris to $190.00 and gave the stock a “buy” rating in a research note on Thursday, August 16th. Zacks Investment Research raised Harris from a “sell” rating to a “hold” rating in a research note on Friday, August 3rd. Barclays raised Harris from an “equal weight” rating to an “overweight” rating and cut their target price for the stock from $189.00 to $181.00 in a research note on Tuesday, November 13th. Finally, Raymond James raised their target price on Harris from $180.00 to $190.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 16th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Harris presently has an average rating of “Buy” and a consensus price target of $183.11.
HRS traded down $1.01 during mid-day trading on Thursday, reaching $144.79. 899,809 shares of the company traded hands, compared to its average volume of 1,246,713. The firm has a market cap of $17.24 billion, a PE ratio of 22.28 and a beta of 1.29. The company has a current ratio of 1.17, a quick ratio of 0.96 and a debt-to-equity ratio of 1.05. Harris Co. has a 52-week low of $138.08 and a 52-week high of $175.50.
Harris (NYSE:HRS) last announced its earnings results on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. Harris had a net margin of 12.20% and a return on equity of 26.39%. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period in the previous year, the business earned $1.38 EPS. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. As a group, research analysts forecast that Harris Co. will post 7.86 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 7th. Stockholders of record on Friday, November 23rd will be given a dividend of $0.685 per share. This represents a $2.74 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date is Wednesday, November 21st. Harris’s payout ratio is 42.15%.
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Harris Company Profile
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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