Daiwa Securities Group Inc. lowered its stake in Harris Co. (NYSE:HRS) by 0.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,584 shares of the communications equipment provider’s stock after selling 118 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Harris were worth $3,766,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Kentucky Retirement Systems purchased a new position in Harris in the third quarter valued at about $616,000. Standard Life Aberdeen plc raised its position in Harris by 9.3% in the third quarter. Standard Life Aberdeen plc now owns 45,555 shares of the communications equipment provider’s stock valued at $7,710,000 after purchasing an additional 3,883 shares during the period. Legal & General Group Plc raised its position in Harris by 5.5% in the third quarter. Legal & General Group Plc now owns 624,475 shares of the communications equipment provider’s stock valued at $105,621,000 after purchasing an additional 32,503 shares during the period. Morgan Stanley raised its position in Harris by 3.2% in the third quarter. Morgan Stanley now owns 400,870 shares of the communications equipment provider’s stock valued at $67,830,000 after purchasing an additional 12,276 shares during the period. Finally, Marshall Wace LLP raised its position in Harris by 692.8% in the third quarter. Marshall Wace LLP now owns 127,670 shares of the communications equipment provider’s stock valued at $21,603,000 after purchasing an additional 111,567 shares during the period. Institutional investors own 92.65% of the company’s stock.
Several research analysts have commented on HRS shares. Raymond James raised their price objective on Harris from $190.00 to $200.00 and gave the company an “outperform” rating in a research report on Thursday, May 2nd. Zacks Investment Research raised Harris from a “sell” rating to a “hold” rating and set a $201.00 price objective on the stock in a research report on Tuesday, April 30th. Cowen reissued a “buy” rating and issued a $194.00 price objective on shares of Harris in a research report on Tuesday, January 29th. ValuEngine raised Harris from a “hold” rating to a “buy” rating in a research report on Saturday, March 9th. Finally, Argus raised their target price on Harris from $170.00 to $170.00 and gave the company a “positive” rating in a research note on Wednesday, January 30th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Harris currently has an average rating of “Buy” and an average target price of $196.13.
In related news, SVP Robert L. Duffy sold 9,124 shares of Harris stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $179.99, for a total value of $1,642,228.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William H. Gattle sold 5,131 shares of Harris stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $178.71, for a total value of $916,961.01. The disclosure for this sale can be found here. 2.51% of the stock is owned by company insiders.
Shares of Harris stock traded up $0.57 during trading hours on Wednesday, hitting $188.34. 803,349 shares of the company’s stock traded hands, compared to its average volume of 949,449. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.42 and a quick ratio of 1.15. The company has a market capitalization of $21.69 billion, a PE ratio of 28.98, a P/E/G ratio of 2.82 and a beta of 1.23. Harris Co. has a twelve month low of $123.24 and a twelve month high of $189.41.
Harris (NYSE:HRS) last announced its earnings results on Wednesday, May 1st. The communications equipment provider reported $2.11 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.07. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.70 billion. Harris had a return on equity of 27.13% and a net margin of 13.60%. The company’s revenue was up 10.2% on a year-over-year basis. During the same period last year, the firm earned $1.67 earnings per share. On average, equities analysts expect that Harris Co. will post 8.15 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 4th. Stockholders of record on Friday, May 17th will be paid a dividend of $0.685 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.74 annualized dividend and a dividend yield of 1.45%. Harris’s dividend payout ratio is presently 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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