Tocqueville Asset Management L.P. Buys New Stake in Harris Co. (HRS)

Tocqueville Asset Management L.P. bought a new position in Harris Co. (NYSE:HRS) in the first quarter, according to its most recent disclosure with the SEC. The firm bought 5,655 shares of the communications equipment provider’s stock, valued at approximately $903,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. GAM Holding AG increased its position in shares of Harris by 0.6% during the 4th quarter. GAM Holding AG now owns 10,844 shares of the communications equipment provider’s stock worth $1,460,000 after purchasing an additional 66 shares during the last quarter. Weatherstone Capital Management increased its position in shares of Harris by 2.8% during the 1st quarter. Weatherstone Capital Management now owns 2,756 shares of the communications equipment provider’s stock worth $440,000 after purchasing an additional 74 shares during the last quarter. Sabal Trust CO boosted its holdings in Harris by 5.2% during the 4th quarter. Sabal Trust CO now owns 1,621 shares of the communications equipment provider’s stock valued at $218,000 after acquiring an additional 80 shares during the period. Shine Investment Advisory Services Inc. boosted its holdings in Harris by 25.1% during 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 period. Finally, Thrivent Financial for Lutherans boosted its holdings in Harris by 1.8% during 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 period. 97.30% of the stock is owned by institutional investors and hedge funds.

Shares of HRS traded down $0.40 during midday trading on Wednesday, hitting $186.08. The company had a trading volume of 1,286,924 shares, compared to its average volume of 1,141,567. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.15 and a current ratio of 1.42. The stock has a market capitalization of $22.10 billion, a PE ratio of 28.63, a PEG ratio of 2.87 and a beta of 1.23. Harris Co. has a 1 year low of $123.24 and a 1 year high of $189.49.

Harris (NYSE:HRS) last announced its quarterly earnings data on Wednesday, May 1st. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.07. The business 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%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.67 EPS. Analysts predict that Harris Co. will post 8.15 EPS for the current 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 given a dividend of $0.685 per share. This represents a $2.74 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend is Thursday, May 16th. Harris’s dividend payout ratio (DPR) is presently 42.15%.

In other news, SVP Robert L. Duffy sold 9,124 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $179.99, for a total transaction of $1,642,228.76. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider William H. Gattle sold 5,131 shares of the firm’s 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 currently owned by company insiders.

A number of equities analysts recently commented on HRS shares. Raymond James raised their target price on Harris from $190.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. Zacks Investment Research upgraded Harris from a “sell” rating to a “hold” rating and set a $201.00 target price for the company in a report on Tuesday, April 30th. Cowen restated a “buy” rating and set a $194.00 target price on shares of Harris in a report on Tuesday, January 29th. ValuEngine upgraded Harris from a “hold” rating to a “buy” rating in a 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 report on Wednesday, January 30th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Harris currently has an average rating of “Buy” and a consensus target price of $201.13.

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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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Institutional Ownership by Quarter for Harris (NYSE:HRS)

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