Stevens Capital Management LP acquired a new position in Harris Co. (NYSE:HRS) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 4,928 shares of the communications equipment provider’s stock, valued at approximately $834,000.
Other institutional investors have also modified their holdings of the company. Standard Life Aberdeen plc boosted its position in Harris by 9.3% during 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 acquiring an additional 3,883 shares during the last quarter. Franklin Resources Inc. boosted its position in Harris by 3,472.2% during the third quarter. Franklin Resources Inc. now owns 209,119 shares of the communications equipment provider’s stock valued at $35,384,000 after acquiring an additional 203,265 shares during the last quarter. Blair William & Co. IL boosted its position in Harris by 20.7% during the third quarter. Blair William & Co. IL now owns 7,853 shares of the communications equipment provider’s stock valued at $1,329,000 after acquiring an additional 1,348 shares during the last quarter. Baird Financial Group Inc. boosted its position in Harris by 7.2% during the third quarter. Baird Financial Group Inc. now owns 11,473 shares of the communications equipment provider’s stock valued at $1,934,000 after acquiring an additional 767 shares during the last quarter. Finally, Banco Santander S.A. bought a new stake in Harris during the third quarter valued at $308,000. 84.93% of the stock is currently owned by institutional investors.
HRS stock opened at $139.40 on Friday. The stock has a market cap of $16.44 billion, a PE ratio of 21.45 and a beta of 1.27. 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 1 year low of $134.30 and a 1 year high of $175.50.
Harris (NYSE:HRS) last released its quarterly earnings data on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.72 by $0.06. The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Harris had a net margin of 12.20% and a return on equity of 26.39%. The business’s revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.38 EPS. As a group, sell-side analysts expect that Harris Co. will post 7.86 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 7th. Stockholders of record on Friday, November 23rd were given a dividend of $0.685 per share. The ex-dividend date was Wednesday, November 21st. This represents a $2.74 dividend on an annualized basis and a dividend yield of 1.97%. Harris’s dividend payout ratio (DPR) is presently 42.15%.
In other news, 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 owns 47,243 shares of the company’s stock, valued at approximately $7,594,312.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Edward J. Zoiss sold 26,311 shares of the stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $162.80, for a total transaction of $4,283,430.80. Following the transaction, the insider now directly owns 1,286 shares in the company, valued at approximately $209,360.80. The disclosure for this sale can be found here. 2.51% of the stock is owned by corporate insiders.
A number of analysts have commented on the stock. Argus upped their price target on shares of Harris to $190.00 and gave the company a “buy” rating in a research report on Thursday, August 16th. Barclays raised shares of Harris from an “equal weight” rating to an “overweight” rating and cut their price target for the company from $189.00 to $181.00 in a research report on Tuesday, November 13th. Raymond James upped their price target on shares of Harris from $180.00 to $190.00 and gave the company an “outperform” rating in a research report on Tuesday, October 16th. UBS Group started coverage on shares of Harris in a research report on Wednesday, August 15th. They set a “neutral” rating and a $175.00 price objective on the stock. Finally, Credit Suisse Group increased their price objective on shares of Harris from $190.00 to $209.00 and gave the stock an “outperform” rating in a research report on Monday, October 15th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $180.89.
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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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