Clearbridge Investments LLC reduced its stake in Harris Co. (NYSE:HRS) by 0.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 366,632 shares of the communications equipment provider’s stock after selling 1,321 shares during the period. Clearbridge Investments LLC owned approximately 0.31% of Harris worth $51,933,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of HRS. Prudential Financial Inc. raised its holdings in Harris by 1.4% in the 3rd quarter. Prudential Financial Inc. now owns 173,548 shares of the communications equipment provider’s stock valued at $22,853,000 after buying an additional 2,390 shares during the period. Global X MANAGEMENT CO LLC raised its holdings in Harris by 20.9% in the 3rd quarter. Global X MANAGEMENT CO LLC now owns 2,739 shares of the communications equipment provider’s stock valued at $361,000 after buying an additional 473 shares during the period. Retirement Systems of Alabama raised its holdings in Harris by 69.5% in the 3rd quarter. Retirement Systems of Alabama now owns 100,167 shares of the communications equipment provider’s stock valued at $13,190,000 after buying an additional 41,058 shares during the period. CIBC Asset Management Inc raised its holdings in Harris by 2.3% in the 3rd quarter. CIBC Asset Management Inc now owns 17,202 shares of the communications equipment provider’s stock valued at $2,265,000 after buying an additional 387 shares during the period. Finally, New York State Common Retirement Fund raised its holdings in Harris by 2.3% in the 3rd quarter. New York State Common Retirement Fund now owns 272,500 shares of the communications equipment provider’s stock valued at $35,883,000 after buying an additional 6,000 shares during the period. Hedge funds and other institutional investors own 84.99% of the company’s stock.
Shares of Harris Co. (NYSE HRS) opened at $158.10 on Wednesday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.68 and a current ratio of 1.22. The stock has a market cap of $18,761.68, a PE ratio of 26.69, a price-to-earnings-growth ratio of 4.07 and a beta of 1.27. Harris Co. has a one year low of $106.18 and a one year high of $161.04.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 21st. Shareholders of record on Thursday, March 8th will be paid a dividend of $0.57 per share. The ex-dividend date of this dividend is Wednesday, March 7th. This represents a $2.28 dividend on an annualized basis and a yield of 1.44%. Harris’s dividend payout ratio (DPR) is presently 53.90%.
In related news, SVP Dana A. Mehnert sold 51,200 shares of the company’s stock in a transaction that occurred on Monday, March 5th. The shares were sold at an average price of $153.19, for a total transaction of $7,843,328.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Scott T. Mikuen sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, March 2nd. The stock was sold at an average price of $151.18, for a total transaction of $3,023,600.00. The disclosure for this sale can be found here. Insiders have sold 79,882 shares of company stock worth $12,221,320 over the last quarter. Insiders own 1.91% of the company’s stock.
Several analysts recently issued reports on the stock. Credit Suisse Group boosted their price objective on shares of Harris from $167.00 to $187.00 and gave the company an “outperform” rating in a report on Wednesday, January 31st. ValuEngine upgraded shares of Harris from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Zacks Investment Research upgraded shares of Harris from a “hold” rating to a “buy” rating and set a $165.00 price objective on the stock in a report on Thursday, January 18th. Finally, Cowen reiterated a “buy” rating and set a $170.00 price target on shares of Harris in a research note on Tuesday, January 30th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $154.57.
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Harris Company Profile
Harris Corporation is a technology company that provides products, systems and services that have defense and civil government applications, as well as commercial applications. It offers its products and services to government and commercial customer. It operates in four segments: Communication Systems, which serves markets in tactical communications and defense, and public safety networks; Space and Intelligence Systems, which provides complete Earth observation, environmental, geospatial, space protection, and intelligence solutions from advanced sensors and payloads, as well as ground processing and information analytics; Electronic Systems, which offers a portfolio of solutions in electronic warfare, avionics, wireless and technology, among others, and Critical Networks, which provides managed services supporting air traffic management, energy and maritime communications, and ground network operation and sustainment, as well as information technology (IT) and engineering services.
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