Renaissance Technologies LLC trimmed its position in Harris Co. (NYSE:HRS) by 24.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 396,459 shares of the communications equipment provider’s stock after selling 130,800 shares during the period. Renaissance Technologies LLC owned 0.33% of Harris worth $56,158,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in HRS. Janus Henderson Group PLC raised its position in shares of Harris by 36.3% during the 3rd quarter. Janus Henderson Group PLC now owns 3,352,336 shares of the communications equipment provider’s stock valued at $441,435,000 after buying an additional 892,898 shares in the last quarter. BlackRock Inc. raised its position in shares of Harris by 9.6% during the 4th quarter. BlackRock Inc. now owns 8,600,628 shares of the communications equipment provider’s stock valued at $1,218,281,000 after buying an additional 751,366 shares in the last quarter. Bessemer Group Inc. raised its position in shares of Harris by 122,037.5% during the 4th quarter. Bessemer Group Inc. now owns 609,466 shares of the communications equipment provider’s stock valued at $86,331,000 after buying an additional 608,967 shares in the last quarter. Eagle Asset Management Inc. raised its position in shares of Harris by 924.1% during the 3rd quarter. Eagle Asset Management Inc. now owns 222,268 shares of the communications equipment provider’s stock valued at $29,519,000 after buying an additional 200,564 shares in the last quarter. Finally, Artisan Partners Limited Partnership raised its position in shares of Harris by 11.1% during the 3rd quarter. Artisan Partners Limited Partnership now owns 1,916,965 shares of the communications equipment provider’s stock valued at $252,426,000 after buying an additional 192,230 shares in the last quarter. 84.99% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on HRS. Cowen restated a “buy” rating and set a $170.00 price objective on shares of Harris in a research report on Tuesday, January 30th. ValuEngine upgraded shares of Harris from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Credit Suisse Group raised their price objective on shares of Harris from $167.00 to $187.00 and gave the company an “outperform” rating in a research report on Wednesday, January 31st. Finally, 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 research report on Thursday, January 18th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Harris presently has a consensus rating of “Buy” and a consensus target price of $154.57.
Shares of Harris Co. (NYSE:HRS) opened at $158.10 on Wednesday. The firm has a market cap of $18,761.68, a price-to-earnings ratio of 26.69, a PEG ratio of 4.07 and a beta of 1.27. Harris Co. has a 52-week low of $106.18 and a 52-week high of $161.04. The company has a current ratio of 1.22, a quick ratio of 0.68 and a debt-to-equity ratio of 1.13.
Harris (NYSE:HRS) last issued its earnings results on Tuesday, January 30th. The communications equipment provider reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.28. The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Harris had a net margin of 8.63% and a return on equity of 24.49%. The firm’s revenue was up 5.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.38 EPS. sell-side analysts expect that Harris Co. will post 6.48 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 21st. Investors of record on Thursday, March 8th will be given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date is Wednesday, March 7th. Harris’s payout ratio is presently 53.90%.
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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