Polaris Greystone Financial Group LLC bought a new position in shares of Harris Co. (NYSE:HRS) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 21,452 shares of the communications equipment provider’s stock, valued at approximately $3,460,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in Harris by 14.2% during the 1st quarter. BlackRock Inc. now owns 9,822,783 shares of the communications equipment provider’s stock worth $1,584,219,000 after acquiring an additional 1,222,155 shares during the period. Boston Partners grew its holdings in Harris by 1.8% during the 1st quarter. Boston Partners now owns 2,703,789 shares of the communications equipment provider’s stock worth $436,067,000 after acquiring an additional 48,666 shares during the period. Prudential Financial Inc. grew its holdings in Harris by 43.3% during the 1st quarter. Prudential Financial Inc. now owns 918,747 shares of the communications equipment provider’s stock worth $148,175,000 after acquiring an additional 277,626 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Harris by 2.7% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 909,134 shares of the communications equipment provider’s stock worth $146,626,000 after acquiring an additional 23,753 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in Harris by 86.0% during the 1st quarter. JPMorgan Chase & Co. now owns 852,437 shares of the communications equipment provider’s stock worth $137,480,000 after acquiring an additional 394,079 shares during the period. 86.09% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have commented on HRS. Argus lowered their target price on shares of Harris from $196.00 to $170.00 and set a “buy” rating for the company in a report on Thursday. Zacks Investment Research lowered shares of Harris from a “hold” rating to a “sell” rating in a report on Tuesday, July 3rd. Credit Suisse Group lowered their target price on shares of Harris from $189.00 to $175.00 and set an “outperform” rating for the company in a report on Tuesday, May 22nd. Citigroup lifted their target price on shares of Harris from $160.00 to $183.00 and gave the stock a “buy” rating in a report on Tuesday, April 10th. Finally, Barclays began coverage on shares of Harris in a report on Thursday, March 29th. They issued an “equal weight” rating and a $173.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company’s stock. Harris has an average rating of “Buy” and a consensus target price of $165.11.
Shares of Harris traded up $1.72, hitting $146.02, on Monday, MarketBeat reports. The stock had a trading volume of 28,504 shares, compared to its average volume of 705,144. Harris Co. has a twelve month low of $110.66 and a twelve month high of $170.54. The firm has a market capitalization of $17.13 billion, a price-to-earnings ratio of 26.34, a price-to-earnings-growth ratio of 3.13 and a beta of 1.25. The company has a quick ratio of 0.68, a current ratio of 1.12 and a debt-to-equity ratio of 1.08.
Harris (NYSE:HRS) last announced its quarterly earnings results on Wednesday, May 2nd. The communications equipment provider reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.04. Harris had a net margin of 10.43% and a return on equity of 25.07%. The company had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.55 billion. During the same quarter in the previous year, the business earned $1.38 EPS. The firm’s revenue was up 5.3% on a year-over-year basis. research analysts expect that Harris Co. will post 6.48 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, June 15th. Stockholders of record on Friday, June 1st were issued a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 1.56%. The ex-dividend date of this dividend was Thursday, May 31st. Harris’s dividend payout ratio (DPR) is 41.23%.
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, 2-channel vehicular 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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