Empowered Funds LLC Buys New Position in Harris Co. (HRS)

Empowered Funds LLC bought a new position in shares of Harris Co. (NYSE:HRS) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 10,334 shares of the communications equipment provider’s stock, valued at approximately $1,496,000.

Several other hedge funds have also recently added to or reduced their stakes in HRS. Ostrum Asset Management purchased a new stake in shares of Harris during the first quarter worth approximately $112,000. Wagner Wealth Management LLC purchased a new stake in shares of Harris during the first quarter worth approximately $129,000. Meeder Asset Management Inc. purchased a new stake in shares of Harris during the first quarter worth approximately $131,000. Woodard & Co. Asset Management Group Inc. ADV purchased a new stake in shares of Harris during the fourth quarter worth approximately $134,000. Finally, Winthrop Partners WNY LLC purchased a new stake in shares of Harris during the first quarter worth approximately $137,000. Hedge funds and other institutional investors own 86.09% of the company’s stock.

Shares of Harris stock opened at $145.95 on Tuesday. The company has a market capitalization of $17.13 billion, a price-to-earnings ratio of 26.41, a P/E/G ratio of 3.13 and a beta of 1.25. Harris Co. has a 52 week low of $111.72 and a 52 week high of $170.54. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.68 and a current ratio of 1.12.

Harris (NYSE:HRS) last announced its quarterly earnings results on Wednesday, May 2nd. The communications equipment provider reported $1.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.63 by $0.04. The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.55 billion. Harris had a net margin of 10.43% and a return on equity of 25.07%. The firm’s revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.38 earnings per share. analysts anticipate that Harris Co. will post 6.48 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, June 15th. Stockholders of record on Friday, June 1st were given a dividend of $0.57 per share. The ex-dividend date of this dividend was Thursday, May 31st. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.56%. Harris’s dividend payout ratio (DPR) is presently 41.23%.

Several brokerages have commented on HRS. Credit Suisse Group dropped their price target on shares of Harris from $189.00 to $175.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 22nd. Zacks Investment Research lowered shares of Harris from a “hold” rating to a “sell” rating in a research note on Tuesday, April 17th. Argus began coverage on shares of Harris in a research note on Wednesday, April 4th. They issued a “buy” rating and a $196.00 price target on the stock. Barclays began coverage on shares of Harris in a research note on Thursday, March 29th. They issued an “equal weight” rating and a $173.00 price target on the stock. Finally, Citigroup increased their price target on shares of Harris from $160.00 to $183.00 and gave the company a “buy” rating in a research note on Tuesday, April 10th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the stock. Harris currently has a consensus rating of “Buy” and a consensus price target of $165.11.

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, 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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Institutional Ownership by Quarter for Harris (NYSE:HRS)

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