Gemmer Asset Management LLC raised its stake in shares of Harris Co. (NYSE:HRS) by 5,573.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,453 shares of the communications equipment provider’s stock after buying an additional 8,304 shares during the period. Gemmer Asset Management LLC’s holdings in Harris were worth $1,430,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in shares of Harris by 3.7% in the first quarter. Principal Financial Group Inc. now owns 187,988 shares of the communications equipment provider’s stock worth $30,319,000 after purchasing an additional 6,757 shares during the period. Baird Financial Group Inc. increased its stake in shares of Harris by 244.3% in the first quarter. Baird Financial Group Inc. now owns 11,654 shares of the communications equipment provider’s stock worth $1,878,000 after purchasing an additional 8,269 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of Harris by 9.0% in the first quarter. Commonwealth Equity Services LLC now owns 26,583 shares of the communications equipment provider’s stock worth $4,287,000 after purchasing an additional 2,196 shares during the period. Lord Abbett & CO. LLC bought a new position in shares of Harris in the first quarter worth about $5,613,000. Finally, Bayesian Capital Management LP bought a new position in shares of Harris in the first quarter worth about $581,000. Institutional investors own 85.74% of the company’s stock.
HRS stock traded up $0.64 during trading on Friday, reaching $154.86. 46,977 shares of the stock were exchanged, compared to its average volume of 725,799. Harris Co. has a twelve month low of $133.66 and a twelve month high of $170.72. The company has a market cap of $19.85 billion, a PE ratio of 23.53, a price-to-earnings-growth ratio of 3.62 and a beta of 1.20. The company has a quick ratio of 0.73, a current ratio of 1.24 and a debt-to-equity ratio of 1.03.
Harris (NYSE:HRS) last released its earnings results on Tuesday, July 31st. The communications equipment provider reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.02. Harris had a return on equity of 25.36% and a net margin of 11.61%. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same period last year, the business earned $1.49 earnings per share. The firm’s revenue for the quarter was up 8.0% compared to the same quarter last year. On average, equities research analysts anticipate that Harris Co. will post 7.79 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 21st. Investors of record on Friday, September 7th were given a dividend of $0.685 per share. The ex-dividend date was Thursday, September 6th. This is an increase from Harris’s previous quarterly dividend of $0.57. This represents a $2.74 dividend on an annualized basis and a yield of 1.77%. Harris’s dividend payout ratio (DPR) is 42.15%.
A number of research firms have recently commented on HRS. UBS Group began coverage on Harris in a research note on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 price objective on the stock. Argus dropped their price objective on Harris from $196.00 to $170.00 and set a “buy” rating on the stock in a research note on Thursday, July 5th. Credit Suisse Group lifted their price objective on Harris from $175.00 to $190.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 1st. Seaport Global Securities reiterated a “buy” rating and issued a $185.00 price objective on shares of Harris in a research note on Thursday, August 2nd. Finally, Zacks Investment Research lowered Harris from a “hold” rating to a “sell” rating in a research note on Tuesday, July 3rd. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Harris presently has an average rating of “Buy” and an average price target of $173.60.
In related news, insider Edward J. Zoiss sold 26,311 shares of Harris 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 sale, the insider now directly owns 1,286 shares of the company’s stock, valued at $209,360.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Todd A. Taylor sold 18,698 shares of Harris stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $161.79, for a total value of $3,025,149.42. The disclosure for this sale can be found here. Over the last three months, insiders have sold 94,712 shares of company stock worth $15,407,341. 2.51% of the stock is owned by company insiders.
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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