Assenagon Asset Management S.A. lowered its position in Harris Co. (NYSE:HRS) by 43.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,989 shares of the communications equipment provider’s stock after selling 6,132 shares during the period. Assenagon Asset Management S.A.’s holdings in Harris were worth $1,352,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also recently made changes to their positions in HRS. Fort L.P. bought a new stake in Harris in the second quarter worth about $118,000. Daiwa SB Investments Ltd. bought a new stake in shares of Harris during the second quarter valued at approximately $136,000. Patton Albertson Miller Group LLC bought a new stake in shares of Harris during the third quarter valued at approximately $138,000. CWM LLC raised its stake in shares of Harris by 40.5% during the second quarter. CWM LLC now owns 1,183 shares of the communications equipment provider’s stock valued at $171,000 after acquiring an additional 341 shares in the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in shares of Harris during the second quarter valued at approximately $188,000. 85.42% of the stock is owned by institutional investors and hedge funds.
Several analysts have recently weighed in on HRS shares. UBS Group started coverage on shares of Harris in a research note on Wednesday, August 15th. They set a “neutral” rating and a $175.00 price target for the company. Raymond James lifted their price target on shares of Harris from $180.00 to $190.00 and gave the company an “outperform” rating in a research note on Tuesday, October 16th. Credit Suisse Group lifted their price target on shares of Harris from $190.00 to $209.00 and gave the company an “outperform” rating in a research note on Monday, October 15th. Seaport Global Securities reaffirmed a “buy” rating and set a $185.00 price target on shares of Harris in a research note on Thursday, August 2nd. Finally, Argus lifted their price target on shares of Harris to $190.00 and gave the company a “buy” rating in a research note on Thursday, August 16th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $182.22.
In related news, insider Edward J. Zoiss sold 26,311 shares of the business’s stock in a transaction that occurred on Thursday, September 13th. The shares were sold at an average price of $162.80, for a total value of $4,283,430.80. Following the completion of the transaction, the insider now owns 1,286 shares of the company’s stock, valued at $209,360.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Sheldon J. Fox sold 45,800 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $163.13, for a total transaction of $7,471,354.00. Following the completion of the transaction, the senior vice president now directly owns 95,448 shares of the company’s stock, valued at approximately $15,570,432.24. The disclosure for this sale can be found here. Insiders sold 94,712 shares of company stock valued at $15,407,341 in the last three months. 2.51% of the stock is currently owned by insiders.
Harris stock opened at $153.14 on Friday. The company has a quick ratio of 0.96, a current ratio of 1.17 and a debt-to-equity ratio of 1.05. Harris Co. has a fifty-two week low of $136.93 and a fifty-two week high of $175.50. The company has a market cap of $17.71 billion, a PE ratio of 23.56 and a beta of 1.29.
Harris (NYSE:HRS) last issued its quarterly earnings data on Sunday, October 14th. The communications equipment provider reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.52 billion. Harris had a net margin of 12.20% and a return on equity of 26.39%. Harris’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.38 earnings per share. On average, sell-side analysts predict that Harris Co. will post 7.86 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 7th. Investors of record on Friday, November 23rd will be paid a $0.685 dividend. This represents a $2.74 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date is Wednesday, November 21st. Harris’s dividend payout ratio (DPR) is 42.15%.
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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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