Connor Clark & Lunn Investment Management Ltd. Decreases Holdings in Harris Co. (HRS)

Connor Clark & Lunn Investment Management Ltd. lessened its stake in shares of Harris Co. (NYSE:HRS) by 55.8% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,550 shares of the communications equipment provider’s stock after selling 9,550 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Harris were worth $1,278,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Piedmont Investment Advisors LLC acquired a new position in shares of Harris during the second quarter worth about $194,000. Commonwealth Equity Services LLC grew its position in shares of Harris by 15.5% during the second quarter. Commonwealth Equity Services LLC now owns 30,710 shares of the communications equipment provider’s stock worth $4,439,000 after buying an additional 4,127 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Harris by 9.3% during the second quarter. Victory Capital Management Inc. now owns 365,009 shares of the communications equipment provider’s stock worth $52,758,000 after buying an additional 31,084 shares in the last quarter. Chevy Chase Trust Holdings Inc. acquired a new position in shares of Harris during the second quarter worth about $14,511,000. Finally, Sigma Planning Corp grew its position in shares of Harris by 22.9% during the second quarter. Sigma Planning Corp now owns 1,907 shares of the communications equipment provider’s stock worth $276,000 after buying an additional 355 shares in the last quarter. 84.93% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts have recently commented on the company. ValuEngine downgraded Harris from a “buy” rating to a “hold” rating in a research report on Saturday, December 1st. Barclays lowered their price objective on Harris from $181.00 to $161.00 and set an “overweight” rating for the company in a research report on Tuesday. Argus boosted their price objective on Harris to $190.00 and gave the stock a “buy” rating in a research report on Thursday, August 16th. Credit Suisse Group boosted their price objective on Harris from $190.00 to $209.00 and gave the stock an “outperform” rating in a research report on Monday, October 15th. Finally, UBS Group assumed coverage on Harris in a research report on Wednesday, August 15th. They set a “neutral” rating and a $175.00 price objective for the company. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $180.89.

In other news, insider Edward J. Zoiss sold 26,311 shares of the stock in a transaction that occurred on Thursday, September 13th. The stock was sold at an average price of $162.80, for a total value of $4,283,430.80. Following the completion of 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Scott T. Mikuen sold 3,903 shares of the stock in a transaction that occurred on Wednesday, September 12th. The shares were sold at an average price of $160.75, for a total value of $627,407.25. Following the completion of the sale, the senior vice president now directly owns 47,243 shares of the company’s stock, valued at $7,594,312.25. The disclosure for this sale can be found here. Corporate insiders own 2.51% of the company’s stock.

Shares of HRS opened at $139.40 on Friday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.17 and a quick ratio of 0.96. The company has a market capitalization of $16.44 billion, a P/E ratio of 20.25 and a beta of 1.27. Harris Co. has a 52-week low of $134.30 and a 52-week high of $175.50.

Harris (NYSE:HRS) last announced its quarterly earnings results on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.72 by $0.06. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.52 billion. Harris had a return on equity of 26.39% and a net margin of 12.20%. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.38 earnings per share. On average, sell-side analysts predict that Harris Co. will post 7.86 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, December 7th. Investors of record on Friday, November 23rd were issued a $0.685 dividend. This represents a $2.74 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend was Wednesday, November 21st. Harris’s dividend payout ratio (DPR) is 42.15%.

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Harris 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, 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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