Marshall Wace North America L.P. grew its holdings in shares of Harris Co. (NYSE:HRS) by 42.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 85,473 shares of the communications equipment provider’s stock after acquiring an additional 25,498 shares during the quarter. Marshall Wace North America L.P. owned about 0.07% of Harris worth $14,463,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Fort L.P. bought a new stake in shares of Harris during the 2nd quarter valued at about $118,000. Patton Albertson Miller Group LLC bought a new stake in shares of Harris during the 3rd quarter valued at about $138,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Harris during the 3rd quarter valued at about $146,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in shares of Harris during the 2nd quarter valued at about $188,000. Finally, Cerebellum GP LLC boosted its position in shares of Harris by 2,067.3% during the 3rd quarter. Cerebellum GP LLC now owns 1,127 shares of the communications equipment provider’s stock valued at $191,000 after acquiring an additional 1,075 shares during the last quarter. Hedge funds and other institutional investors own 84.93% of the company’s stock.
NYSE:HRS opened at $139.40 on Friday. 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 1-year low of $134.30 and a 1-year high of $175.50. 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 (NYSE:HRS) last released its earnings results on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 return on equity of 26.39% and a net margin of 12.20%. Harris’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.38 EPS. On average, equities analysts forecast that Harris Co. will post 7.86 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 7th. Investors of record on Friday, November 23rd were given a $0.685 dividend. The ex-dividend date of this dividend was Wednesday, November 21st. This represents a $2.74 dividend on an annualized basis and a yield of 1.97%. Harris’s payout ratio is 42.15%.
A number of analysts have recently issued reports on HRS shares. UBS Group started coverage on Harris in a research report on Wednesday, August 15th. They set a “neutral” rating and a $175.00 price target for the company. Argus lifted their price target on Harris to $190.00 and gave the company a “buy” rating in a research report on Thursday, August 16th. Credit Suisse Group lifted their price target on Harris from $190.00 to $209.00 and gave the company an “outperform” rating in a research report on Monday, October 15th. Raymond James lifted their price target on Harris from $180.00 to $190.00 and gave the company an “outperform” rating in a research report on Tuesday, October 16th. Finally, Barclays upgraded Harris from an “equal weight” rating to an “overweight” rating and dropped their target price for the stock from $189.00 to $181.00 in a research report on Tuesday, November 13th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $180.89.
In related news, SVP Scott T. Mikuen sold 3,903 shares of the business’s stock in a transaction that occurred on Wednesday, September 12th. The stock was 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 owns 47,243 shares in the company, valued at approximately $7,594,312.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Edward J. Zoiss sold 26,311 shares of the business’s 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 owns 1,286 shares of the company’s stock, valued at approximately $209,360.80. The disclosure for this sale can be found here. Insiders own 2.51% of the company’s stock.
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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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