Barclays PLC lessened its holdings in Harris Co. (NYSE:HRS) by 51.6% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 120,364 shares of the communications equipment provider’s stock after selling 128,540 shares during the period. Barclays PLC owned 0.10% of Harris worth $16,204,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Oppenheimer Asset Management Inc. bought a new position in Harris in the fourth quarter valued at $31,000. Financial Gravity Companies Inc. bought a new position in Harris in the fourth quarter valued at $67,000. Capital Investment Advisory Services LLC bought a new position in Harris in the fourth quarter valued at $81,000. Nikko Asset Management Americas Inc. increased its stake in Harris by 174.9% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 778 shares of the communications equipment provider’s stock valued at $105,000 after acquiring an additional 495 shares during the last quarter. Finally, Parkside Financial Bank & Trust increased its stake in Harris by 19.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 920 shares of the communications equipment provider’s stock valued at $124,000 after acquiring an additional 153 shares during the last quarter. Institutional investors own 91.21% of the company’s stock.
Shares of NYSE:HRS opened at $160.68 on Friday. Harris Co. has a 12-month low of $123.24 and a 12-month high of $175.50. The stock has a market cap of $18.91 billion, a PE ratio of 24.72, a P/E/G ratio of 2.52 and a beta of 1.24. The company has a current ratio of 1.27, a quick ratio of 1.04 and a debt-to-equity ratio of 1.00.
Harris (NYSE:HRS) last announced its quarterly earnings data on Tuesday, January 29th. The communications equipment provider reported $1.96 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.91 by $0.05. Harris had a return on equity of 26.55% and a net margin of 13.29%. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period last year, the firm earned $1.67 earnings per share. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, analysts anticipate that Harris Co. will post 8.01 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 22nd. Stockholders of record on Friday, March 8th will be paid a dividend of $0.685 per share. The ex-dividend date of this dividend is Thursday, March 7th. This represents a $2.74 dividend on an annualized basis and a dividend yield of 1.71%. Harris’s dividend payout ratio (DPR) is currently 42.15%.
A number of research analysts recently commented on HRS shares. Zacks Investment Research raised Harris from a “hold” rating to a “buy” rating and set a $174.00 target price on the stock in a research note on Thursday, January 31st. ValuEngine cut Harris from a “buy” rating to a “hold” rating in a research note on Saturday, December 1st. Cowen reissued a “buy” rating and issued a $194.00 target price on shares of Harris in a research note on Tuesday, January 29th. Argus increased their target price on Harris from $170.00 to $170.00 and gave the company a “positive” rating in a research note on Wednesday, January 30th. Finally, Barclays reduced their target price on Harris from $181.00 to $161.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 4th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $182.33.
In other news, SVP Robert L. Duffy sold 40,000 shares of the firm’s stock in a transaction dated Friday, February 8th. The stock was sold at an average price of $158.66, for a total transaction of $6,346,400.00. Following the transaction, the senior vice president now directly owns 63,918 shares of the company’s stock, valued at $10,141,229.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.51% of the stock is currently owned by company insiders.
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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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