Advisor Group Inc. raised its position in shares of Harris Corporation (NYSE:HRS) by 39.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,350 shares of the communications equipment provider’s stock after purchasing an additional 2,088 shares during the quarter. Advisor Group Inc.’s holdings in Harris were worth $969,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the business. Prudential PLC increased its stake in shares of Harris by 25.5% in the second quarter. Prudential PLC now owns 81,028 shares of the communications equipment provider’s stock worth $8,839,000 after acquiring an additional 16,476 shares during the last quarter. Engineers Gate Manager LP bought a new stake in Harris in the second quarter worth $2,342,000. OMERS ADMINISTRATION Corp bought a new stake in Harris in the second quarter worth $2,368,000. Principal Financial Group Inc. boosted its holdings in Harris by 90.1% in the second quarter. Principal Financial Group Inc. now owns 675,756 shares of the communications equipment provider’s stock worth $73,710,000 after purchasing an additional 320,216 shares in the last quarter. Finally, Amalgamated Bank boosted its holdings in Harris by 58.9% in the second quarter. Amalgamated Bank now owns 13,916 shares of the communications equipment provider’s stock worth $1,518,000 after purchasing an additional 5,159 shares in the last quarter. 84.41% of the stock is currently owned by institutional investors.
A number of equities research analysts recently issued reports on the stock. Cowen reiterated a “buy” rating and issued a $134.00 price objective (up from $125.00) on shares of Harris in a report on Tuesday, September 12th. Zacks Investment Research upgraded shares of Harris from a “sell” rating to a “hold” rating in a report on Thursday, August 24th. ValuEngine cut shares of Harris from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Seaport Global Securities restated a “buy” rating and set a $145.00 price target (up from $135.00) on shares of Harris in a report on Monday, October 9th. Finally, Jefferies Group upped their price target on shares of Harris from $135.00 to $157.00 and gave the company a “buy” rating in a report on Wednesday, November 1st. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Harris has an average rating of “Buy” and a consensus price target of $145.43.
Harris Corporation (HRS) traded down $0.06 during trading on Wednesday, hitting $142.52. 428,093 shares of the stock traded hands, compared to its average volume of 748,251. The firm has a market cap of $16,899.66, a price-to-earnings ratio of 25.00, a PEG ratio of 3.38 and a beta of 1.12. Harris Corporation has a one year low of $99.13 and a one year high of $144.94. The company has a quick ratio of 0.64, a current ratio of 1.11 and a debt-to-equity ratio of 1.14.
Harris (NYSE:HRS) last released its quarterly earnings data on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.03. The company had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.44 billion. Harris had a net margin of 9.02% and a return on equity of 23.36%. Harris’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.28 EPS. sell-side analysts anticipate that Harris Corporation will post 5.99 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 17th were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend was Thursday, November 16th. Harris’s payout ratio is 50.89%.
In related news, SVP Scott T. Mikuen sold 13,600 shares of Harris stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $123.36, for a total transaction of $1,677,696.00. Following the completion of the sale, the senior vice president now owns 61,349 shares of the company’s stock, valued at approximately $7,568,012.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Scott T. Mikuen sold 4,387 shares of Harris stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $121.70, for a total transaction of $533,897.90. The disclosure for this sale can be found here. Insiders own 1.91% of the company’s stock.
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