M&T Bank Corp decreased its position in shares of Harris Corporation (NYSE:HRS) by 19.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,569 shares of the communications equipment provider’s stock after selling 3,297 shares during the period. M&T Bank Corp’s holdings in Harris were worth $1,921,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Calton & Associates Inc. purchased a new position in shares of Harris in the 4th quarter valued at approximately $180,000. First National Bank & Trust Co. of Newtown purchased a new position in shares of Harris in the 4th quarter valued at approximately $200,000. Koshinski Asset Management Inc. purchased a new position in shares of Harris in the 4th quarter valued at approximately $203,000. HL Financial Services LLC purchased a new position in shares of Harris in the 4th quarter valued at approximately $205,000. Finally, Abner Herrman & Brock LLC purchased a new position in shares of Harris in the 4th quarter valued at approximately $209,000. 83.84% of the stock is currently owned by institutional investors.
Shares of Harris Corporation (NYSE:HRS) opened at $156.66 on Friday. The company has a quick ratio of 0.68, a current ratio of 1.22 and a debt-to-equity ratio of 1.13. Harris Corporation has a 12 month low of $106.18 and a 12 month high of $160.67. The firm has a market capitalization of $18,549.16, a P/E ratio of 37.04, a P/E/G ratio of 4.02 and a beta of 1.29.
Harris (NYSE:HRS) last posted its quarterly earnings results on Tuesday, January 30th. The communications equipment provider reported $1.67 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.28. Harris had a return on equity of 24.49% and a net margin of 8.63%. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same period in the previous year, the business earned $1.38 earnings per share. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. research analysts anticipate that Harris Corporation will post 6.48 EPS for the current year.
Several research analysts have weighed in on the company. Credit Suisse Group lifted their target price on Harris from $167.00 to $187.00 and gave the company an “outperform” rating in a research note on Wednesday, January 31st. Cowen reiterated a “buy” rating and issued a $170.00 target price on shares of Harris in a research note on Tuesday, January 30th. Jefferies Group lifted their target price on Harris from $135.00 to $157.00 and gave the company a “buy” rating in a research note on Wednesday, November 1st. Zacks Investment Research downgraded Harris from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Finally, ValuEngine upgraded Harris from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $154.57.
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Harris Corporation is a technology company that provides products, systems and services that have defense and civil government applications, as well as commercial applications. It offers its products and services to government and commercial customer. It operates in four segments: Communication Systems, which serves markets in tactical communications and defense, and public safety networks; Space and Intelligence Systems, which provides complete Earth observation, environmental, geospatial, space protection, and intelligence solutions from advanced sensors and payloads, as well as ground processing and information analytics; Electronic Systems, which offers a portfolio of solutions in electronic warfare, avionics, wireless and technology, among others, and Critical Networks, which provides managed services supporting air traffic management, energy and maritime communications, and ground network operation and sustainment, as well as information technology (IT) and engineering services.
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