Wheatland Advisors Inc. trimmed its position in shares of Harris Co. (NYSE:HRS) by 2.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,503 shares of the communications equipment provider’s stock after selling 699 shares during the quarter. Harris accounts for 3.7% of Wheatland Advisors Inc.’s investment portfolio, making the stock its 4th largest holding. Wheatland Advisors Inc.’s holdings in Harris were worth $4,436,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Atria Investments LLC purchased a new stake in shares of Harris during the 4th quarter valued at $248,000. Bank of Montreal Can increased its position in shares of Harris by 8.4% during the 4th quarter. Bank of Montreal Can now owns 178,888 shares of the communications equipment provider’s stock valued at $25,340,000 after purchasing an additional 13,867 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of Harris by 4.1% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 424,713 shares of the communications equipment provider’s stock valued at $60,161,000 after purchasing an additional 16,585 shares during the last quarter. Strs Ohio increased its position in shares of Harris by 0.8% during the 4th quarter. Strs Ohio now owns 112,313 shares of the communications equipment provider’s stock valued at $15,909,000 after purchasing an additional 941 shares during the last quarter. Finally, Regentatlantic Capital LLC purchased a new stake in shares of Harris during the 4th quarter valued at $212,000. 86.06% of the stock is owned by institutional investors and hedge funds.
In other Harris news, SVP Dana A. Mehnert sold 51,200 shares of the firm’s stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $153.19, for a total value of $7,843,328.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Scott T. Mikuen sold 20,000 shares of the firm’s stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $151.18, for a total value of $3,023,600.00. The disclosure for this sale can be found here. 1.91% of the stock is currently owned by corporate insiders.
Harris opened at $153.91 on Friday, Marketbeat Ratings reports. The company has a quick ratio of 0.68, a current ratio of 1.12 and a debt-to-equity ratio of 1.08. The firm has a market cap of $18.28 billion, a PE ratio of 27.83, a PEG ratio of 3.96 and a beta of 1.28. Harris Co. has a fifty-two week low of $107.78 and a fifty-two week high of $170.54.
Harris (NYSE:HRS) last posted its quarterly earnings results on Wednesday, May 2nd. The communications equipment provider reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.04. The company had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.55 billion. Harris had a return on equity of 25.07% and a net margin of 10.43%. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.38 EPS. equities analysts forecast that Harris Co. will post 6.48 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Friday, June 1st will be paid a dividend of $0.57 per share. The ex-dividend date of this dividend is Thursday, May 31st. This represents a $2.28 annualized dividend and a dividend yield of 1.48%. Harris’s payout ratio is 41.23%.
HRS has been the subject of several research analyst reports. Cowen reaffirmed a “buy” rating and set a $170.00 target price on shares of Harris in a research report on Tuesday, January 30th. Credit Suisse Group raised their target price on Harris from $167.00 to $187.00 and gave the company an “outperform” rating in a research report on Wednesday, January 31st. ValuEngine raised Harris from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Barclays initiated coverage on Harris in a research report on Thursday, March 29th. They set an “equal weight” rating and a $173.00 target price for the company. Finally, Zacks Investment Research lowered Harris from a “buy” rating to a “hold” rating in a research report on Tuesday, April 3rd. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $168.00.
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, 2-channel vehicular 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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