Institutional & Family Asset Management LLC lowered its position in shares of Harris Corporation (NYSE:HRS) by 2.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,508 shares of the communications equipment provider’s stock after selling 1,077 shares during the period. Harris makes up approximately 1.0% of Institutional & Family Asset Management LLC’s portfolio, making the stock its 17th largest position. Institutional & Family Asset Management LLC’s holdings in Harris were worth $4,807,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Prudential PLC boosted its position in Harris by 25.5% in the 2nd quarter. Prudential PLC now owns 81,028 shares of the communications equipment provider’s stock valued at $8,839,000 after buying an additional 16,476 shares during the period. Engineers Gate Manager LP acquired a new position in Harris in the second quarter valued at $2,342,000. OMERS ADMINISTRATION Corp acquired a new position in Harris in the second quarter valued at $2,368,000. Principal Financial Group Inc. increased its stake 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 valued at $73,710,000 after purchasing an additional 320,216 shares during the period. Finally, Amalgamated Bank increased its stake in Harris by 58.9% in the second quarter. Amalgamated Bank now owns 13,916 shares of the communications equipment provider’s stock valued at $1,518,000 after purchasing an additional 5,159 shares during the period. Institutional investors and hedge funds own 84.41% of the company’s stock.
A number of research firms have commented on HRS. Cowen restated a “buy” rating and issued a $150.00 price objective on shares of Harris in a research note on Tuesday, October 31st. Zacks Investment Research upgraded shares of Harris from a “sell” rating to a “hold” rating in a research note on Tuesday, October 3rd. ValuEngine downgraded shares of Harris from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. J P Morgan Chase & Co lifted their target price on shares of Harris from $138.00 to $148.00 and gave the company an “overweight” rating in a report on Wednesday, November 1st. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $135.00 target price on shares of Harris in a report on Thursday, September 21st. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $145.43.
Shares of Harris Corporation (HRS) traded down $0.67 during trading hours on Friday, hitting $141.27. 562,200 shares of the stock traded hands, compared to its average volume of 742,689. The stock has a market capitalization of $16,919.33, a P/E ratio of 25.03, a price-to-earnings-growth ratio of 3.38 and a beta of 1.12. The company has a current ratio of 1.11, a quick ratio of 0.64 and a debt-to-equity ratio of 1.14. Harris Corporation has a 1-year low of $99.13 and a 1-year high of $144.94.
Harris (NYSE:HRS) last released its quarterly earnings data on Tuesday, October 31st. The communications equipment provider reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.35 by $0.03. The firm had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.44 billion. Harris had a net margin of 9.02% and a return on equity of 23.36%. The firm’s revenue was down .5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.28 earnings per share. sell-side analysts forecast that Harris Corporation will post 5.99 earnings per share for the current fiscal year.
The business also recently disclosed 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 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date was Thursday, November 16th. Harris’s dividend payout ratio is currently 50.89%.
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