Cambria Investment Management L.P. Cuts Stake in Harris Co. (HRS)

Cambria Investment Management L.P. lessened its position in shares of Harris Co. (NYSE:HRS) by 5.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 29,980 shares of the communications equipment provider’s stock after selling 1,896 shares during the quarter. Cambria Investment Management L.P.’s holdings in Harris were worth $4,425,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Piedmont Investment Advisors LLC purchased a new stake in Harris during the 2nd quarter worth about $194,000. BTIM Corp. purchased a new stake in Harris in the 2nd quarter valued at about $535,000. Bourne Lent Asset Management Inc. purchased a new stake in Harris in the 2nd quarter valued at about $253,000. BNP Paribas Arbitrage SA grew its holdings in Harris by 409.9% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 226,738 shares of the communications equipment provider’s stock valued at $32,773,000 after buying an additional 182,267 shares during the period. Finally, Bessemer Group Inc. grew its holdings in Harris by 1.5% in the 2nd quarter. Bessemer Group Inc. now owns 745,082 shares of the communications equipment provider’s stock valued at $107,695,000 after buying an additional 11,026 shares during the period. Hedge funds and other institutional investors own 85.83% of the company’s stock.

Several research firms have commented on HRS. Zacks Investment Research cut Harris from a “hold” rating to a “sell” rating in a report on Tuesday, April 17th. Citigroup lifted their price target on Harris from $160.00 to $183.00 and gave the company a “buy” rating in a report on Tuesday, April 10th. Argus began coverage on Harris in a report on Wednesday, April 4th. They issued a “buy” rating and a $196.00 price target for the company. Finally, Credit Suisse Group lowered their price target on Harris from $189.00 to $175.00 and set an “outperform” rating for the company in a report on Tuesday, May 22nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $165.11.

HRS traded down $3.80 during midday trading on Monday, hitting $150.08. The company’s stock had a trading volume of 41,743 shares, compared to its average volume of 574,906. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.12 and a quick ratio of 0.68. The stock has a market capitalization of $18.27 billion, a price-to-earnings ratio of 27.83, a price-to-earnings-growth ratio of 3.34 and a beta of 1.25. Harris Co. has a 52-week low of $111.72 and a 52-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 EPS for the quarter, beating the consensus estimate of $1.63 by $0.04. The company had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.55 billion. Harris had a return on equity of 25.07% and a net margin of 10.43%. The firm’s revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.38 EPS. equities research analysts anticipate that Harris Co. will post 6.48 earnings per share for the current year.

Harris Company Profile

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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Institutional Ownership by Quarter for Harris (NYSE:HRS)

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