Prudential Financial Inc. lessened its position in Harris Co. (NYSE:HRS) by 72.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 139,987 shares of the communications equipment provider’s stock after selling 370,430 shares during the quarter. Prudential Financial Inc. owned about 0.12% of Harris worth $23,687,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in HRS. Fort L.P. acquired a new stake in Harris in the 2nd quarter worth $118,000. Patton Albertson Miller Group LLC acquired a new stake in Harris in the 3rd quarter worth $138,000. Harvest Fund Management Co. Ltd acquired a new stake in Harris in the 3rd quarter worth $146,000. CWM LLC grew its position in Harris by 40.5% in the 2nd quarter. CWM LLC now owns 1,183 shares of the communications equipment provider’s stock worth $171,000 after purchasing an additional 341 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in Harris in the 2nd quarter worth $188,000. Hedge funds and other institutional investors own 84.83% of the company’s stock.
Several analysts have issued reports on the stock. Argus raised their price target on shares of Harris to $190.00 and gave the stock a “buy” rating in a research report on Thursday, August 16th. Barclays upgraded shares of Harris from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $189.00 to $181.00 in a research report on Tuesday, November 13th. Raymond James lifted their target price on shares of Harris from $180.00 to $190.00 and gave the company an “outperform” rating in a research report on Tuesday, October 16th. Credit Suisse Group lifted their target price on shares of Harris from $175.00 to $190.00 and gave the company an “outperform” rating in a research report on Wednesday, August 1st. Finally, Zacks Investment Research upgraded shares of Harris from a “sell” rating to a “hold” rating in a research report on Friday, August 3rd. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $183.11.
In other Harris news, VP Todd A. Taylor sold 18,698 shares of the business’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $161.79, for a total value of $3,025,149.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Scott T. Mikuen sold 3,903 shares of the business’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $160.75, for a total transaction of $627,407.25. Following the completion of the transaction, the senior vice president now owns 47,243 shares in the company, valued at $7,594,312.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 48,912 shares of company stock worth $7,935,987. 2.51% of the stock is owned by company insiders.
Shares of Harris stock opened at $145.17 on Monday. The company has a current ratio of 1.17, a quick ratio of 0.96 and a debt-to-equity ratio of 1.05. Harris Co. has a twelve month low of $138.08 and a twelve month high of $175.50. The stock has a market cap of $17.08 billion, a PE ratio of 22.33 and a beta of 1.29.
Harris (NYSE:HRS) last issued its earnings results on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.06. Harris had a net margin of 12.20% and a return on equity of 26.39%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period in the previous year, the business earned $1.38 EPS. The firm’s revenue was up 9.4% on a year-over-year basis. Research analysts forecast that Harris Co. will post 7.86 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 7th. Stockholders of record on Friday, November 23rd will be given a dividend of $0.685 per share. The ex-dividend date is Wednesday, November 21st. This represents a $2.74 annualized dividend and a dividend yield of 1.89%. Harris’s dividend payout ratio (DPR) is currently 42.15%.
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, 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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