People s United Financial Inc. Trims Position in Harris Co. (HRS)

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People s United Financial Inc. lessened its position in shares of Harris Co. (NYSE:HRS) by 3.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 18,738 shares of the communications equipment provider’s stock after selling 590 shares during the quarter. People s United Financial Inc.’s holdings in Harris were worth $2,709,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of HRS. Tower Bridge Advisors bought a new stake in shares of Harris in the 1st quarter worth about $210,000. Daiwa Securities Group Inc. increased its position in shares of Harris by 2.2% in the 1st quarter. Daiwa Securities Group Inc. now owns 31,408 shares of the communications equipment provider’s stock worth $5,065,000 after purchasing an additional 686 shares during the last quarter. Rhumbline Advisers increased its position in shares of Harris by 0.5% in the 1st quarter. Rhumbline Advisers now owns 222,504 shares of the communications equipment provider’s stock worth $35,885,000 after purchasing an additional 1,172 shares during the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH increased its position in shares of Harris by 162.5% in the 1st quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 15,055 shares of the communications equipment provider’s stock worth $2,395,000 after purchasing an additional 9,319 shares during the last quarter. Finally, Dupont Capital Management Corp increased its position in shares of Harris by 7.2% in the 1st quarter. Dupont Capital Management Corp now owns 23,140 shares of the communications equipment provider’s stock worth $3,732,000 after purchasing an additional 1,563 shares during the last quarter. Institutional investors own 84.64% of the company’s stock.

Shares of NYSE:HRS opened at $165.21 on Tuesday. The company has a quick ratio of 0.47, a current ratio of 0.90 and a debt-to-equity ratio of 1.03. Harris Co. has a fifty-two week low of $117.46 and a fifty-two week high of $170.54. The stock has a market cap of $19.55 billion, a P/E ratio of 25.42, a price-to-earnings-growth ratio of 3.52 and a beta of 1.22.

Harris (NYSE:HRS) last announced its quarterly earnings data on Tuesday, July 31st. The communications equipment provider reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.76 by $0.02. Harris had a net margin of 11.61% and a return on equity of 25.36%. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter in the prior year, the firm earned $1.49 EPS. The company’s revenue for the quarter was up 8.0% compared to the same quarter last year. equities analysts expect that Harris Co. will post 7.79 earnings per share for the current fiscal year.

In related news, SVP Sheldon J. Fox sold 45,800 shares of the business’s stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $163.13, for a total transaction of $7,471,354.00. Following the completion of the sale, the senior vice president now owns 95,448 shares of the company’s stock, valued at approximately $15,570,432.24. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.91% of the stock is owned by corporate insiders.

Several equities research analysts have recently weighed in on HRS shares. Seaport Global Securities reissued a “buy” rating and issued a $185.00 target price on shares of Harris in a research report on Thursday, August 2nd. Zacks Investment Research downgraded shares of Harris from a “hold” rating to a “sell” rating in a research report on Tuesday, July 3rd. Credit Suisse Group dropped their target price on shares of Harris from $189.00 to $175.00 and set an “outperform” rating for the company in a research report on Tuesday, May 22nd. Argus dropped their target price on shares of Harris from $196.00 to $170.00 and set a “buy” rating for the company in a research report on Thursday, July 5th. Finally, UBS Group started coverage on shares of Harris in a research report on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 target price for the company. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $173.60.

About Harris

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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