Great West Life Assurance Co. Can Decreases Holdings in Harris Co. (HRS)

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Great West Life Assurance Co. Can cut its holdings in shares of Harris Co. (NYSE:HRS) by 1.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 99,917 shares of the communications equipment provider’s stock after selling 1,537 shares during the quarter. Great West Life Assurance Co. Can owned 0.08% of Harris worth $14,444,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Element Capital Management LLC acquired a new stake in shares of Harris during the 1st quarter valued at about $14,915,000. Sunbelt Securities Inc. lifted its holdings in shares of Harris by 25.9% during the 2nd quarter. Sunbelt Securities Inc. now owns 2,763 shares of the communications equipment provider’s stock valued at $399,000 after buying an additional 568 shares during the last quarter. Polaris Greystone Financial Group LLC acquired a new stake in shares of Harris during the 2nd quarter valued at about $3,460,000. Knights of Columbus Asset Advisors LLC lifted its holdings in shares of Harris by 84.1% during the 1st quarter. Knights of Columbus Asset Advisors LLC now owns 16,200 shares of the communications equipment provider’s stock valued at $2,613,000 after buying an additional 7,400 shares during the last quarter. Finally, Swiss National Bank lifted its holdings in shares of Harris by 2.6% during the 2nd quarter. Swiss National Bank now owns 392,556 shares of the communications equipment provider’s stock valued at $56,740,000 after buying an additional 10,000 shares during the last quarter. Hedge funds and other institutional investors own 85.73% of the company’s stock.

In related news, SVP Sheldon J. Fox sold 45,800 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $163.13, for a total value of $7,471,354.00. Following the completion of the sale, the senior vice president now directly owns 95,448 shares in the company, valued at approximately $15,570,432.24. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.91% of the stock is currently owned by insiders.

HRS opened at $162.37 on Wednesday. Harris Co. has a twelve month low of $121.38 and a twelve month high of $170.54. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.24 and a quick ratio of 0.73. The company has a market capitalization of $19.07 billion, a P/E ratio of 24.98, a P/E/G ratio of 3.48 and a beta of 1.21.

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

The business also recently announced a quarterly dividend, which will be paid on Friday, September 21st. Investors of record on Friday, September 7th will be issued a $0.685 dividend. This is a positive change from Harris’s previous quarterly dividend of $0.57. This represents a $2.74 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend is Thursday, September 6th. Harris’s payout ratio is 35.08%.

Several equities research analysts have recently issued reports on HRS shares. Argus lifted their price target on Harris to $190.00 and gave the company a “buy” rating in a report on Thursday, August 16th. Zacks Investment Research upgraded Harris from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. Seaport Global Securities reiterated a “buy” rating and set a $185.00 price target on shares of Harris in a report on Thursday, August 2nd. Credit Suisse Group lifted their price target on Harris from $175.00 to $190.00 and gave the company an “outperform” rating in a report on Wednesday, August 1st. Finally, UBS Group started coverage on Harris in a report on Wednesday, August 15th. They set a “neutral” rating and a $175.00 price target for the company. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company presently has a consensus 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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