Mitsubishi UFJ Securities Holdings Co. Ltd. acquired a new position in shares of Harris Co. (NYSE:HRS) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 2,330 shares of the communications equipment provider’s stock, valued at approximately $337,000. Harris comprises 1.2% of Mitsubishi UFJ Securities Holdings Co. Ltd.’s portfolio, making the stock its 20th largest holding.
A number of other institutional investors also recently bought and sold shares of HRS. BlackRock Inc. increased its stake in Harris by 14.2% during the 1st quarter. BlackRock Inc. now owns 9,822,783 shares of the communications equipment provider’s stock worth $1,584,219,000 after acquiring an additional 1,222,155 shares during the period. JPMorgan Chase & Co. increased its stake in Harris by 86.0% during the 1st quarter. JPMorgan Chase & Co. now owns 852,437 shares of the communications equipment provider’s stock worth $137,480,000 after acquiring an additional 394,079 shares during the period. Janus Henderson Group PLC increased its stake in Harris by 14.1% during the 2nd quarter. Janus Henderson Group PLC now owns 3,050,490 shares of the communications equipment provider’s stock worth $440,918,000 after acquiring an additional 377,269 shares during the period. Massachusetts Financial Services Co. MA increased its stake in Harris by 28.2% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,165,914 shares of the communications equipment provider’s stock worth $168,521,000 after acquiring an additional 256,780 shares during the period. Finally, Carillon Tower Advisers Inc. increased its stake in Harris by 146.6% during the 1st quarter. Carillon Tower Advisers Inc. now owns 366,854 shares of the communications equipment provider’s stock worth $58,842,000 after acquiring an additional 218,102 shares during the period. Hedge funds and other institutional investors own 84.73% of the company’s stock.
Shares of HRS stock opened at $161.46 on Friday. The firm has a market capitalization of $19.09 billion, a price-to-earnings ratio of 24.84, a price-to-earnings-growth ratio of 3.48 and a beta of 1.21. Harris Co. has a fifty-two week low of $121.38 and a fifty-two week high of $170.54. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.47 and a current ratio of 1.24.
Harris (NYSE:HRS) last issued its earnings results on Tuesday, July 31st. The communications equipment provider reported $1.78 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.76 by $0.02. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.62 billion. Harris had a return on equity of 25.36% and a net margin of 11.61%. The company’s revenue was up 8.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.49 EPS. analysts forecast that Harris Co. will post 7.79 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 21st. Investors of record on Friday, September 7th will be issued a dividend of $0.685 per share. This is an increase from Harris’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $2.74 annualized dividend and a dividend yield of 1.70%. Harris’s dividend payout ratio (DPR) is 35.08%.
In related news, VP Todd A. Taylor sold 18,698 shares of the firm’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $161.79, for a total transaction of $3,025,149.42. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Sheldon J. Fox sold 45,800 shares of the firm’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $163.13, for a total value of $7,471,354.00. Following the sale, the senior vice president now directly owns 95,448 shares in the company, valued at approximately $15,570,432.24. The disclosure for this sale can be found here. Company insiders own 1.91% of the company’s stock.
A number of equities analysts have commented on HRS shares. Argus lowered their price objective on Harris from $196.00 to $170.00 and set a “buy” rating on the stock in a research note on Thursday, July 5th. Seaport Global Securities restated a “buy” rating and set a $185.00 price objective on shares of Harris in a research note on Thursday, August 2nd. Zacks Investment Research upgraded Harris from a “sell” rating to a “hold” rating in a research note on Friday, August 3rd. UBS Group began coverage on Harris in a report on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 target price on the stock. Finally, Credit Suisse Group reduced their target price on Harris from $189.00 to $175.00 and set an “outperform” rating on the stock in a report on Tuesday, May 22nd. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $173.60.
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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