Gamco Investors INC. ET AL lessened its stake in shares of Harris Co. (NYSE:HRS) by 13.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 380,193 shares of the communications equipment provider’s stock after selling 57,031 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Harris were worth $64,332,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA boosted its stake in Harris by 15.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,344,309 shares of the communications equipment provider’s stock worth $227,471,000 after buying an additional 178,395 shares during the period. Fort L.P. purchased a new position in shares of Harris in the second quarter valued at approximately $118,000. Tower Bridge Advisors purchased a new position in shares of Harris in the third quarter valued at approximately $220,000. Tower Research Capital LLC TRC purchased a new position in shares of Harris in the second quarter valued at approximately $1,340,000. Finally, Swiss National Bank boosted its stake in shares of Harris by 2.6% in the second quarter. Swiss National Bank now owns 392,556 shares of the communications equipment provider’s stock valued at $56,740,000 after purchasing an additional 10,000 shares during the period. 85.42% of the stock is owned by institutional investors.
NYSE HRS opened at $149.55 on Tuesday. The company has a quick ratio of 0.96, a current ratio of 1.17 and a debt-to-equity ratio of 1.05. Harris Co. has a one year low of $136.77 and a one year high of $175.50. The company has a market capitalization of $17.30 billion, a PE ratio of 23.01 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 Thomson Reuters’ consensus estimate of $1.72 by $0.06. The firm had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Harris had a net margin of 12.20% and a return on equity of 26.39%. The firm’s revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.38 earnings per share. Equities research analysts anticipate that Harris Co. will post 7.86 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 7th. Investors of record on Friday, November 23rd will be issued a $0.685 dividend. The ex-dividend date of this dividend is Wednesday, November 21st. This represents a $2.74 annualized dividend and a yield of 1.83%. Harris’s dividend payout ratio (DPR) is 42.15%.
HRS has been the subject of several recent research reports. Credit Suisse Group raised their price objective on shares of Harris from $190.00 to $209.00 and gave the company an “outperform” rating in a research note on Monday, October 15th. Seaport Global Securities reissued a “buy” rating and issued a $185.00 price objective on shares of Harris in a research note on Thursday, August 2nd. UBS Group initiated coverage on shares of Harris in a research note on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 price objective for the company. Zacks Investment Research raised shares of Harris from a “sell” rating to a “hold” rating in a research note on Friday, August 3rd. Finally, Raymond James raised their price objective on shares of Harris from $180.00 to $190.00 and gave the company an “outperform” rating in a research note on Tuesday, October 16th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $182.22.
In other news, SVP Sheldon J. Fox sold 45,800 shares of the firm’s stock in a transaction that occurred on 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 transaction, the senior vice president now directly owns 95,448 shares in the company, valued at $15,570,432.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Todd A. Taylor sold 18,698 shares of the firm’s stock in a transaction that occurred 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 disclosure for this sale can be found here. In the last three months, insiders have sold 94,712 shares of company stock worth $15,407,341. 2.51% of the stock is owned by corporate insiders.
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, 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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