Bessemer Group Inc. lifted its stake in shares of Harris Co. (NYSE:HRS) by 21.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 904,550 shares of the communications equipment provider’s stock after purchasing an additional 159,468 shares during the period. Bessemer Group Inc. owned 0.77% of Harris worth $153,060,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of HRS. CWM LLC boosted its holdings 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 buying an additional 341 shares during the period. Bridgeworth LLC boosted its holdings in Harris by 28.0% in the 2nd quarter. Bridgeworth LLC now owns 1,600 shares of the communications equipment provider’s stock worth $230,000 after buying an additional 350 shares during the period. Sterling Capital Management LLC boosted its holdings in Harris by 0.4% in the 3rd quarter. Sterling Capital Management LLC now owns 82,375 shares of the communications equipment provider’s stock worth $13,939,000 after buying an additional 353 shares during the period. Sigma Planning Corp boosted its holdings in Harris by 22.9% in the 2nd quarter. Sigma Planning Corp now owns 1,907 shares of the communications equipment provider’s stock worth $276,000 after buying an additional 355 shares during the period. Finally, Ascension Asset Management LLC boosted its holdings in Harris by 3.0% in the 2nd quarter. Ascension Asset Management LLC now owns 13,075 shares of the communications equipment provider’s stock worth $1,890,000 after buying an additional 375 shares during the period. Institutional investors own 85.42% of the company’s stock.
Shares of NYSE:HRS opened at $153.14 on Friday. 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 $136.93 and a one year high of $175.50. The firm has a market capitalization of $18.01 billion, a price-to-earnings ratio of 23.56 and a beta of 1.29.
Harris (NYSE:HRS) last announced its quarterly earnings results on Sunday, October 14th. The communications equipment provider reported $1.78 EPS for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period last year, the firm earned $1.38 EPS. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, equities analysts expect that Harris Co. will post 7.86 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 7th. Shareholders of record on Friday, November 23rd will be issued a $0.685 dividend. This represents a $2.74 annualized dividend and a yield of 1.79%. The ex-dividend date is Wednesday, November 21st. Harris’s payout ratio is 42.15%.
In other Harris news, 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 completion of the transaction, the senior vice president now directly 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 can be accessed through the SEC website. Also, SVP Scott T. Mikuen sold 3,903 shares of the firm’s stock in a transaction on 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 directly owns 47,243 shares of the company’s stock, valued at $7,594,312.25. The disclosure for this sale can be found here. Over the last three months, insiders sold 94,712 shares of company stock valued at $15,407,341. Insiders own 2.51% of the company’s stock.
HRS has been the subject of several analyst reports. Credit Suisse Group raised their price objective on shares of Harris from $190.00 to $209.00 and gave the stock an “outperform” rating in a report on Monday, October 15th. Argus raised their price objective on shares of Harris to $190.00 and gave the stock a “buy” rating in a report on Thursday, August 16th. Zacks Investment Research raised shares of Harris from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. Raymond James raised their price objective on shares of Harris from $180.00 to $190.00 and gave the stock an “outperform” rating in a report on Tuesday, October 16th. Finally, Seaport Global Securities reaffirmed a “buy” rating and issued a $185.00 price objective on shares of Harris in a report on Thursday, August 2nd. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $182.22.
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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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