Berkshire Asset Management LLC PA trimmed its holdings in Harris Co. (NYSE:HRS) by 17.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,951 shares of the communications equipment provider’s stock after selling 417 shares during the period. Berkshire Asset Management LLC PA’s holdings in Harris were worth $312,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in HRS. Norges Bank purchased a new position in Harris in the 4th quarter valued at approximately $150,507,000. American Century Companies Inc. purchased a new position in Harris in the 4th quarter valued at approximately $124,367,000. Ceredex Value Advisors LLC purchased a new position in Harris in the 4th quarter valued at approximately $42,185,000. Two Sigma Advisers LP grew its stake in Harris by 119.2% in the 4th quarter. Two Sigma Advisers LP now owns 337,504 shares of the communications equipment provider’s stock valued at $45,445,000 after buying an additional 183,525 shares in the last quarter. Finally, California Public Employees Retirement System grew its stake in Harris by 29.8% in the 4th quarter. California Public Employees Retirement System now owns 604,357 shares of the communications equipment provider’s stock valued at $81,377,000 after buying an additional 138,664 shares in the last quarter. Institutional investors and hedge funds own 91.66% of the company’s stock.
In other news, SVP Robert L. Duffy sold 40,000 shares of the business’s stock in a transaction on Friday, February 8th. The shares were sold at an average price of $158.66, for a total transaction of $6,346,400.00. Following the completion of the transaction, the senior vice president now directly owns 63,918 shares in the company, valued at approximately $10,141,229.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.51% of the stock is owned by insiders.
HRS opened at $166.12 on Wednesday. The firm has a market cap of $19.55 billion, a PE ratio of 25.56, a PEG ratio of 2.62 and a beta of 1.24. The company has a quick ratio of 1.04, a current ratio of 1.27 and a debt-to-equity ratio of 1.00. Harris Co. has a one year low of $123.24 and a one year high of $175.50.
Harris (NYSE:HRS) last released its quarterly earnings results on Tuesday, January 29th. The communications equipment provider reported $1.96 EPS for the quarter, beating analysts’ consensus estimates of $1.91 by $0.05. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.63 billion. Harris had a net margin of 13.29% and a return on equity of 26.55%. The business’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.67 EPS. Sell-side analysts forecast that Harris Co. will post 8 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were given a dividend of $0.685 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $2.74 dividend on an annualized basis and a dividend yield of 1.65%. Harris’s dividend payout ratio (DPR) is currently 42.15%.
A number of research firms recently weighed in on HRS. Zacks Investment Research lowered shares of Harris from a “hold” rating to a “sell” rating in a research note on Tuesday. ValuEngine upgraded shares of Harris from a “hold” rating to a “buy” rating in a research note on Tuesday, January 29th. Argus lifted their price objective on shares of Harris from $170.00 to $170.00 and gave the company a “positive” rating in a research note on Wednesday, January 30th. Finally, Cowen reiterated a “buy” rating and issued a $194.00 price objective on shares of Harris in a research note on Thursday, February 7th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $182.25.
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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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