Advisory Services Network LLC purchased a new stake in Harris Co. (NYSE:HRS) during the first quarter, Holdings Channel reports. The institutional investor purchased 2,439 shares of the communications equipment provider’s stock, valued at approximately $271,000.
Several other hedge funds also recently bought and sold shares of the company. Advisors Asset Management Inc. increased its stake in Harris by 1.8% in the third quarter. Advisors Asset Management Inc. now owns 52,964 shares of the communications equipment provider’s stock valued at $4,852,000 after buying an additional 942 shares during the last quarter. APG Asset Management N.V. increased its stake in Harris by 44.5% in the third quarter. APG Asset Management N.V. now owns 355,538 shares of the communications equipment provider’s stock valued at $32,571,000 after buying an additional 109,433 shares during the last quarter. Wells Fargo & Company MN increased its stake in Harris by 1.9% in the third quarter. Wells Fargo & Company MN now owns 7,096,111 shares of the communications equipment provider’s stock valued at $650,075,000 after buying an additional 129,556 shares during the last quarter. Capital Fund Management S.A. bought a new stake in Harris during the third quarter valued at $592,000. Finally, Livforsakringsbolaget Skandia Omsesidigt increased its stake in Harris by 179.9% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 68,214 shares of the communications equipment provider’s stock valued at $2,920,000 after buying an additional 43,840 shares during the last quarter. Institutional investors own 83.24% of the company’s stock.
Harris Co. (NYSE:HRS) traded up 0.65% during trading on Friday, reaching $110.72. The company had a trading volume of 970,620 shares. Harris Co. has a 12-month low of $74.66 and a 12-month high of $113.58. The stock has a 50 day moving average of $110.66 and a 200-day moving average of $105.10. The stock has a market capitalization of $13.78 billion, a P/E ratio of 20.96 and a beta of 1.27.
Harris (NYSE:HRS) last released its quarterly earnings results on Wednesday, May 3rd. The communications equipment provider reported $1.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.31 by $0.07. Harris had a net margin of 9.15% and a return on equity of 22.73%. The business had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same period in the previous year, the company earned $1.45 earnings per share. The business’s revenue for the quarter was down 3.9% on a year-over-year basis. On average, analysts forecast that Harris Co. will post $5.53 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 16th. Shareholders of record on Friday, June 2nd will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.91%. The ex-dividend date is Wednesday, May 31st. Harris’s dividend payout ratio is currently 40.08%.
Several research firms recently weighed in on HRS. Barclays PLC downgraded Harris from an “overweight” rating to an “equal weight” rating and set a $110.00 price target on the stock. in a research note on Monday, May 1st. Jefferies Group LLC set a $120.00 price target on Harris and gave the stock a “buy” rating in a research note on Thursday, March 16th. Finally, Zacks Investment Research downgraded Harris from a “hold” rating to a “sell” rating in a research note on Tuesday, March 14th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $107.25.
In other Harris news, SVP Scott T. Mikuen sold 20,600 shares of Harris stock in a transaction on Friday, March 10th. The shares were sold at an average price of $109.71, for a total value of $2,260,026.00. Following the transaction, the senior vice president now directly owns 68,313 shares of the company’s stock, valued at $7,494,619.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Robert L. Duffy sold 21,050 shares of Harris stock in a transaction on Wednesday, February 8th. The stock was sold at an average price of $105.51, for a total transaction of $2,220,985.50. Following the completion of the transaction, the senior vice president now directly owns 37,761 shares in the company, valued at $3,984,163.11. The disclosure for this sale can be found here. 1.71% of the stock is currently owned by insiders.
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