The Pictet Asset Management Ltd. Purchases 2,900 Shares of Harris Co. (HRS)

The Pictet Asset Management Ltd. Purchases 2,900 Shares of Harris Co. (HRS)

A number of other large investors also recently bought and sold shares of HRS. Deroy & Devereaux Private Investment Counsel Inc. bought a new stake in Harris during the third quarter valued at $1,899,000. Dumont & Blake Investment Advisors LLC bought a new stake in Harris during the third quarter valued at $289,000. Investment Partners Ltd. OH ADV increased its stake in Harris by 8.3% in the third quarter. Investment Partners Ltd. OH ADV now owns 4,845 shares of the communications equipment provider’s stock valued at $444,000 after buying an additional 373 shares during the period. Nordea Investment Management AB boosted its position in shares of Harris by 5.0% in the third quarter. Nordea Investment Management AB now owns 479,711 shares of the communications equipment provider’s stock worth $43,946,000 after buying an additional 23,001 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS acquired a new position in shares of Harris during the third quarter worth about $12,431,000. 83.24% of the stock is owned by hedge funds and other institutional investors.

Pictet Asset Management Ltd. increased its stake in shares of Harris Co. (NYSE:HRS) by 4.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 63,871 shares of the communications equipment provider’s stock after buying an additional 2,900 shares during the period. Pictet Asset Management Ltd. owned about 0.05% of Harris worth $7,107,000 as of its most recent SEC filing.

Harris Co. (HRS) opened at 113.82 on Monday. The stock has a market capitalization of $13.88 billion, a PE ratio of 24.47 and a beta of 1.27. The company’s 50-day moving average is $109.96 and its 200 day moving average is $107.30. Harris Co. has a 12-month low of $78.42 and a 12-month high of $114.32.

Harris (NYSE:HRS) last released its quarterly earnings data on Wednesday, May 3rd. The communications equipment provider reported $1.38 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.31 by $0.07. Harris had a return on equity of 22.73% and a net margin of 9.15%. The business had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same quarter in the prior year, the firm posted $1.45 EPS. The business’s quarterly revenue was down 3.9% compared to the same quarter last year. On average, equities research analysts expect that Harris Co. will post $5.52 earnings per share for the current fiscal year. The firm also recently announced a quarterly dividend, which will be paid on Friday, June 16th. Stockholders of record on Friday, June 2nd will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Wednesday, May 31st. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.86%. Harris’s dividend payout ratio (DPR) is 40.08%.

A number of brokerages have recently issued reports on HRS. Jefferies Group LLC lifted their price objective on shares of Harris from $120.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, May 4th. Zacks Investment Research cut shares of Harris from a “hold” rating to a “sell” rating in a report on Tuesday, March 14th. Barclays PLC cut shares of Harris from an “overweight” rating to an “equal weight” rating and set a $110.00 price objective for the company. in a report on Monday, May 1st. Finally, ValuEngine upgraded shares of Harris from a “hold” rating to a “buy” rating in a report on Friday. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $107.25. In other news, SVP Robert L. Duffy sold 33,600 shares of the stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $112.01, for a total transaction of $3,763,536.00. Following the transaction, the senior vice president now owns 50,311 shares in the company, valued at approximately $5,635,335.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Scott T. Mikuen sold 20,600 shares of the stock in a transaction that occurred 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 owns 68,313 shares in the company, valued at approximately $7,494,619.23. The disclosure for this sale can be found here. Company insiders own 1.71% of the company’s stock.

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