OppenheimerFunds Inc. trimmed its stake in shares of Harris Co. (NYSE:HRS) by 7.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,676 shares of the communications equipment provider’s stock after selling 535 shares during the quarter. OppenheimerFunds Inc.’s holdings in Harris were worth $946,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently modified their holdings of the company. Oppenheimer & Co. Inc. raised its position in shares of Harris by 0.8% during the fourth quarter. Oppenheimer & Co. Inc. now owns 43,853 shares of the communications equipment provider’s stock worth $6,211,000 after acquiring an additional 343 shares during the last quarter. TIAA FSB raised its position in shares of Harris by 1.1% during the fourth quarter. TIAA FSB now owns 31,987 shares of the communications equipment provider’s stock worth $4,530,000 after acquiring an additional 348 shares during the last quarter. CIBC Asset Management Inc raised its position in shares of Harris by 2.3% during the third quarter. CIBC Asset Management Inc now owns 17,202 shares of the communications equipment provider’s stock worth $2,265,000 after acquiring an additional 387 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its position in shares of Harris by 13.5% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 3,476 shares of the communications equipment provider’s stock worth $492,000 after acquiring an additional 413 shares during the last quarter. Finally, Sentry Investment Management LLC raised its position in shares of Harris by 5.0% during the fourth quarter. Sentry Investment Management LLC now owns 8,787 shares of the communications equipment provider’s stock worth $1,245,000 after acquiring an additional 416 shares during the last quarter. Institutional investors own 84.99% of the company’s stock.
A number of equities analysts have recently issued reports on the company. ValuEngine upgraded Harris from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Credit Suisse Group raised their price objective on Harris from $167.00 to $187.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 31st. Cowen reiterated a “buy” rating and issued a $170.00 target price on shares of Harris in a report on Tuesday, January 30th. Finally, Zacks Investment Research upgraded Harris from a “hold” rating to a “buy” rating and set a $165.00 target price for the company in a report on Thursday, January 18th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $154.57.
Shares of Harris Co. (NYSE HRS) opened at $156.51 on Friday. The firm has a market capitalization of $18,780.68, a P/E ratio of 37.00, a price-to-earnings-growth ratio of 4.07 and a beta of 1.27. The company has a quick ratio of 0.68, a current ratio of 1.22 and a debt-to-equity ratio of 1.13. Harris Co. has a 1-year low of $106.18 and a 1-year high of $161.04.
Harris (NYSE:HRS) last issued its earnings results on Tuesday, January 30th. The communications equipment provider reported $1.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.28. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.48 billion. Harris had a return on equity of 24.49% and a net margin of 8.63%. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.38 earnings per share. equities analysts anticipate that Harris Co. will post 6.48 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 21st. Shareholders of record on Thursday, March 8th will be issued a $0.57 dividend. The ex-dividend date of this dividend is Wednesday, March 7th. This represents a $2.28 dividend on an annualized basis and a yield of 1.46%. Harris’s payout ratio is currently 53.90%.
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Harris Corporation is a technology company that provides products, systems and services that have defense and civil government applications, as well as commercial applications. It offers its products and services to government and commercial customer. It operates in four segments: Communication Systems, which serves markets in tactical communications and defense, and public safety networks; Space and Intelligence Systems, which provides complete Earth observation, environmental, geospatial, space protection, and intelligence solutions from advanced sensors and payloads, as well as ground processing and information analytics; Electronic Systems, which offers a portfolio of solutions in electronic warfare, avionics, wireless and technology, among others, and Critical Networks, which provides managed services supporting air traffic management, energy and maritime communications, and ground network operation and sustainment, as well as information technology (IT) and engineering services.
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