Deutsche Bank AG lessened its stake in shares of Harris Co. (NYSE:HRS) by 55.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 247,544 shares of the communications equipment provider’s stock after selling 312,499 shares during the quarter. Deutsche Bank AG owned approximately 0.21% of Harris worth $35,058,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. KBC Group NV boosted its position in Harris by 39.3% during the 3rd quarter. KBC Group NV now owns 18,473 shares of the communications equipment provider’s stock valued at $2,433,000 after acquiring an additional 5,216 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in Harris by 10.2% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 48,416 shares of the communications equipment provider’s stock valued at $6,375,000 after acquiring an additional 4,500 shares in the last quarter. New York State Common Retirement Fund boosted its position in Harris by 2.3% during the 3rd quarter. New York State Common Retirement Fund now owns 272,500 shares of the communications equipment provider’s stock valued at $35,883,000 after acquiring an additional 6,000 shares in the last quarter. Norinchukin Bank The boosted its position in Harris by 6.6% during the 4th quarter. Norinchukin Bank The now owns 9,869 shares of the communications equipment provider’s stock valued at $1,398,000 after acquiring an additional 614 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its position in Harris by 1.8% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 45,152 shares of the communications equipment provider’s stock valued at $5,971,000 after acquiring an additional 800 shares in the last quarter. 84.99% of the stock is currently owned by institutional investors and hedge funds.
In other Harris news, SVP Sheldon J. Fox sold 8,682 shares of Harris stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $156.00, for a total transaction of $1,354,392.00. Following the completion of the sale, the senior vice president now owns 53,724 shares of the company’s stock, valued at approximately $8,380,944. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Dana A. Mehnert sold 51,200 shares of Harris stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $153.19, for a total value of $7,843,328.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 79,882 shares of company stock valued at $12,221,320. 1.91% of the stock is currently owned by insiders.
Harris (NYSE:HRS) last posted its quarterly earnings data 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 firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Harris had a return on equity of 24.49% and a net margin of 8.63%. The business’s quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.38 EPS. research analysts expect that Harris Co. will post 6.48 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 21st. Shareholders of record on Thursday, March 8th will be given a dividend of $0.57 per share. 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 dividend payout ratio is currently 53.90%.
Several brokerages have issued reports on HRS. Cowen reaffirmed a “buy” rating and set a $170.00 target price on shares of Harris in a research report on Tuesday, January 30th. ValuEngine raised 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. Finally, Zacks Investment Research raised Harris from a “hold” rating to a “buy” rating and set a $165.00 price objective for the company in a research report on Thursday, January 18th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Harris currently has an average rating of “Buy” and a consensus price target of $154.57.
Harris Company Profile
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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