3,124 Shares in Harris Co. (HRS) Acquired by Virtu Financial LLC
Virtu Financial LLC acquired a new stake in shares of Harris Co. (NYSE:HRS) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 3,124 shares of the communications equipment provider’s stock, valued at approximately $499,000.
A number of other large investors have also recently modified their holdings of the stock. Geode Capital Management LLC grew its stake in Harris by 4.1% during the fourth quarter. Geode Capital Management LLC now owns 1,535,717 shares of the communications equipment provider’s stock valued at $206,424,000 after acquiring an additional 59,854 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Harris by 2.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,472,230 shares of the communications equipment provider’s stock valued at $198,236,000 after acquiring an additional 37,676 shares in the last quarter. Northern Trust Corp grew its stake in Harris by 1.5% during the fourth quarter. Northern Trust Corp now owns 1,301,314 shares of the communications equipment provider’s stock valued at $175,222,000 after acquiring an additional 19,339 shares in the last quarter. Norges Bank purchased a new position in Harris during the fourth quarter valued at approximately $150,507,000. Finally, American Century Companies Inc. purchased a new position in Harris during the fourth quarter valued at approximately $124,367,000. 91.66% of the stock is owned by institutional investors.
Several equities analysts recently commented on HRS shares. Zacks Investment Research raised shares of Harris from a “hold” rating to a “buy” rating and set a $174.00 price objective for the company in a research note on Thursday, January 31st. ValuEngine raised shares of Harris from a “hold” rating to a “buy” rating in a research note on Tuesday, January 29th. Cowen reissued a “buy” rating and issued a $194.00 price target on shares of Harris in a research note on Tuesday, January 29th. Finally, Argus boosted their price target on shares of Harris from $170.00 to $170.00 and gave the stock a “positive” rating in a research note on Wednesday, January 30th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $182.25.
Harris (NYSE:HRS) last released its quarterly earnings results on Tuesday, January 29th. The communications equipment provider reported $1.96 EPS for the quarter, topping the Zacks’ consensus estimate of $1.91 by $0.05. Harris had a net margin of 13.29% and a return on equity of 26.55%. The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the company earned $1.67 EPS. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. As a group, equities research analysts forecast that Harris Co. will post 8 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Friday, March 8th were paid a $0.685 dividend. The ex-dividend date was Thursday, March 7th. This represents a $2.74 dividend on an annualized basis and a yield of 1.65%. Harris’s dividend payout ratio is presently 42.15%.
In other news, SVP Robert L. Duffy sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, February 8th. The shares were sold at an average price of $158.66, for a total value of $6,346,400.00. Following the completion of the sale, the senior vice president now directly owns 63,918 shares in the company, valued at approximately $10,141,229.88. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.51% of the company’s stock.
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Harris Company Profile
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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