Banco de Sabadell S.A Acquires New Stake in Harris Co. (HRS)
Banco de Sabadell S.A acquired a new stake in shares of Harris Co. (NYSE:HRS) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 15,623 shares of the communications equipment provider’s stock, valued at approximately $2,212,000.
Several other large investors also recently made changes to their positions in HRS. Tower Research Capital LLC TRC lifted its position in shares of Harris by 980.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,243 shares of the communications equipment provider’s stock valued at $176,000 after acquiring an additional 1,128 shares during the last quarter. Calton & Associates Inc. purchased a new stake in shares of Harris in the fourth quarter valued at $180,000. First National Bank & Trust Co. of Newtown purchased a new stake in shares of Harris in the fourth quarter valued at $200,000. Koshinski Asset Management Inc. purchased a new stake in shares of Harris in the fourth quarter valued at $203,000. Finally, HL Financial Services LLC purchased a new stake in shares of Harris in the fourth quarter valued at $205,000. Institutional investors own 84.91% of the company’s stock.
In other news, SVP Scott T. Mikuen sold 20,000 shares of the company’s stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $151.18, for a total value of $3,023,600.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Dana A. Mehnert sold 51,200 shares of the company’s stock in a transaction on Monday, March 5th. The stock was sold at an average price of $153.19, for a total transaction of $7,843,328.00. The disclosure for this sale can be found here. Insiders sold 79,882 shares of company stock worth $12,221,320 over the last ninety days. 1.91% of the stock is currently owned by company insiders.
Harris (NYSE:HRS) last posted its quarterly 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. Harris had a net margin of 8.63% and a return on equity of 24.49%. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same period in the prior year, the business posted $1.38 earnings per share. Harris’s revenue for the quarter was up 5.9% compared to the same quarter last year. research analysts predict that Harris Co. will post 6.48 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, March 21st. Stockholders of record on Thursday, March 8th were paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date of this dividend was Wednesday, March 7th. Harris’s dividend payout ratio (DPR) is presently 53.90%.
HRS has been the subject of a number of research analyst reports. Zacks Investment Research lowered Harris from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. Cowen restated a “buy” rating and issued a $157.00 target price on shares of Harris in a report on Monday, January 22nd. ValuEngine upgraded Harris from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Finally, Credit Suisse Group increased their target price on Harris from $167.00 to $187.00 and gave the company an “outperform” rating in a report on Wednesday, January 31st. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Harris currently has a consensus rating of “Buy” and an average target price of $154.57.
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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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