Bank of Nova Scotia decreased its position in shares of Harris Co. (NYSE:HRS) by 14.4% during the second quarter, HoldingsChannel.com reports. The firm owned 12,902 shares of the communications equipment provider’s stock after selling 2,165 shares during the period. Bank of Nova Scotia’s holdings in Harris were worth $1,865,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ostrum Asset Management acquired a new stake in shares of Harris during the 1st quarter worth approximately $112,000. Fort L.P. acquired a new stake in shares of Harris during the 2nd quarter worth approximately $118,000. Accurate Investment Solutions Inc. acquired a new stake in shares of Harris during the 2nd quarter worth approximately $123,000. Daiwa SB Investments Ltd. acquired a new stake in shares of Harris during the 2nd quarter worth approximately $136,000. Finally, Winthrop Partners WNY LLC acquired a new stake in shares of Harris during the 1st quarter worth approximately $137,000. 85.70% of the stock is currently owned by institutional investors and hedge funds.

In related news, VP Todd A. Taylor sold 18,698 shares of Harris stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $161.79, for a total value of $3,025,149.42. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Edward J. Zoiss sold 26,311 shares of Harris stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $162.80, for a total transaction of $4,283,430.80. Following the completion of the sale, the insider now directly owns 1,286 shares in the company, valued at approximately $209,360.80. The disclosure for this sale can be found here. Insiders sold a total of 94,712 shares of company stock worth $15,407,341 in the last three months. 2.51% of the stock is owned by corporate insiders.

A number of equities research analysts have recently commented on the stock. Argus raised their price objective on shares of Harris to $190.00 and gave the stock a “buy” rating in a research note on Thursday, August 16th. UBS Group assumed coverage on shares of Harris in a research note on Wednesday, August 15th. They set a “neutral” rating and a $175.00 price objective on the stock. Zacks Investment Research raised shares of Harris from a “sell” rating to a “hold” rating in a research note on Friday, August 3rd. Seaport Global Securities reaffirmed a “buy” rating and set a $185.00 price objective on shares of Harris in a research note on Thursday, August 2nd. Finally, Credit Suisse Group raised their price objective on shares of Harris from $175.00 to $190.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 1st. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $173.60.

Harris stock opened at $165.25 on Thursday. Harris Co. has a 1 year low of $130.17 and a 1 year high of $170.54. The firm has a market capitalization of $19.04 billion, a P/E ratio of 25.45, a P/E/G ratio of 3.47 and a beta of 1.21. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.73 and a current ratio of 1.24.

Harris (NYSE:HRS) last released its quarterly earnings results on Tuesday, July 31st. The communications equipment provider reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.02. Harris had a net margin of 11.61% and a return on equity of 25.36%. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter last year, the company earned $1.49 EPS. The firm’s revenue for the quarter was up 8.0% compared to the same quarter last year. analysts forecast that Harris Co. will post 7.79 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 21st. Investors of record on Friday, September 7th were paid a $0.685 dividend. The ex-dividend date was Thursday, September 6th. This represents a $2.74 dividend on an annualized basis and a yield of 1.66%. This is a boost from Harris’s previous quarterly dividend of $0.57. Harris’s dividend payout ratio (DPR) is currently 42.15%.

About Harris

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, 2-channel vehicular 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.

Read More: How are Outstanding Shares Different from Authorized Shares?

Want to see what other hedge funds are holding HRS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Harris Co. (NYSE:HRS).

Institutional Ownership by Quarter for Harris (NYSE:HRS)

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