Griffin Asset Management Inc. Grows Position in Harris Co. (HRS)
Griffin Asset Management Inc. increased its position in shares of Harris Co. (NYSE:HRS) by 2.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,865 shares of the communications equipment provider’s stock after buying an additional 100 shares during the quarter. Griffin Asset Management Inc.’s holdings in Harris were worth $777,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Legal & General Group Plc grew its stake in Harris by 5.5% during the third quarter. Legal & General Group Plc now owns 624,475 shares of the communications equipment provider’s stock valued at $105,621,000 after acquiring an additional 32,503 shares in the last quarter. Somerset Trust Co grew its stake in Harris by 2.5% in the 4th quarter. Somerset Trust Co now owns 14,568 shares of the communications equipment provider’s stock worth $1,962,000 after buying an additional 362 shares in the last quarter. IFP Advisors Inc grew its stake in Harris by 81.8% in the 4th quarter. IFP Advisors Inc now owns 3,155 shares of the communications equipment provider’s stock worth $414,000 after buying an additional 1,420 shares in the last quarter. Strs Ohio grew its stake in Harris by 13.3% in the 4th quarter. Strs Ohio now owns 232,159 shares of the communications equipment provider’s stock worth $31,260,000 after buying an additional 27,215 shares in the last quarter. Finally, Harbour Capital Advisors LLC purchased a new position in Harris in the 4th quarter worth approximately $359,000. Hedge funds and other institutional investors own 92.65% of the company’s stock.
A number of research firms have commented on HRS. Barclays boosted their price target on shares of Harris from $180.00 to $205.00 and gave the stock an “overweight” rating in a research note on Thursday, May 16th. Argus boosted their price target on shares of Harris to $200.00 and gave the stock a “positive” rating in a research note on Wednesday, May 8th. Raymond James boosted their price target on shares of Harris from $190.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, May 2nd. ValuEngine raised shares of Harris from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Finally, Zacks Investment Research raised shares of Harris from a “sell” rating to a “hold” rating and set a $201.00 price target for the company in a research note on Tuesday, April 30th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $196.13.
Harris (NYSE:HRS) last announced its quarterly earnings data on Wednesday, May 1st. The communications equipment provider reported $2.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.04 by $0.07. The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.70 billion. Harris had a net margin of 13.60% and a return on equity of 27.13%. The business’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.67 EPS. Equities research analysts expect that Harris Co. will post 8.15 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 4th. Stockholders of record on Friday, May 17th will be issued a $0.685 dividend. The ex-dividend date is Thursday, May 16th. This represents a $2.74 dividend on an annualized basis and a dividend yield of 1.50%. Harris’s payout ratio is 42.15%.
In other news, insider William H. Gattle sold 5,131 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $178.71, for a total value of $916,961.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Robert L. Duffy sold 9,124 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $179.99, for a total transaction of $1,642,228.76. The disclosure for this sale can be found here. Insiders own 2.51% of the company’s stock.
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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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