Harris Co. (HRS) Position Boosted by Mitsubishi UFJ Securities Holdings Co. Ltd.
Mitsubishi UFJ Securities Holdings Co. Ltd. grew its stake in shares of Harris Co. (NYSE:HRS) by 28.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,000 shares of the communications equipment provider’s stock after purchasing an additional 670 shares during the period. Harris makes up 1.6% of Mitsubishi UFJ Securities Holdings Co. Ltd.’s investment portfolio, making the stock its 15th biggest holding. Mitsubishi UFJ Securities Holdings Co. Ltd.’s holdings in Harris were worth $508,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA raised its holdings in shares of Harris by 15.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,344,309 shares of the communications equipment provider’s stock worth $227,471,000 after acquiring an additional 178,395 shares during the last quarter. Checchi Capital Advisers LLC acquired a new stake in shares of Harris in the 3rd quarter worth about $221,000. Fort L.P. acquired a new stake in shares of Harris in the 2nd quarter worth about $118,000. Tower Bridge Advisors acquired a new stake in shares of Harris in the 3rd quarter worth about $220,000. Finally, Arizona State Retirement System raised its holdings in shares of Harris by 0.7% in the 3rd quarter. Arizona State Retirement System now owns 91,601 shares of the communications equipment provider’s stock worth $15,500,000 after acquiring an additional 637 shares during the last quarter. Hedge funds and other institutional investors own 84.93% of the company’s stock.
In other Harris news, SVP Scott T. Mikuen sold 3,903 shares of the company’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $160.75, for a total value of $627,407.25. Following the completion of the sale, the senior vice president now directly owns 47,243 shares of the company’s stock, valued at approximately $7,594,312.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Edward J. Zoiss sold 26,311 shares of the company’s stock in a transaction dated Thursday, September 13th. The stock was 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 of the company’s stock, valued at $209,360.80. The disclosure for this sale can be found here. Corporate insiders own 2.51% of the company’s stock.
Harris (NYSE:HRS) last issued its quarterly earnings data on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.72 by $0.06. Harris had a net margin of 12.20% and a return on equity of 26.39%. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the prior year, the firm posted $1.38 EPS. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, sell-side analysts forecast that Harris Co. will post 7.86 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 7th. Shareholders of record on Friday, November 23rd will be given a $0.685 dividend. This represents a $2.74 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date is Wednesday, November 21st. Harris’s payout ratio is 42.15%.
HRS has been the topic of a number of analyst reports. Argus upped their target price on shares of Harris to $190.00 and gave the stock a “buy” rating in a report on Thursday, August 16th. ValuEngine lowered shares of Harris from a “buy” rating to a “hold” rating in a report on Saturday, December 1st. UBS Group initiated coverage on shares of Harris in a report on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 target price on the stock. Raymond James upped their target price on shares of Harris from $180.00 to $190.00 and gave the stock an “outperform” rating in a report on Tuesday, October 16th. Finally, Credit Suisse Group upped their target price on shares of Harris from $190.00 to $209.00 and gave the stock an “outperform” rating in a report on Monday, October 15th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $180.89.
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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