Harris Corporation (HRS) Shares Bought by Cambria Investment Management L.P.
Cambria Investment Management L.P. grew its holdings in shares of Harris Corporation (NYSE:HRS) by 181.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 50,342 shares of the communications equipment provider’s stock after buying an additional 32,466 shares during the quarter. Harris accounts for about 1.0% of Cambria Investment Management L.P.’s investment portfolio, making the stock its 16th largest holding. Cambria Investment Management L.P.’s holdings in Harris were worth $6,629,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in HRS. BB&T Investment Services Inc. purchased a new position in shares of Harris during the 2nd quarter valued at approximately $113,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Harris by 110.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,205 shares of the communications equipment provider’s stock valued at $131,000 after buying an additional 632 shares during the last quarter. BT Investment Management Ltd purchased a new position in shares of Harris during the 2nd quarter valued at approximately $157,000. Stephens Inc. AR purchased a new position in shares of Harris during the 2nd quarter valued at approximately $167,000. Finally, Ropes Wealth Advisors LLC boosted its stake in shares of Harris by 5.4% during the 2nd quarter. Ropes Wealth Advisors LLC now owns 1,635 shares of the communications equipment provider’s stock valued at $178,000 after buying an additional 84 shares during the last quarter. Institutional investors own 84.41% of the company’s stock.
Shares of Harris Corporation (NYSE:HRS) traded up $0.05 on Monday, reaching $143.25. The company had a trading volume of 462,200 shares, compared to its average volume of 745,207. Harris Corporation has a 52-week low of $99.13 and a 52-week high of $144.94. The company has a market capitalization of $17,075.49, a PE ratio of 25.26, a PEG ratio of 3.41 and a beta of 1.12. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.11 and a quick ratio of 0.64.
Harris (NYSE:HRS) last announced its quarterly earnings data on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.35 by $0.03. Harris had a return on equity of 23.36% and a net margin of 9.02%. The firm had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same period last year, the business posted $1.28 earnings per share. The firm’s revenue for the quarter was down .5% on a year-over-year basis. sell-side analysts predict that Harris Corporation will post 5.99 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 17th were paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date was Thursday, November 16th. Harris’s payout ratio is 50.89%.
Several research firms have recently commented on HRS. Cowen reiterated a “buy” rating and set a $134.00 target price (up from $125.00) on shares of Harris in a research note on Tuesday, September 12th. Zacks Investment Research upgraded Harris from a “sell” rating to a “hold” rating in a research note on Thursday, August 24th. ValuEngine cut Harris from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Seaport Global Securities restated a “buy” rating and set a $145.00 price objective (up from $135.00) on shares of Harris in a research note on Monday, October 9th. Finally, Jefferies Group raised their price objective on Harris from $135.00 to $157.00 and gave the stock a “buy” rating in a research note on Wednesday, November 1st. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Harris presently has an average rating of “Buy” and a consensus price target of $145.43.
In other Harris news, SVP Scott T. Mikuen sold 13,600 shares of the firm’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $123.36, for a total value of $1,677,696.00. Following the sale, the senior vice president now directly owns 61,349 shares in the company, valued at $7,568,012.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.91% of the company’s stock.
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