Lido Advisors LLC Cuts Stake in Harris Co. (HRS)
Lido Advisors LLC lowered its stake in shares of Harris Co. (NYSE:HRS) by 12.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,159 shares of the communications equipment provider’s stock after selling 451 shares during the period. Lido Advisors LLC’s holdings in Harris were worth $425,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. purchased a new stake in shares of Harris during the fourth quarter worth about $31,000. Financial Gravity Companies Inc. purchased a new stake in shares of Harris during the fourth quarter worth about $67,000. Capital Investment Advisory Services LLC purchased a new stake in Harris during the 4th quarter valued at about $81,000. Nikko Asset Management Americas Inc. grew its stake in Harris by 174.9% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 778 shares of the communications equipment provider’s stock valued at $105,000 after acquiring an additional 495 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its stake in Harris by 19.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 920 shares of the communications equipment provider’s stock valued at $124,000 after acquiring an additional 153 shares in the last quarter. 91.21% of the stock is owned by institutional investors and hedge funds.
NYSE:HRS opened at $160.68 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.04 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $18.91 billion, a price-to-earnings ratio of 24.72, a PEG ratio of 2.52 and a beta of 1.24. Harris Co. has a 1-year low of $123.24 and a 1-year high of $175.50.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 22nd. Shareholders of record on Friday, March 8th will be issued a $0.685 dividend. The ex-dividend date is Thursday, March 7th. This represents a $2.74 annualized dividend and a yield of 1.71%. Harris’s payout ratio is 42.15%.
HRS has been the subject of several research reports. Cowen reaffirmed a “buy” rating and set a $194.00 price objective on shares of Harris in a research note on Tuesday, January 29th. ValuEngine raised shares of Harris from a “hold” rating to a “buy” rating in a research note on Saturday, March 9th. Barclays dropped their price objective on shares of Harris from $181.00 to $161.00 and set an “overweight” rating for the company in a research note on Tuesday, December 4th. Argus upped their price objective on shares of Harris from $170.00 to $170.00 and gave the company a “positive” rating in a research note on Wednesday, January 30th. Finally, Zacks Investment Research raised shares of Harris from a “hold” rating to a “buy” rating and set a $174.00 price objective for the company in a research note on Thursday, January 31st. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $182.33.
In other Harris news, SVP Robert L. Duffy sold 40,000 shares of the business’s stock in a transaction dated Friday, February 8th. The shares were sold at an average price of $158.66, for a total value of $6,346,400.00. Following the transaction, the senior vice president now directly owns 63,918 shares in the company, valued at approximately $10,141,229.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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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