Morgan Stanley Has $56.17 Million Holdings in Harris Co. (HRS)
Morgan Stanley boosted its holdings in shares of Harris Co. (NYSE:HRS) by 1.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 388,594 shares of the communications equipment provider’s stock after buying an additional 5,480 shares during the quarter. Morgan Stanley owned about 0.33% of Harris worth $56,167,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of the business. BlackRock Inc. boosted its holdings in Harris by 0.6% during the second quarter. BlackRock Inc. now owns 9,879,821 shares of the communications equipment provider’s stock valued at $1,428,028,000 after acquiring an additional 57,038 shares during the period. Janus Henderson Group PLC boosted its holdings in Harris by 14.1% during the second quarter. Janus Henderson Group PLC now owns 3,050,490 shares of the communications equipment provider’s stock valued at $440,918,000 after acquiring an additional 377,269 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Harris by 28.2% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,165,914 shares of the communications equipment provider’s stock valued at $168,521,000 after acquiring an additional 256,780 shares during the period. JPMorgan Chase & Co. boosted its holdings in Harris by 86.0% during the first quarter. JPMorgan Chase & Co. now owns 852,437 shares of the communications equipment provider’s stock valued at $137,480,000 after acquiring an additional 394,079 shares during the period. Finally, Bessemer Group Inc. boosted its holdings in Harris by 1.5% during the second quarter. Bessemer Group Inc. now owns 745,082 shares of the communications equipment provider’s stock valued at $107,695,000 after acquiring an additional 11,026 shares during the period. 85.70% of the stock is currently owned by hedge funds and other institutional investors.
HRS stock opened at $167.20 on Friday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.24 and a quick ratio of 0.73. Harris Co. has a 52-week low of $130.17 and a 52-week high of $170.54. The stock has a market cap of $19.34 billion, a price-to-earnings ratio of 25.72, a PEG ratio of 3.53 and a beta of 1.21.
The business also recently announced a quarterly dividend, which was paid on Friday, September 21st. Investors of record on Friday, September 7th were paid a $0.685 dividend. This represents a $2.74 annualized dividend and a dividend yield of 1.64%. The ex-dividend date was Thursday, September 6th. This is a boost from Harris’s previous quarterly dividend of $0.57. Harris’s dividend payout ratio (DPR) is presently 42.15%.
In related news, insider Edward J. Zoiss sold 26,311 shares of the stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $162.80, for a total value of $4,283,430.80. Following the completion of the sale, the insider now owns 1,286 shares in the company, valued at $209,360.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Scott T. Mikuen sold 3,903 shares of the stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $160.75, for a total transaction of $627,407.25. Following the completion of the sale, the senior vice president now owns 47,243 shares of the company’s stock, valued at approximately $7,594,312.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 94,712 shares of company stock valued at $15,407,341. 2.51% of the stock is owned by corporate insiders.
A number of equities research analysts have issued reports on the stock. Argus upped their price target on shares of Harris to $190.00 and gave the company a “buy” rating in a report on Thursday, August 16th. UBS Group assumed coverage on shares of Harris in a report on Wednesday, August 15th. They set a “neutral” rating and a $175.00 price target for the company. Zacks Investment Research upgraded shares of Harris from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. Seaport Global Securities restated a “buy” rating and set a $185.00 price target on shares of Harris in a report on Thursday, August 2nd. Finally, Credit Suisse Group upped their price target on shares of Harris from $175.00 to $190.00 and gave the company an “outperform” rating in a report on Wednesday, August 1st. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $173.60.
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.
Featured Story: How to use beta for portfolio diversification
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).
Receive News & Ratings for Harris Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harris and related companies with MarketBeat.com's FREE daily email newsletter.