Polaris Greystone Financial Group LLC Has $4.19 Million Stake in Harris Co. (HRS)
Polaris Greystone Financial Group LLC lifted its holdings in shares of Harris Co. (NYSE:HRS) by 15.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 24,742 shares of the communications equipment provider’s stock after purchasing an additional 3,290 shares during the quarter. Polaris Greystone Financial Group LLC’s holdings in Harris were worth $4,187,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. grew its stake in Harris by 0.6% in the 2nd quarter. BlackRock Inc. now owns 9,879,821 shares of the communications equipment provider’s stock valued at $1,428,028,000 after buying an additional 57,038 shares during the last quarter. Janus Henderson Group PLC grew its stake in Harris by 14.1% in the 2nd quarter. Janus Henderson Group PLC now owns 3,050,490 shares of the communications equipment provider’s stock valued at $440,918,000 after buying an additional 377,269 shares during the last quarter. Northern Trust Corp grew its stake in Harris by 6.5% in the 2nd quarter. Northern Trust Corp now owns 1,313,667 shares of the communications equipment provider’s stock valued at $189,877,000 after buying an additional 80,745 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in Harris by 28.2% in the 2nd 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 buying an additional 256,780 shares during the last quarter. Finally, Bessemer Group Inc. grew its stake in Harris by 1.5% in the 2nd quarter. Bessemer Group Inc. now owns 745,082 shares of the communications equipment provider’s stock valued at $107,695,000 after buying an additional 11,026 shares during the last quarter. Institutional investors own 85.66% of the company’s stock.
HRS has been the subject of a number of research reports. Zacks Investment Research downgraded shares of Harris from a “hold” rating to a “sell” rating in a report on Tuesday, July 3rd. Argus reduced their price target on shares of Harris from $196.00 to $170.00 and set a “buy” rating for the company in a report on Thursday, July 5th. Credit Suisse Group increased 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. Seaport Global Securities reissued a “buy” rating and issued a $185.00 price target on shares of Harris in a report on Thursday, August 2nd. Finally, UBS Group initiated coverage on shares of Harris in a report on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 price target for the company. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $176.82.
Shares of Harris stock opened at $168.93 on Friday. The company has a quick ratio of 0.73, a current ratio of 1.24 and a debt-to-equity ratio of 1.03. Harris Co. has a fifty-two week low of $135.16 and a fifty-two week high of $175.50. The firm has a market capitalization of $20.03 billion, a price-to-earnings ratio of 25.99, a P/E/G ratio of 3.62 and a beta of 1.20.
Harris (NYSE:HRS) last released its quarterly earnings data on Sunday, October 14th. The communications equipment provider reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.52 billion. Harris had a net margin of 12.20% and a return on equity of 26.59%. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period last year, the firm earned $1.38 EPS. On average, equities research analysts expect that Harris Co. will post 7.85 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 21st. Stockholders of record on Friday, September 7th were issued a dividend of $0.685 per share. This represents a $2.74 dividend on an annualized basis and a dividend yield of 1.62%. This is an increase from Harris’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Thursday, September 6th. Harris’s dividend payout ratio (DPR) is presently 42.15%.
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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