Stephens Investment Management Group LLC Acquires 1,099 Shares of Harris Corporation (HRS)
Stephens Investment Management Group LLC raised its holdings in shares of Harris Corporation (NYSE:HRS) by 0.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 180,856 shares of the communications equipment provider’s stock after purchasing an additional 1,099 shares during the period. Stephens Investment Management Group LLC’s holdings in Harris were worth $25,618,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in HRS. Thrivent Financial For Lutherans increased its stake in Harris by 0.6% during the second quarter. Thrivent Financial For Lutherans now owns 4,685 shares of the communications equipment provider’s stock valued at $511,000 after purchasing an additional 30 shares during the last quarter. Balyasny Asset Management LLC bought a new stake in Harris during the second quarter valued at $1,244,000. Macquarie Group Ltd. bought a new stake in Harris during the second quarter valued at $338,000. Sciencast Management LP bought a new stake in Harris during the second quarter valued at $214,000. Finally, Moors & Cabot Inc. bought a new stake in Harris during the second quarter valued at $215,000. Hedge funds and other institutional investors own 84.91% of the company’s stock.
Several analysts have weighed in on the stock. ValuEngine upgraded shares of Harris from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Credit Suisse Group reiterated an “outperform” rating and set a $187.00 target price (up previously from $167.00) on shares of Harris in a research note on Wednesday, January 31st. Cowen reiterated a “buy” rating and set a $170.00 target price on shares of Harris in a research note on Tuesday, January 30th. Zacks Investment Research upgraded shares of Harris from a “hold” rating to a “buy” rating and set a $165.00 target price for the company in a research note on Thursday, January 18th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Harris from $138.00 to $148.00 and gave the company an “overweight” rating in a research note on Wednesday, November 1st. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Harris presently has a consensus rating of “Buy” and an average target price of $154.57.
Harris (NYSE:HRS) last announced its quarterly earnings results on Tuesday, January 30th. The communications equipment provider reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.28. Harris had a net margin of 8.63% and a return on equity of 24.49%. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the previous year, the company posted $1.38 earnings per share. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. sell-side analysts expect that Harris Corporation will post 6.48 EPS for the current year.
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Harris Corporation is a technology company that provides products, systems and services that have defense and civil government applications, as well as commercial applications. It offers its products and services to government and commercial customer. It operates in four segments: Communication Systems, which serves markets in tactical communications and defense, and public safety networks; Space and Intelligence Systems, which provides complete Earth observation, environmental, geospatial, space protection, and intelligence solutions from advanced sensors and payloads, as well as ground processing and information analytics; Electronic Systems, which offers a portfolio of solutions in electronic warfare, avionics, wireless and technology, among others, and Critical Networks, which provides managed services supporting air traffic management, energy and maritime communications, and ground network operation and sustainment, as well as information technology (IT) and engineering services.
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