Verition Fund Management LLC Takes $503,000 Position in Harris Co. (HRS)
Verition Fund Management LLC purchased a new position in shares of Harris Co. (NYSE:HRS) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,554 shares of the communications equipment provider’s stock, valued at approximately $503,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. KBC Group NV raised its position in shares of Harris by 39.3% during the third quarter. KBC Group NV now owns 18,473 shares of the communications equipment provider’s stock worth $2,433,000 after purchasing an additional 5,216 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of Harris by 10.2% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 48,416 shares of the communications equipment provider’s stock worth $6,375,000 after purchasing an additional 4,500 shares during the period. Norinchukin Bank The raised its position in shares of Harris by 6.6% during the fourth quarter. Norinchukin Bank The now owns 9,869 shares of the communications equipment provider’s stock worth $1,398,000 after purchasing an additional 614 shares during the period. New York State Common Retirement Fund raised its position in shares of Harris by 2.3% during the third quarter. New York State Common Retirement Fund now owns 272,500 shares of the communications equipment provider’s stock worth $35,883,000 after purchasing an additional 6,000 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec raised its position in shares of Harris by 1.8% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 45,152 shares of the communications equipment provider’s stock worth $5,971,000 after purchasing an additional 800 shares during the period. 84.91% of the stock is currently owned by institutional investors.
A number of brokerages recently issued reports on HRS. Zacks Investment Research lowered Harris from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Cowen reissued a “buy” rating and issued a $157.00 target price on shares of Harris in a research report on Monday, January 22nd. ValuEngine raised Harris from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, Credit Suisse Group lifted their target price on Harris from $167.00 to $187.00 and gave the company an “outperform” rating in a research report on Wednesday, January 31st. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Harris currently has an average rating of “Buy” and an average target price of $154.57.
Harris Co. (NYSE:HRS) opened at $154.57 on Friday. The firm has a market capitalization of $18,974.21, a P/E ratio of 36.54, a price-to-earnings-growth ratio of 4.11 and a beta of 1.27. Harris Co. has a 1 year low of $106.18 and a 1 year high of $161.04. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.68 and a current ratio of 1.22.
Harris (NYSE:HRS) last posted its quarterly earnings results on Tuesday, January 30th. The communications equipment provider reported $1.67 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $0.28. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.48 billion. Harris had a return on equity of 24.49% and a net margin of 8.63%. The business’s quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.38 EPS. sell-side analysts forecast that Harris Co. will post 6.48 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, March 21st. Shareholders of record on Thursday, March 8th were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 1.48%. The ex-dividend date of this dividend was Wednesday, March 7th. Harris’s dividend payout ratio (DPR) is 53.90%.
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.
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.