Waters Parkerson & CO. LLC Acquires New Position in Harris Corporation (HRS)
Waters Parkerson & CO. LLC acquired a new stake in shares of Harris Corporation (NYSE:HRS) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,576 shares of the communications equipment provider’s stock, valued at approximately $208,000.
Several other large investors also recently added to or reduced their stakes in HRS. Prudential PLC raised its holdings in shares of Harris by 25.5% during the second quarter. Prudential PLC now owns 81,028 shares of the communications equipment provider’s stock valued at $8,839,000 after acquiring an additional 16,476 shares in the last quarter. Engineers Gate Manager LP bought a new position in shares of Harris during the second quarter valued at approximately $2,342,000. OMERS ADMINISTRATION Corp bought a new position in shares of Harris during the second quarter valued at approximately $2,368,000. Principal Financial Group Inc. raised its holdings in shares of Harris by 90.1% during the second quarter. Principal Financial Group Inc. now owns 675,756 shares of the communications equipment provider’s stock valued at $73,710,000 after acquiring an additional 320,216 shares in the last quarter. Finally, Amalgamated Bank raised its holdings in shares of Harris by 58.9% during the second quarter. Amalgamated Bank now owns 13,916 shares of the communications equipment provider’s stock valued at $1,518,000 after acquiring an additional 5,159 shares in the last quarter. 84.41% of the stock is owned by hedge funds and other institutional investors.
Harris Corporation (NYSE HRS) traded down $1.64 on Monday, reaching $142.86. The company’s stock had a trading volume of 784,800 shares, compared to its average volume of 750,076. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.64 and a current ratio of 1.11. The company has a market capitalization of $17,029.00, a P/E ratio of 25.20, a price-to-earnings-growth ratio of 3.40 and a beta of 1.12. Harris Corporation has a twelve month low of $99.13 and a twelve month high of $144.94.
Harris (NYSE:HRS) last posted its quarterly earnings data on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.03. The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.44 billion. Harris had a return on equity of 23.36% and a net margin of 9.02%. The firm’s quarterly revenue was down .5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.28 earnings per share. sell-side analysts predict that Harris Corporation will post 5.99 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 17th were issued a $0.57 dividend. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $2.28 dividend on an annualized basis and a yield of 1.60%. Harris’s dividend payout ratio (DPR) is 50.89%.
A number of brokerages recently commented on HRS. Jefferies Group restated a “buy” rating and set a $135.00 target price on shares of Harris in a report on Thursday, September 21st. J P Morgan Chase & Co upped their target price on Harris from $138.00 to $148.00 and gave the company an “overweight” rating in a report on Wednesday, November 1st. ValuEngine upgraded Harris from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Cowen restated a “buy” rating and set a $134.00 target price (up previously from $125.00) on shares of Harris in a report on Tuesday, September 12th. Finally, Zacks Investment Research upgraded Harris from a “hold” rating to a “buy” rating and set a $153.00 target price for the company in a report on Monday, October 16th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $145.43.
In other Harris news, SVP Scott T. Mikuen sold 13,600 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $123.36, for a total value of $1,677,696.00. Following the completion of the transaction, the senior vice president now owns 61,349 shares in the company, valued at $7,568,012.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.91% of the stock is currently owned by corporate insiders.
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