Cozad Asset Management Inc. bought a new stake in Harris Co. (NYSE:HRS) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,400 shares of the communications equipment provider’s stock, valued at approximately $636,000.
A number of other hedge funds have also recently bought and sold shares of HRS. BlackRock Inc. raised its stake in shares of Harris by 14.2% in the first quarter. BlackRock Inc. now owns 9,822,783 shares of the communications equipment provider’s stock worth $1,584,219,000 after buying an additional 1,222,155 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Harris by 86.0% in the first quarter. JPMorgan Chase & Co. now owns 852,437 shares of the communications equipment provider’s stock worth $137,480,000 after buying an additional 394,079 shares during the period. Janus Henderson Group PLC raised its stake in shares of Harris by 14.1% in the second quarter. Janus Henderson Group PLC now owns 3,050,490 shares of the communications equipment provider’s stock worth $440,918,000 after buying an additional 377,269 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of Harris by 28.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,165,914 shares of the communications equipment provider’s stock worth $168,521,000 after buying an additional 256,780 shares during the period. Finally, Carillon Tower Advisers Inc. raised its stake in shares of Harris by 146.6% in the first quarter. Carillon Tower Advisers Inc. now owns 366,854 shares of the communications equipment provider’s stock worth $58,842,000 after buying an additional 218,102 shares during the period. 85.73% of the stock is currently owned by institutional investors.
Several research firms have recently commented on HRS. Argus decreased their price objective on Harris from $196.00 to $170.00 and set a “buy” rating on the stock in a research note on Thursday, July 5th. Credit Suisse Group raised their price objective on Harris from $175.00 to $190.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 1st. Zacks Investment Research raised Harris from a “sell” rating to a “hold” rating in a research note on Friday, August 3rd. Seaport Global Securities reaffirmed a “buy” rating and issued a $185.00 price objective on shares of Harris in a research note on Thursday, August 2nd. Finally, UBS Group began coverage on Harris in a research note on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 price objective on the stock. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $173.60.
Harris (NYSE:HRS) last released its earnings results on Tuesday, July 31st. The communications equipment provider reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.76 by $0.02. Harris had a return on equity of 25.36% and a net margin of 11.61%. The firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter last year, the business posted $1.49 earnings per share. The firm’s revenue was up 8.0% on a year-over-year basis. research analysts anticipate that Harris Co. will post 7.79 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 21st. Investors of record on Friday, September 7th will be given a dividend of $0.685 per share. The ex-dividend date is Thursday, September 6th. This represents a $2.74 annualized dividend and a dividend yield of 1.66%. This is a boost from Harris’s previous quarterly dividend of $0.57. Harris’s dividend payout ratio (DPR) is currently 42.15%.
In related news, insider Edward J. Zoiss sold 26,311 shares of the stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $162.80, for a total transaction 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Scott T. Mikuen sold 3,903 shares of the stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $160.75, for a total value of $627,407.25. Following 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. Insiders have sold 94,712 shares of company stock valued at $15,407,341 in the last quarter. 2.51% of the stock is currently owned by company insiders.
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.
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