Advisors Asset Management Inc. Boosts Stake in Harris Co. (NYSE:HRS)

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Advisors Asset Management Inc. boosted its holdings in Harris Co. (NYSE:HRS) by 170.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 137,853 shares of the communications equipment provider’s stock after acquiring an additional 86,863 shares during the quarter. Advisors Asset Management Inc. owned 0.12% of Harris worth $7,656,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Ostrum Asset Management purchased a new stake in Harris in the 1st quarter worth $112,000. Fort L.P. purchased a new position in shares of Harris during the second quarter valued at about $118,000. Accurate Investment Solutions Inc. purchased a new position in shares of Harris during the second quarter valued at about $123,000. Wagner Wealth Management LLC purchased a new position in shares of Harris during the first quarter valued at about $129,000. Finally, Daiwa SB Investments Ltd. purchased a new position in shares of Harris during the second quarter valued at about $136,000. 85.74% of the stock is currently owned by institutional investors and hedge funds.

Shares of Harris stock traded up $0.65 on Friday, hitting $154.87. 867,365 shares of the company traded hands, compared to its average volume of 726,579. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.73 and a current ratio of 1.24. Harris Co. has a 52 week low of $133.66 and a 52 week high of $170.72. The company has a market capitalization of $19.85 billion, a PE ratio of 23.83, a P/E/G ratio of 3.62 and a beta of 1.20.

Harris (NYSE:HRS) last posted its quarterly earnings results on Tuesday, July 31st. The communications equipment provider reported $1.78 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.76 by $0.02. The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.62 billion. Harris had a net margin of 11.61% and a return on equity of 25.36%. The company’s revenue was up 8.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.49 earnings per share. On average, analysts forecast that Harris Co. will post 7.79 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 21st. Investors of record on Friday, September 7th were issued a dividend of $0.685 per share. This represents a $2.74 annualized dividend and a yield of 1.77%. This is a positive change from Harris’s previous quarterly dividend of $0.57. The ex-dividend date was Thursday, September 6th. Harris’s dividend payout ratio (DPR) is presently 42.15%.

In related news, SVP Sheldon J. Fox sold 45,800 shares of Harris stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $163.13, for a total transaction of $7,471,354.00. Following the transaction, the senior vice president now directly owns 95,448 shares of the company’s stock, valued at $15,570,432.24. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Edward J. Zoiss sold 26,311 shares of Harris stock in a transaction on 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 transaction, the insider now directly owns 1,286 shares in the company, valued at $209,360.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 94,712 shares of company stock worth $15,407,341. 2.51% of the stock is currently owned by corporate insiders.

HRS has been the subject of a number of research analyst reports. Argus cut their price objective on Harris from $196.00 to $170.00 and set a “buy” rating for the company in a research report on Thursday, July 5th. Seaport Global Securities reaffirmed a “buy” rating and issued a $185.00 price target on shares of Harris in a report on Thursday, August 2nd. Zacks Investment Research raised shares of Harris from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. UBS Group initiated coverage on shares of Harris in a research note on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 price objective for the company. Finally, Credit Suisse Group raised their price objective on shares of Harris from $175.00 to $190.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 1st. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Harris presently has an average rating of “Buy” and an average target price of $173.60.

Harris Company Profile

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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Institutional Ownership by Quarter for Harris (NYSE:HRS)

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