LMR Partners LLP Acquires Shares of 3,880 Harris Co. (HRS)

LMR Partners LLP acquired a new position in Harris Co. (NYSE:HRS) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 3,880 shares of the communications equipment provider’s stock, valued at approximately $522,000.

Other large investors have also added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in Harris by 4.1% during the fourth quarter. Geode Capital Management LLC now owns 1,535,717 shares of the communications equipment provider’s stock worth $206,424,000 after buying an additional 59,854 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Harris by 2.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,472,230 shares of the communications equipment provider’s stock worth $198,236,000 after buying an additional 37,676 shares in the last quarter. Northern Trust Corp lifted its holdings in Harris by 1.5% during the fourth quarter. Northern Trust Corp now owns 1,301,314 shares of the communications equipment provider’s stock valued at $175,222,000 after purchasing an additional 19,339 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Harris by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 733,500 shares of the communications equipment provider’s stock valued at $98,757,000 after purchasing an additional 11,737 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in Harris by 5.5% during the third quarter. Legal & General Group Plc now owns 624,475 shares of the communications equipment provider’s stock valued at $105,621,000 after purchasing an additional 32,503 shares in the last quarter. Hedge funds and other institutional investors own 91.21% of the company’s stock.

HRS opened at $160.68 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.04 and a debt-to-equity ratio of 1.00. The firm has a market cap of $18.91 billion, a price-to-earnings ratio of 24.72, a P/E/G ratio of 2.52 and a beta of 1.24. Harris Co. has a 52-week low of $123.24 and a 52-week high of $175.50.

Harris (NYSE:HRS) last posted its quarterly earnings results on Tuesday, January 29th. The communications equipment provider reported $1.96 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.91 by $0.05. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.63 billion. Harris had a net margin of 13.29% and a return on equity of 26.55%. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period last year, the firm posted $1.67 earnings per share. On average, research analysts anticipate that Harris Co. will post 8.01 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 22nd. Stockholders of record on Friday, March 8th will be paid a $0.685 dividend. This represents a $2.74 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend is Thursday, March 7th. Harris’s dividend payout ratio is currently 42.15%.

Several equities analysts have issued reports on HRS shares. Zacks Investment Research raised shares of Harris from a “hold” rating to a “buy” rating and set a $174.00 price objective on the stock in a report on Thursday, January 31st. ValuEngine downgraded shares of Harris from a “buy” rating to a “hold” rating in a report on Saturday, December 1st. Cowen reaffirmed a “buy” rating and set a $194.00 price objective on shares of Harris in a report on Tuesday, January 29th. Argus increased their price objective on shares of Harris from $170.00 to $170.00 and gave the company a “positive” rating in a report on Wednesday, January 30th. Finally, Barclays decreased their price objective on shares of Harris from $181.00 to $161.00 and set an “overweight” rating on the stock in a report on Tuesday, December 4th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $182.33.

In other news, SVP Robert L. Duffy sold 40,000 shares of the firm’s stock in a transaction dated Friday, February 8th. The shares were sold at an average price of $158.66, for a total value of $6,346,400.00. Following the transaction, the senior vice president now directly owns 63,918 shares of the company’s stock, valued at $10,141,229.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.51% of the company’s stock.

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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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