Shine Investment Advisory Services Inc. lifted its holdings in Harris Co. (NYSE:HRS) by 25.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 419 shares of the communications equipment provider’s stock after buying an additional 84 shares during the period. Shine Investment Advisory Services Inc.’s holdings in Harris were worth $67,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its position in Harris by 167.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,667 shares of the communications equipment provider’s stock valued at $790,000 after purchasing an additional 2,922 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Harris in the third quarter valued at approximately $386,000. The Manufacturers Life Insurance Company lifted its position in shares of Harris by 4.3% in the third quarter. The Manufacturers Life Insurance Company now owns 139,494 shares of the communications equipment provider’s stock valued at $23,605,000 after buying an additional 5,705 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of Harris by 14.6% in the third quarter. Pacer Advisors Inc. now owns 6,197 shares of the communications equipment provider’s stock valued at $1,049,000 after buying an additional 790 shares during the last quarter. Finally, Verition Fund Management LLC lifted its position in shares of Harris by 82.8% in the third quarter. Verition Fund Management LLC now owns 4,559 shares of the communications equipment provider’s stock valued at $771,000 after buying an additional 2,065 shares during the last quarter. Hedge funds and other institutional investors own 91.66% of the company’s stock.
In other news, SVP Robert L. Duffy sold 40,000 shares of the stock in a transaction that occurred on Friday, February 8th. The stock was sold at an average price of $158.66, for a total transaction of $6,346,400.00. Following the transaction, the senior vice president now owns 63,918 shares in the company, valued at $10,141,229.88. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.51% of the stock is currently owned by company insiders.
Harris (NYSE:HRS) last announced its earnings results on Tuesday, January 29th. The communications equipment provider reported $1.96 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.91 by $0.05. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.63 billion. Harris had a return on equity of 26.55% and a net margin of 13.29%. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.67 earnings per share. Equities research analysts predict that Harris Co. will post 8 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were paid a dividend of $0.685 per share. The ex-dividend date was Thursday, March 7th. This represents a $2.74 dividend on an annualized basis and a dividend yield of 1.65%. Harris’s dividend payout ratio (DPR) is currently 42.15%.
HRS has been the subject of a number of recent analyst reports. Zacks Investment Research raised Harris from a “hold” rating to a “buy” rating and set a $174.00 price objective for the company in a research report on Thursday, January 31st. ValuEngine raised Harris from a “hold” rating to a “buy” rating in a research report on Tuesday, January 29th. Cowen reaffirmed a “buy” rating and issued a $194.00 price objective on shares of Harris in a research report on Tuesday, January 29th. Finally, Argus raised their price objective on Harris from $170.00 to $170.00 and gave the company a “positive” rating in a research report on Wednesday, January 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $182.25.
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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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