Korea Investment CORP lowered its stake in shares of Harris Co. (NYSE:HRS) by 6.6% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 23,973 shares of the communications equipment provider’s stock after selling 1,700 shares during the quarter. Korea Investment CORP’s holdings in Harris were worth $3,228,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. grew its stake in Harris by 401.7% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 37,875 shares of the communications equipment provider’s stock valued at $5,100,000 after purchasing an additional 30,325 shares during the period. Nomura Asset Management Co. Ltd. grew its stake in Harris by 22.3% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 41,888 shares of the communications equipment provider’s stock valued at $5,640,000 after purchasing an additional 7,630 shares during the period. Banco Santander S.A. grew its stake in Harris by 12.5% in the 4th quarter. Banco Santander S.A. now owns 2,047 shares of the communications equipment provider’s stock valued at $276,000 after purchasing an additional 228 shares during the period. Northern Trust Corp grew its stake in Harris by 1.5% in the 4th 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 during the period. Finally, Blueshift Asset Management LLC bought a new position in Harris in the 4th quarter valued at $598,000. Institutional investors and hedge funds own 91.21% of the company’s stock.
A number of brokerages have issued reports on HRS. Zacks Investment Research downgraded Harris from a “buy” rating to a “hold” rating in a research note on Thursday, January 3rd. Cowen restated a “buy” rating and issued a $194.00 price objective on shares of Harris in a research note on Thursday, February 7th. Argus upped their price target on Harris from $170.00 to $170.00 and gave the company a “positive” rating in a research report on Wednesday, January 30th. Barclays dropped their price target on Harris from $181.00 to $161.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 4th. Finally, ValuEngine cut Harris from a “buy” rating to a “hold” rating in a research report on Saturday, December 1st. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $182.33.
Harris (NYSE:HRS) last issued its quarterly earnings results on Tuesday, January 29th. The communications equipment provider reported $1.96 EPS for the quarter, beating analysts’ consensus estimates of $1.91 by $0.05. Harris had a return on equity of 26.55% and a net margin of 13.29%. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the prior year, the firm earned $1.67 EPS. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, research analysts expect that Harris Co. will post 8.01 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 22nd. Stockholders of record on Friday, March 8th will be given a dividend of $0.685 per share. The ex-dividend date of this dividend is Thursday, March 7th. This represents a $2.74 dividend on an annualized basis and a dividend yield of 1.71%. Harris’s dividend payout ratio is presently 42.15%.
In other news, SVP Robert L. Duffy sold 40,000 shares of the company’s stock in a transaction 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 of the company’s stock, valued at approximately $10,141,229.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.51% of the stock is owned by corporate insiders.
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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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