IBM Retirement Fund purchased a new position in shares of Harris Co. (NYSE:HRS) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,141 shares of the communications equipment provider’s stock, valued at approximately $457,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. BB&T Investment Services Inc. acquired a new position in shares of Harris during the 2nd quarter worth about $113,000. Northwestern Mutual Wealth Management Co. boosted its position in shares of Harris by 110.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,205 shares of the communications equipment provider’s stock worth $131,000 after acquiring an additional 632 shares in the last quarter. BT Investment Management Ltd acquired a new position in shares of Harris during the 2nd quarter worth about $157,000. Stephens Inc. AR acquired a new position in shares of Harris during the 2nd quarter worth about $167,000. Finally, Birmingham Capital Management Co. Inc. AL acquired a new position in shares of Harris during the 3rd quarter worth about $211,000. Institutional investors own 82.91% of the company’s stock.
Several research analysts have recently issued reports on HRS shares. Credit Suisse Group started coverage on Harris in a research report on Monday, August 28th. They set an “outperform” rating and a $144.00 price objective for the company. Cowen and Company reaffirmed a “buy” rating and set a $134.00 price objective (up from $125.00) on shares of Harris in a research report on Tuesday, September 12th. Zacks Investment Research raised Harris from a “hold” rating to a “buy” rating and set a $153.00 price objective for the company in a research report on Monday, October 16th. Seaport Global Securities reaffirmed a “buy” rating and set a $145.00 price objective (up from $135.00) on shares of Harris in a research report on Monday, October 9th. Finally, BidaskClub cut Harris from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $145.43.
Shares of Harris Co. (HRS) traded up $0.93 during midday trading on Thursday, hitting $139.90. The company had a trading volume of 98,756 shares, compared to its average volume of 748,779. The firm has a market cap of $16,660.00, a PE ratio of 24.58, a PEG ratio of 3.32 and a beta of 1.12. The company has a current ratio of 1.11, a quick ratio of 0.64 and a debt-to-equity ratio of 1.14. Harris Co. has a 1 year low of $99.13 and a 1 year high of $141.97.
Harris (NYSE:HRS) last announced its earnings results on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.03. The firm had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Harris had a return on equity of 22.65% and a net margin of 11.82%. The business’s revenue was down .5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.28 EPS. research analysts forecast that Harris Co. will post 5.99 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be given a $0.57 dividend. The ex-dividend date is Thursday, November 16th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.63%. Harris’s dividend payout ratio (DPR) is presently 42.62%.
In related news, SVP Sheldon J. Fox sold 50,300 shares of the company’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $118.24, for a total value of $5,947,472.00. Following the completion of the sale, the senior vice president now directly owns 73,092 shares of the company’s stock, valued at approximately $8,642,398.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Scott T. Mikuen sold 4,387 shares of the company’s stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $121.70, for a total value of $533,897.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 68,287 shares of company stock valued at $8,159,066. Insiders own 1.91% of the company’s stock.
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