Steward Partners Investment Advisory LLC Acquires New Holdings in Harris Corporation (HRS)

Steward Partners Investment Advisory LLC acquired a new stake in shares of Harris Corporation (NYSE:HRS) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,513 shares of the communications equipment provider’s stock, valued at approximately $726,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Capital Research Global Investors purchased a new stake in shares of Harris in the second quarter worth about $304,508,000. Janus Henderson Group PLC lifted its holdings in shares of Harris by 12,337.7% in the second quarter. Janus Henderson Group PLC now owns 2,459,438 shares of the communications equipment provider’s stock worth $268,276,000 after buying an additional 2,439,664 shares in the last quarter. Koch Industries Inc. purchased a new stake in shares of Harris in the second quarter worth about $612,000. Principal Financial Group Inc. lifted its holdings in shares of Harris by 90.1% in the second quarter. Principal Financial Group Inc. now owns 675,756 shares of the communications equipment provider’s stock worth $73,710,000 after buying an additional 320,216 shares in the last quarter. Finally, Gotham Asset Management LLC lifted its holdings in shares of Harris by 192.8% in the second quarter. Gotham Asset Management LLC now owns 329,220 shares of the communications equipment provider’s stock worth $35,911,000 after buying an additional 216,777 shares in the last quarter. 84.41% of the stock is currently owned by institutional investors and hedge funds.

Harris Corporation (HRS) opened at $144.09 on Friday. Harris Corporation has a 52-week low of $99.13 and a 52-week high of $144.94. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.64 and a current ratio of 1.11. The company has a market cap of $17,175.67, a P/E ratio of 25.41, a price-to-earnings-growth ratio of 3.43 and a beta of 1.12.

Harris (NYSE:HRS) last issued its quarterly earnings results on Tuesday, October 31st. The communications equipment provider reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.03. Harris had a net margin of 9.02% and a return on equity of 23.36%. The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same period last year, the business earned $1.28 earnings per share. The business’s quarterly revenue was down .5% on a year-over-year basis. equities research analysts predict that Harris Corporation will post 5.99 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 17th were given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date of this dividend was Thursday, November 16th. Harris’s payout ratio is currently 50.89%.

Several research analysts recently weighed in on HRS shares. Cowen restated a “buy” rating and issued a $134.00 price objective (up from $125.00) on shares of Harris in a research report on Tuesday, September 12th. ValuEngine upgraded shares of Harris from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Jefferies Group restated a “buy” rating and issued a $135.00 price objective on shares of Harris in a research report on Thursday, September 21st. Zacks Investment Research upgraded shares of Harris from a “hold” rating to a “buy” rating and set a $153.00 price objective on the stock in a research report on Monday, October 16th. Finally, Seaport Global Securities restated a “buy” rating and issued a $145.00 price objective (up from $135.00) on shares of Harris in a research report on Monday, October 9th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $145.43.

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Harris Profile

Institutional Ownership by Quarter for Harris (NYSE:HRS)

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