BlackRock Inc. Purchases 751,366 Shares of Harris Co. (NYSE:HRS)
BlackRock Inc. lifted its stake in shares of Harris Co. (NYSE:HRS) by 9.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,600,628 shares of the communications equipment provider’s stock after purchasing an additional 751,366 shares during the period. BlackRock Inc. owned approximately 7.24% of Harris worth $1,218,281,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in the company. Janus Henderson Group PLC raised its position in Harris by 36.3% during the third quarter. Janus Henderson Group PLC now owns 3,352,336 shares of the communications equipment provider’s stock valued at $441,435,000 after buying an additional 892,898 shares during the period. Artisan Partners Limited Partnership lifted its position in shares of Harris by 11.1% in the 3rd quarter. Artisan Partners Limited Partnership now owns 1,916,965 shares of the communications equipment provider’s stock worth $252,426,000 after acquiring an additional 192,230 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Harris by 6.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,890,447 shares of the communications equipment provider’s stock worth $248,935,000 after acquiring an additional 122,090 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Harris by 0.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 699,934 shares of the communications equipment provider’s stock worth $92,165,000 after acquiring an additional 5,856 shares during the period. Finally, Legal & General Group Plc lifted its position in shares of Harris by 1.4% in the 3rd quarter. Legal & General Group Plc now owns 626,889 shares of the communications equipment provider’s stock worth $82,546,000 after acquiring an additional 8,890 shares during the period. 84.99% of the stock is currently owned by institutional investors.
A number of brokerages have commented on HRS. ValuEngine upgraded Harris from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Cowen reissued a “buy” rating and issued a $170.00 target price on shares of Harris in a report on Tuesday, January 30th. Zacks Investment Research raised Harris from a “hold” rating to a “buy” rating and set a $165.00 target price for the company in a report on Thursday, January 18th. Finally, Credit Suisse Group increased their target price on Harris from $167.00 to $187.00 and gave the stock an “outperform” rating in a report on Wednesday, January 31st. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Harris currently has a consensus rating of “Buy” and a consensus price target of $154.57.
Harris (NYSE:HRS) last issued its earnings results on Tuesday, January 30th. The communications equipment provider reported $1.67 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.28. Harris had a return on equity of 24.49% and a net margin of 8.63%. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the prior year, the firm posted $1.38 EPS. Harris’s quarterly revenue was up 5.9% compared to the same quarter last year. analysts anticipate that Harris Co. will post 6.48 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 21st. Investors of record on Thursday, March 8th will be issued a dividend of $0.57 per share. The ex-dividend date is Wednesday, March 7th. This represents a $2.28 dividend on an annualized basis and a yield of 1.44%. Harris’s dividend payout ratio is 42.22%.
In related news, SVP Sheldon J. Fox sold 8,682 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $156.00, for a total transaction of $1,354,392.00. Following the completion of the sale, the senior vice president now directly owns 53,724 shares of the company’s stock, valued at approximately $8,380,944. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Scott T. Mikuen sold 20,000 shares of the firm’s stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $151.18, for a total value of $3,023,600.00. The disclosure for this sale can be found here. Insiders have sold a total of 79,882 shares of company stock valued at $12,221,320 over the last ninety days. Insiders own 1.91% of the company’s stock.
Harris Corporation is a technology company that provides products, systems and services that have defense and civil government applications, as well as commercial applications. It offers its products and services to government and commercial customer. It operates in four segments: Communication Systems, which serves markets in tactical communications and defense, and public safety networks; Space and Intelligence Systems, which provides complete Earth observation, environmental, geospatial, space protection, and intelligence solutions from advanced sensors and payloads, as well as ground processing and information analytics; Electronic Systems, which offers a portfolio of solutions in electronic warfare, avionics, wireless and technology, among others, and Critical Networks, which provides managed services supporting air traffic management, energy and maritime communications, and ground network operation and sustainment, as well as information technology (IT) and engineering services.
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