Brown Advisory Inc. Decreases Holdings in Harris Co. (HRS)
Brown Advisory Inc. reduced its position in shares of Harris Co. (NYSE:HRS) by 17.2% in the fourth quarter, HoldingsChannel reports. The firm owned 36,250 shares of the communications equipment provider’s stock after selling 7,533 shares during the period. Brown Advisory Inc.’s holdings in Harris were worth $4,882,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. GAM Holding AG boosted its stake in shares of Harris by 0.6% during the 4th quarter. GAM Holding AG now owns 10,844 shares of the communications equipment provider’s stock worth $1,460,000 after acquiring an additional 66 shares in the last quarter. Sabal Trust CO boosted its stake in shares of Harris by 5.2% during the 4th quarter. Sabal Trust CO now owns 1,621 shares of the communications equipment provider’s stock worth $218,000 after acquiring an additional 80 shares in the last quarter. Daiwa SB Investments Ltd. boosted its stake in shares of Harris by 12.0% during the 4th quarter. Daiwa SB Investments Ltd. now owns 930 shares of the communications equipment provider’s stock worth $125,000 after acquiring an additional 100 shares in the last quarter. Utah Retirement Systems boosted its position in shares of Harris by 0.5% in the fourth quarter. Utah Retirement Systems now owns 22,116 shares of the communications equipment provider’s stock worth $2,978,000 after buying an additional 100 shares during the period. Finally, Securian Asset Management Inc boosted its position in shares of Harris by 0.9% in the fourth quarter. Securian Asset Management Inc now owns 12,126 shares of the communications equipment provider’s stock worth $1,633,000 after buying an additional 105 shares during the period. 91.21% of the stock is owned by hedge funds and other institutional investors.
Shares of Harris stock opened at $160.68 on Friday. The firm has a market capitalization of $18.91 billion, a PE ratio of 24.72, a price-to-earnings-growth ratio of 2.52 and a beta of 1.24. The company has a quick ratio of 1.04, a current ratio of 1.27 and a debt-to-equity ratio of 1.00. Harris Co. has a 12 month low of $123.24 and a 12 month high of $175.50.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 22nd. Investors of record on Friday, March 8th will be issued a dividend of $0.685 per share. The ex-dividend date is Thursday, March 7th. This represents a $2.74 annualized dividend and a dividend yield of 1.71%. Harris’s dividend payout ratio is 42.15%.
In related news, SVP Robert L. Duffy sold 40,000 shares of the 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 completion of the sale, the senior vice president now directly 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 this hyperlink. 2.51% of the stock is currently owned by company insiders.
Several analysts have recently commented on HRS shares. ValuEngine raised Harris from a “hold” rating to a “buy” rating in a research report on Saturday, March 9th. Cowen reaffirmed a “buy” rating and issued a $194.00 target price on shares of Harris in a research report on Thursday, February 7th. Zacks Investment Research raised Harris from a “hold” rating to a “buy” rating and set a $174.00 target price for the company in a research report on Thursday, January 31st. Barclays decreased their target price on Harris from $181.00 to $161.00 and set an “overweight” rating for the company in a research report on Tuesday, December 4th. Finally, Argus raised their target price on Harris from $170.00 to $170.00 and gave the stock a “positive” rating in a research report on Wednesday, January 30th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Harris has a consensus rating of “Buy” and a consensus target price of $182.33.
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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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