Lido Advisors LLC Cuts Position in Harris Co. (HRS)
Lido Advisors LLC trimmed its holdings in shares of Harris Co. (NYSE:HRS) by 12.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,159 shares of the communications equipment provider’s stock after selling 451 shares during the quarter. Lido Advisors LLC’s holdings in Harris were worth $425,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of HRS. Lehman & Derafelo Financial Resources LLC purchased a new position in Harris in the fourth quarter worth $596,000. LMR Partners LLP purchased a new position in Harris in the fourth quarter worth $522,000. Geode Capital Management LLC grew its holdings in Harris by 4.1% in the fourth quarter. Geode Capital Management LLC now owns 1,535,717 shares of the communications equipment provider’s stock worth $206,424,000 after purchasing an additional 59,854 shares during the last quarter. Captrust Financial Advisors grew its holdings in Harris by 14.5% in the fourth quarter. Captrust Financial Advisors now owns 1,345 shares of the communications equipment provider’s stock worth $181,000 after purchasing an additional 170 shares during the last quarter. Finally, Fort L.P. grew its holdings in Harris by 37.7% in the fourth quarter. Fort L.P. now owns 7,993 shares of the communications equipment provider’s stock worth $1,076,000 after purchasing an additional 2,188 shares during the last quarter. 91.21% of the stock is currently owned by institutional investors.
In other news, SVP Robert L. Duffy sold 40,000 shares of Harris stock in a transaction on Friday, February 8th. The shares were 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.51% of the company’s stock.
Harris (NYSE:HRS) last posted its quarterly earnings data on Tuesday, January 29th. The communications equipment provider reported $1.96 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.91 by $0.05. Harris had a net margin of 13.29% and a return on equity of 26.55%. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the firm posted $1.67 earnings per share. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. On average, equities analysts predict that Harris Co. will post 8.01 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 22nd. Stockholders of record on Friday, March 8th will be paid 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 payout ratio is currently 42.15%.
Several equities analysts have issued reports on HRS shares. Cowen reaffirmed a “buy” rating and issued a $194.00 price target on shares of Harris in a report on Tuesday, January 29th. Zacks Investment Research lowered shares of Harris from a “buy” rating to a “hold” rating in a report on Thursday, January 3rd. Argus lifted their price target on shares of Harris from $170.00 to $170.00 and gave the stock a “positive” rating in a report on Wednesday, January 30th. Barclays cut their price target on shares of Harris from $181.00 to $161.00 and set an “overweight” rating on the stock in a report on Tuesday, December 4th. Finally, ValuEngine upgraded shares of Harris from a “hold” rating to a “buy” rating in a research note on Tuesday, January 29th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. The company 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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