Bluestein R H & Co. Acquires 100 Shares of Harris Co. (HRS)
Bluestein R H & Co. grew its holdings in Harris Co. (NYSE:HRS) by 4.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,600 shares of the communications equipment provider’s stock after acquiring an additional 100 shares during the period. Bluestein R H & Co.’s holdings in Harris were worth $415,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Greenwood Capital Associates LLC purchased a new stake in Harris during the first quarter worth $271,000. Town & Country Bank & Trust CO dba First Bankers Trust CO boosted its holdings in Harris by 99.7% during the fourth quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 11,880 shares of the communications equipment provider’s stock worth $1,600,000 after buying an additional 5,930 shares in the last quarter. TD Asset Management Inc. boosted its holdings in Harris by 1.0% during the fourth quarter. TD Asset Management Inc. now owns 264,993 shares of the communications equipment provider’s stock worth $35,681,000 after buying an additional 2,528 shares in the last quarter. Weatherstone Capital Management boosted its holdings in Harris by 2.8% during the first quarter. Weatherstone Capital Management now owns 2,756 shares of the communications equipment provider’s stock worth $440,000 after buying an additional 74 shares in the last quarter. Finally, Nachman Norwood & Parrott Inc purchased a new stake in Harris during the fourth quarter worth $559,000. 92.65% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently issued reports on HRS. Argus increased their price target on shares of Harris to $200.00 and gave the stock a “positive” rating in a report on Wednesday, May 8th. ValuEngine raised shares of Harris from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Zacks Investment Research downgraded shares of Harris from a “hold” rating to a “sell” rating in a report on Tuesday, April 16th. Raymond James increased their price target on shares of Harris from $190.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, May 2nd. Finally, Cowen reissued a “buy” rating and set a $194.00 price target on shares of Harris in a report on Thursday, February 7th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Harris presently has an average rating of “Buy” and a consensus price target of $190.63.
Harris (NYSE:HRS) last posted its quarterly earnings data on Wednesday, May 1st. The communications equipment provider reported $2.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.04 by $0.07. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Harris had a net margin of 13.60% and a return on equity of 27.13%. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.67 earnings per share. As a group, equities research analysts predict that Harris Co. will post 8.15 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 4th. Shareholders of record on Friday, May 17th will be given a dividend of $0.685 per share. This represents a $2.74 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend is Thursday, May 16th. Harris’s dividend payout ratio is presently 42.15%.
In other news, insider William H. Gattle sold 5,131 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $178.71, for a total value of $916,961.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Robert L. Duffy sold 9,124 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $179.99, for a total transaction of $1,642,228.76. The disclosure for this sale can be found here. Corporate insiders own 2.51% of the company’s stock.
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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