Meridian Wealth Advisors LLC acquired a new stake in Harris Co. (NYSE:HRS) during the first quarter, Holdings Channel reports. The institutional investor acquired 1,944 shares of the communications equipment provider’s stock, valued at approximately $310,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Greenwood Capital Associates LLC purchased a new stake in Harris in the 1st quarter valued at approximately $271,000. TD Asset Management Inc. boosted its holdings in Harris by 1.0% in the 4th quarter. TD Asset Management Inc. now owns 264,993 shares of the communications equipment provider’s stock valued at $35,681,000 after purchasing an additional 2,528 shares in the last quarter. Weatherstone Capital Management boosted its holdings in Harris by 2.8% in the 1st quarter. Weatherstone Capital Management now owns 2,756 shares of the communications equipment provider’s stock valued at $440,000 after purchasing an additional 74 shares in the last quarter. Nachman Norwood & Parrott Inc purchased a new stake in Harris in the 4th quarter valued at approximately $559,000. Finally, Nissay Asset Management Corp Japan ADV boosted its holdings in Harris by 26.0% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 27,947 shares of the communications equipment provider’s stock valued at $3,763,000 after purchasing an additional 5,764 shares in the last quarter. 92.65% of the stock is currently owned by institutional investors.

Shares of Harris stock traded down $0.80 during trading on Friday, hitting $183.58. 8,682 shares of the company were exchanged, compared to its average volume of 1,000,842. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.42 and a quick ratio of 1.15. Harris Co. has a fifty-two week low of $123.24 and a fifty-two week high of $185.24. The company has a market capitalization of $21.66 billion, a P/E ratio of 28.25, a P/E/G ratio of 2.81 and a beta of 1.23.

Harris (NYSE:HRS) last issued its quarterly earnings data on Wednesday, May 1st. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.04 by $0.07. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.70 billion. Harris had a return on equity of 27.13% and a net margin of 13.60%. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.67 EPS. As a group, research analysts expect that Harris Co. will post 8.15 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 4th. Shareholders of record on Friday, May 17th will be issued a $0.685 dividend. The ex-dividend date is Thursday, May 16th. This represents a $2.74 annualized dividend and a yield of 1.49%. Harris’s dividend payout ratio (DPR) is presently 42.15%.

A number of equities research analysts have weighed in on the company. Barclays lifted their price objective on Harris from $180.00 to $205.00 and gave the company an “overweight” rating in a report on Thursday. Argus lifted their price objective on Harris to $200.00 and gave the stock a “positive” rating in a research report on Wednesday, May 8th. Raymond James lifted their price objective on Harris from $190.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. ValuEngine upgraded Harris from a “hold” rating to a “buy” rating in a research report on Wednesday, May 1st. Finally, Zacks Investment Research upgraded Harris from a “sell” rating to a “hold” rating and set a $201.00 price objective for the company in a research report on Tuesday, April 30th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Harris presently has a consensus rating of “Buy” and an average target price of $196.13.

In other Harris news, insider William H. Gattle sold 5,131 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $178.71, for a total value of $916,961.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Robert L. Duffy sold 9,124 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $179.99, for a total value of $1,642,228.76. The disclosure for this sale can be found here. Insiders own 2.51% of the company’s stock.

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Harris Company Profile

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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Institutional Ownership by Quarter for Harris (NYSE:HRS)

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