Mitsubishi UFJ Trust & Banking Corp Sells 151,864 Shares of Harris Co. (HRS)

Mitsubishi UFJ Trust & Banking Corp reduced its holdings in Harris Co. (NYSE:HRS) by 56.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 114,974 shares of the communications equipment provider’s stock after selling 151,864 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.10% of Harris worth $19,455,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. increased its position in shares of Harris by 0.6% during the second quarter. BlackRock Inc. now owns 9,879,821 shares of the communications equipment provider’s stock worth $1,428,028,000 after buying an additional 57,038 shares during the period. Janus Henderson Group PLC increased its position in shares of Harris by 14.1% during the second quarter. Janus Henderson Group PLC now owns 3,050,490 shares of the communications equipment provider’s stock worth $440,918,000 after buying an additional 377,269 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of Harris by 15.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,344,309 shares of the communications equipment provider’s stock worth $227,471,000 after buying an additional 178,395 shares during the period. Northern Trust Corp increased its position in shares of Harris by 6.5% during the second quarter. Northern Trust Corp now owns 1,313,667 shares of the communications equipment provider’s stock worth $189,877,000 after buying an additional 80,745 shares during the period. Finally, Bessemer Group Inc. increased its position in shares of Harris by 21.4% during the third quarter. Bessemer Group Inc. now owns 904,550 shares of the communications equipment provider’s stock worth $153,060,000 after buying an additional 159,468 shares during the period. Institutional investors own 84.83% of the company’s stock.

Several equities research analysts have recently weighed in on the stock. ValuEngine cut shares of Harris from a “buy” rating to a “hold” rating in a research report on Saturday. UBS Group assumed coverage on shares of Harris in a research report on Wednesday, August 15th. They set a “neutral” rating and a $175.00 price objective for the company. Raymond James increased their price objective on shares of Harris from $180.00 to $190.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 16th. Barclays upgraded shares of Harris from an “equal weight” rating to an “overweight” rating and decreased their price objective for the stock from $189.00 to $181.00 in a research report on Tuesday, November 13th. Finally, Credit Suisse Group increased their price objective on shares of Harris from $190.00 to $209.00 and gave the stock an “outperform” rating in a research report on Monday, October 15th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $183.11.

In related news, SVP Scott T. Mikuen sold 3,903 shares of the stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $160.75, for a total transaction of $627,407.25. Following the transaction, the senior vice president now directly owns 47,243 shares of the company’s stock, valued at $7,594,312.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Todd A. Taylor sold 18,698 shares of the stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $161.79, for a total transaction of $3,025,149.42. The disclosure for this sale can be found here. Over the last three months, insiders have sold 48,912 shares of company stock worth $7,935,987. 2.51% of the stock is owned by insiders.

Shares of NYSE HRS opened at $142.95 on Friday. The firm has a market cap of $16.82 billion, a P/E ratio of 20.72 and a beta of 1.29. Harris Co. has a 12-month low of $138.08 and a 12-month high of $175.50. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.96 and a current ratio of 1.17.

Harris (NYSE:HRS) last issued its earnings results on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.72 by $0.06. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.52 billion. Harris had a net margin of 12.20% and a return on equity of 26.39%. Harris’s revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.38 earnings per share. Equities research analysts predict that Harris Co. will post 7.86 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 7th. Investors of record on Friday, November 23rd will be paid a dividend of $0.685 per share. This represents a $2.74 annualized dividend and a yield of 1.92%. The ex-dividend date is Wednesday, November 21st. Harris’s dividend payout ratio is presently 42.15%.

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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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