Westpac Banking Corp increased its position in shares of Harris Co. (NYSE:HRS) by 147.8% during the third quarter, Holdings Channel reports. The fund owned 23,152 shares of the communications equipment provider’s stock after buying an additional 13,810 shares during the quarter. Westpac Banking Corp’s holdings in Harris were worth $3,918,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Fort L.P. bought a new stake in shares of Harris in the 2nd quarter valued at about $118,000. Patton Albertson Miller Group LLC bought a new stake in shares of Harris in the 3rd quarter valued at about $138,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Harris in the 3rd quarter valued at about $146,000. CWM LLC grew its position in shares of Harris by 40.5% in the 2nd quarter. CWM LLC now owns 1,183 shares of the communications equipment provider’s stock valued at $171,000 after buying an additional 341 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in shares of Harris in the 2nd quarter valued at about $188,000. Institutional investors and hedge funds own 84.83% of the company’s stock.
A number of equities research analysts have commented on the company. Credit Suisse Group upped their price target on Harris from $190.00 to $209.00 and gave the company an “outperform” rating in a research report on Monday, October 15th. Raymond James upped their price target on Harris from $180.00 to $190.00 and gave the company an “outperform” rating in a research report on Tuesday, October 16th. Argus upped their price target on Harris to $190.00 and gave the company a “buy” rating in a research report on Thursday, August 16th. UBS Group assumed coverage on Harris in a research report on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 price target on the stock. Finally, Barclays upgraded Harris from an “equal weight” rating to an “overweight” rating and reduced their price target for the company from $189.00 to $181.00 in a research report on Tuesday, November 13th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Harris currently has a consensus rating of “Buy” and a consensus price target of $183.11.
Harris (NYSE:HRS) last announced its quarterly earnings data on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.52 billion. Harris had a return on equity of 26.39% and a net margin of 12.20%. The firm’s revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.38 EPS. On average, equities research analysts forecast that Harris Co. will post 7.86 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 7th. Stockholders of record on Friday, November 23rd will be paid a $0.685 dividend. This represents a $2.74 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend is Wednesday, November 21st. Harris’s dividend payout ratio is 42.15%.
In other news, VP Todd A. Taylor sold 18,698 shares of the business’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $161.79, for a total value of $3,025,149.42. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Edward J. Zoiss sold 26,311 shares of the business’s stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $162.80, for a total value of $4,283,430.80. Following the completion of the transaction, the insider now directly owns 1,286 shares in the company, valued at $209,360.80. The disclosure for this sale can be found here. Insiders sold a total of 48,912 shares of company stock worth $7,935,987 over the last three months. 2.51% of the stock is owned by company insiders.
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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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