Canada Pension Plan Investment Board increased its holdings in shares of Harris Co. (NYSE:HRS) by 173.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 75,518 shares of the communications equipment provider’s stock after acquiring an additional 47,868 shares during the quarter. Canada Pension Plan Investment Board owned about 0.06% of Harris worth $12,778,000 as of its most recent filing with the SEC.
A number of other large investors have also added to or reduced their stakes in HRS. Fort L.P. bought a new position in Harris during the second quarter worth about $118,000. Patton Albertson Miller Group LLC bought a new position in Harris during the third quarter worth about $138,000. Harvest Fund Management Co. Ltd bought a new position in Harris during the third quarter worth about $146,000. CWM LLC increased its position in Harris by 40.5% during the second quarter. CWM LLC now owns 1,183 shares of the communications equipment provider’s stock worth $171,000 after acquiring an additional 341 shares during the period. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in Harris during the second quarter worth about $188,000. 84.93% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider Edward J. Zoiss sold 26,311 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now directly owns 1,286 shares in the company, valued at approximately $209,360.80. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Scott T. Mikuen sold 3,903 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the senior vice president now owns 47,243 shares in the company, valued at $7,594,312.25. The disclosure for this sale can be found here. 2.51% of the stock is owned by company insiders.
Harris (NYSE:HRS) last released its earnings results on Sunday, October 14th. The communications equipment provider reported $1.78 EPS for the quarter, beating the consensus estimate of $1.72 by $0.06. Harris had a net margin of 12.20% and a return on equity of 26.39%. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the firm earned $1.38 EPS. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. Equities research analysts forecast that Harris Co. will post 7.86 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 7th. Shareholders of record on Friday, November 23rd will be issued a $0.685 dividend. 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 currently 42.15%.
HRS has been the topic of a number of recent research reports. UBS Group initiated coverage on shares of Harris in a research report on Wednesday, August 15th. They set a “neutral” rating and a $175.00 price target on the stock. Argus raised their target price on shares of Harris to $190.00 and gave the company a “buy” rating in a report on Thursday, August 16th. Credit Suisse Group raised their target price on shares of Harris from $190.00 to $209.00 and gave the company an “outperform” rating in a report on Monday, October 15th. Raymond James raised their target price on shares of Harris from $180.00 to $190.00 and gave the company an “outperform” rating in a report on Tuesday, October 16th. Finally, Barclays raised shares of Harris from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $189.00 to $181.00 in a report on Tuesday, November 13th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $183.11.
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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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