White Pine Investment CO cut its stake in Harris Co. (NYSE:HRS) by 2.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,260 shares of the communications equipment provider’s stock after selling 680 shares during the period. Harris makes up approximately 2.0% of White Pine Investment CO’s investment portfolio, making the stock its 24th biggest position. White Pine Investment CO’s holdings in Harris were worth $3,805,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Oppenheimer Asset Management Inc. bought a new stake in Harris during the fourth quarter worth approximately $31,000. Financial Gravity Companies Inc. bought a new position in Harris during the 4th quarter valued at about $67,000. Capital Investment Advisory Services LLC bought a new position in Harris during the 4th quarter valued at about $81,000. Parkside Financial Bank & Trust raised its stake in shares of Harris by 19.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 920 shares of the communications equipment provider’s stock worth $124,000 after acquiring an additional 153 shares during the last quarter. Finally, Daiwa SB Investments Ltd. raised its stake in shares of Harris by 12.0% in the fourth quarter. Daiwa SB Investments Ltd. now owns 930 shares of the communications equipment provider’s stock worth $125,000 after acquiring an additional 100 shares during the last quarter. Institutional investors and hedge funds own 86.10% of the company’s stock.
A number of brokerages have weighed in on HRS. Cowen reaffirmed a “buy” rating and issued a $194.00 target price on shares of Harris in a research note on Thursday, February 7th. Zacks Investment Research raised shares of Harris from a “hold” rating to a “buy” rating and set a $174.00 target price for the company in a research note on Thursday, January 31st. Argus boosted their price target on shares of Harris from $170.00 to $170.00 and gave the stock a “positive” rating in a research note on Wednesday, January 30th. ValuEngine raised shares of Harris from a “hold” rating to a “buy” rating in a research note on Tuesday, January 29th. Finally, Barclays dropped their price target on shares of Harris from $181.00 to $161.00 and set an “overweight” rating for the company in a research note on Tuesday, December 4th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $182.33.
Harris (NYSE:HRS) last issued its quarterly earnings data on Tuesday, January 29th. The communications equipment provider reported $1.96 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.91 by $0.05. The firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Harris had a net margin of 13.29% and a return on equity of 26.55%. The business’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.67 earnings per share. Analysts predict that Harris Co. will post 8.01 earnings per share for the current fiscal year.
In related news, SVP Robert L. Duffy sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, February 8th. The shares were sold at an average price of $158.66, for a total transaction of $6,346,400.00. Following the completion of the transaction, the senior vice president now owns 63,918 shares in the company, valued at $10,141,229.88. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.51% of the stock is currently owned by 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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