Harris Corporation (HRS) Stake Raised by Brookmont Capital Management
Brookmont Capital Management lifted its position in shares of Harris Corporation (NYSE:HRS) by 170.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,779 shares of the communications equipment provider’s stock after acquiring an additional 21,269 shares during the quarter. Harris accounts for approximately 2.4% of Brookmont Capital Management’s investment portfolio, making the stock its 12th biggest holding. Brookmont Capital Management’s holdings in Harris were worth $4,448,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of HRS. Capital Research Global Investors purchased a new stake in shares of Harris during the 2nd quarter worth about $304,508,000. Janus Henderson Group PLC lifted its stake in Harris by 12,337.7% in the 2nd quarter. Janus Henderson Group PLC now owns 2,459,438 shares of the communications equipment provider’s stock valued at $268,276,000 after buying an additional 2,439,664 shares in the last quarter. Koch Industries Inc. purchased a new position in Harris in the 2nd quarter valued at about $612,000. SG Americas Securities LLC lifted its stake in Harris by 2,515.7% in the 2nd quarter. SG Americas Securities LLC now owns 475,954 shares of the communications equipment provider’s stock valued at $51,917,000 after buying an additional 457,758 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Harris by 90.1% in the 2nd quarter. Principal Financial Group Inc. now owns 675,756 shares of the communications equipment provider’s stock valued at $73,710,000 after buying an additional 320,216 shares in the last quarter. 84.41% of the stock is currently owned by institutional investors and hedge funds.
HRS has been the topic of a number of research reports. BidaskClub raised shares of Harris from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Zacks Investment Research raised shares of Harris from a “sell” rating to a “hold” rating in a research note on Thursday, August 24th. Credit Suisse Group initiated coverage on shares of Harris in a research note on Monday, August 28th. They issued an “outperform” rating and a $144.00 price target on the stock. ValuEngine raised shares of Harris from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, Cowen reaffirmed a “buy” rating and issued a $134.00 price target (up from $125.00) on shares of Harris in a research note on Tuesday, September 12th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $145.43.
Shares of Harris Corporation (HRS) traded down $1.64 during trading on Friday, reaching $142.86. 784,869 shares of the company were exchanged, compared to its average volume of 750,076. The stock has a market cap of $17,030.00, a price-to-earnings ratio of 25.43, a PEG ratio of 3.44 and a beta of 1.12. Harris Corporation has a 1 year low of $99.13 and a 1 year high of $144.94. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.11 and a quick ratio of 0.64.
Harris (NYSE:HRS) last released its quarterly earnings data on Tuesday, October 31st. The communications equipment provider reported $1.38 EPS for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.03. The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.44 billion. Harris had a net margin of 9.02% and a return on equity of 23.36%. Harris’s quarterly revenue was down .5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.28 EPS. equities analysts anticipate that Harris Corporation will post 5.99 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be issued a $0.57 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $2.28 dividend on an annualized basis and a yield of 1.60%. Harris’s payout ratio is 42.62%.
In other Harris news, SVP Scott T. Mikuen sold 13,600 shares of the stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $123.36, for a total value of $1,677,696.00. Following the completion of the sale, the senior vice president now owns 61,349 shares in the company, valued at approximately $7,568,012.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.91% of the stock is currently owned by corporate insiders.
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