Mitsubishi UFJ Kokusai Asset Management Co. Ltd. Increases Stake in Harris Corporation (HRS)
Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in shares of Harris Corporation (NYSE:HRS) by 8.1% during the fourth quarter, HoldingsChannel reports. The firm owned 19,799 shares of the communications equipment provider’s stock after buying an additional 1,478 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Harris were worth $2,828,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in HRS. BB&T Investment Services Inc. acquired a new position in shares of Harris during the second quarter worth approximately $113,000. Calton & Associates Inc. acquired a new position in shares of Harris during the fourth quarter worth approximately $180,000. First National Bank & Trust Co. of Newtown acquired a new position in shares of Harris during the fourth quarter worth approximately $200,000. Koshinski Asset Management Inc. acquired a new position in shares of Harris during the fourth quarter worth approximately $203,000. Finally, EP Wealth Advisors LLC lifted its position in shares of Harris by 1.0% during the second quarter. EP Wealth Advisors LLC now owns 1,875 shares of the communications equipment provider’s stock worth $205,000 after purchasing an additional 19 shares in the last quarter. Institutional investors own 84.91% of the company’s stock.
A number of equities analysts have recently issued reports on the stock. Cowen reiterated a “buy” rating and set a $150.00 target price on shares of Harris in a research report on Thursday, October 19th. Credit Suisse Group upped their target price on shares of Harris from $167.00 to $187.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 31st. Zacks Investment Research upgraded shares of Harris from a “hold” rating to a “buy” rating and set a $153.00 target price on the stock in a research report on Monday, October 16th. Jefferies Group upped their target price on shares of Harris from $135.00 to $157.00 and gave the stock a “buy” rating in a research report on Wednesday, November 1st. Finally, ValuEngine upgraded shares of Harris from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $154.57.
Harris (NYSE:HRS) last announced its quarterly earnings data on Tuesday, January 30th. The communications equipment provider reported $1.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.39 by $0.28. Harris had a net margin of 8.63% and a return on equity of 24.49%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period in the prior year, the business posted $1.38 earnings per share. Harris’s revenue was up 5.9% compared to the same quarter last year. equities analysts predict that Harris Corporation will post 6.48 EPS for the current fiscal year.
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Harris Corporation is a technology company that provides products, systems and services that have defense and civil government applications, as well as commercial applications. It offers its products and services to government and commercial customer. It operates in four segments: Communication Systems, which serves markets in tactical communications and defense, and public safety networks; Space and Intelligence Systems, which provides complete Earth observation, environmental, geospatial, space protection, and intelligence solutions from advanced sensors and payloads, as well as ground processing and information analytics; Electronic Systems, which offers a portfolio of solutions in electronic warfare, avionics, wireless and technology, among others, and Critical Networks, which provides managed services supporting air traffic management, energy and maritime communications, and ground network operation and sustainment, as well as information technology (IT) and engineering services.
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