Harris Co. (HRS) Shares Sold by FTB Advisors Inc.
FTB Advisors Inc. lowered its stake in Harris Co. (NYSE:HRS) by 15.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,101 shares of the communications equipment provider’s stock after selling 929 shares during the quarter. FTB Advisors Inc.’s holdings in Harris were worth $862,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of HRS. Fort L.P. purchased a new position in Harris in the 2nd quarter worth about $118,000. Patton Albertson Miller Group LLC purchased a new position in Harris in the 3rd quarter worth about $138,000. Harvest Fund Management Co. Ltd purchased a new position in Harris in the 3rd quarter worth about $146,000. CWM LLC increased its stake in Harris by 40.5% in the 2nd quarter. CWM LLC now owns 1,183 shares of the communications equipment provider’s stock worth $171,000 after purchasing an additional 341 shares in the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in Harris in the 2nd quarter worth about $188,000. 84.83% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on HRS. Barclays raised Harris from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $189.00 to $181.00 in a research note on Tuesday, November 13th. Raymond James lifted their price target on Harris from $180.00 to $190.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 16th. Credit Suisse Group raised their price objective on Harris from $190.00 to $209.00 and gave the stock an “outperform” rating in a research report on Monday, October 15th. Argus raised their price objective on Harris to $190.00 and gave the stock a “buy” rating in a research report on Thursday, August 16th. Finally, UBS Group began coverage on Harris in a research report on Wednesday, August 15th. They set a “neutral” rating and a $175.00 price objective for the company. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Harris presently has a consensus rating of “Buy” and an average 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 EPS for the quarter, topping the Zacks’ consensus estimate of $1.72 by $0.06. Harris had a return on equity of 26.39% and a net margin of 12.20%. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the company posted $1.38 EPS. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. Equities analysts expect that Harris Co. will post 7.86 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 7th. Shareholders of record on Friday, November 23rd will be given a dividend of $0.685 per share. The ex-dividend date of this dividend is Wednesday, November 21st. This represents a $2.74 dividend on an annualized basis and a yield of 1.85%. Harris’s payout ratio is presently 42.15%.
In other news, SVP Scott T. Mikuen sold 3,903 shares of Harris stock in a transaction dated Wednesday, September 12th. The stock was 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 directly owns 47,243 shares in the company, valued at approximately $7,594,312.25. 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 Harris 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 sale, the insider now owns 1,286 shares of the company’s stock, valued at $209,360.80. The disclosure for this sale can be found here. Insiders have sold a total of 48,912 shares of company stock valued at $7,935,987 over the last 90 days. Corporate insiders own 2.51% of the company’s stock.
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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.
Further Reading: Cost of Capital Explained
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