Accurate Investment Solutions Inc. purchased a new position in shares of Harris Co. (NYSE:HRS) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 850 shares of the communications equipment provider’s stock, valued at approximately $123,000.
Several other hedge funds also recently added to or reduced their stakes in the business. Driehaus Capital Management LLC acquired a new position in shares of Harris in the 4th quarter worth approximately $332,000. Woodard & Co. Asset Management Group Inc. ADV acquired a new position in shares of Harris in the 4th quarter worth approximately $134,000. MetLife Investment Advisors LLC acquired a new position in shares of Harris in the 4th quarter worth approximately $5,224,000. Millennium Management LLC grew its stake in shares of Harris by 4.1% in the 4th quarter. Millennium Management LLC now owns 348,653 shares of the communications equipment provider’s stock worth $49,387,000 after purchasing an additional 13,775 shares during the last quarter. Finally, Elkfork Partners LLC acquired a new position in shares of Harris in the 4th quarter worth approximately $3,799,000. Institutional investors own 86.09% of the company’s stock.
HRS has been the topic of several recent research reports. Barclays initiated coverage on shares of Harris in a research note on Thursday, March 29th. They issued an “equal weight” rating and a $173.00 price objective on the stock. Zacks Investment Research cut shares of Harris from a “buy” rating to a “hold” rating in a research note on Tuesday, April 3rd. Argus initiated coverage on shares of Harris in a research note on Wednesday, April 4th. They issued a “buy” rating and a $196.00 price objective on the stock. Citigroup lifted their price objective on shares of Harris from $160.00 to $183.00 and gave the stock a “buy” rating in a research note on Tuesday, April 10th. Finally, Credit Suisse Group lifted their price objective on shares of Harris from $187.00 to $189.00 and gave the stock an “outperform” rating in a research note on Thursday, May 3rd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $165.11.
Harris (NYSE:HRS) last released its earnings results on Wednesday, May 2nd. The communications equipment provider reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.04. The business had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.55 billion. Harris had a net margin of 10.43% and a return on equity of 25.07%. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period last year, the firm posted $1.38 earnings per share. analysts expect that Harris Co. will post 6.48 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 15th. Stockholders of record on Friday, June 1st were given a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 1.57%. The ex-dividend date was Thursday, May 31st. Harris’s dividend payout ratio (DPR) is currently 41.23%.
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, 2-channel vehicular 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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