Harris Co. (HRS) Shares Sold by Waddell & Reed Financial Inc.

Waddell & Reed Financial Inc. reduced its stake in Harris Co. (NYSE:HRS) by 10.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 714,494 shares of the communications equipment provider’s stock after selling 81,231 shares during the period. Waddell & Reed Financial Inc.’s holdings in Harris were worth $103,273,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. raised its holdings in Harris by 73.5% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 35,046 shares of the communications equipment provider’s stock valued at $5,653,000 after buying an additional 14,846 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in Harris by 2.5% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 435,298 shares of the communications equipment provider’s stock valued at $70,205,000 after buying an additional 10,585 shares during the last quarter. Aperio Group LLC raised its holdings in Harris by 4.2% in the 1st quarter. Aperio Group LLC now owns 70,424 shares of the communications equipment provider’s stock valued at $11,358,000 after buying an additional 2,824 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in Harris by 63.3% in the 1st quarter. Thrivent Financial for Lutherans now owns 7,915 shares of the communications equipment provider’s stock valued at $1,277,000 after buying an additional 3,069 shares during the last quarter. Finally, ClariVest Asset Management LLC raised its holdings in Harris by 47.9% in the 1st quarter. ClariVest Asset Management LLC now owns 1,569 shares of the communications equipment provider’s stock valued at $253,000 after buying an additional 508 shares during the last quarter. Institutional investors own 85.73% of the company’s stock.

A number of research analysts recently issued reports on HRS shares. Argus raised their price objective on shares of Harris to $190.00 and gave the company a “buy” rating in a report on Thursday, August 16th. Zacks Investment Research upgraded shares of Harris from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. Seaport Global Securities restated a “buy” rating and set a $185.00 price target on shares of Harris in a report on Thursday, August 2nd. Credit Suisse Group raised their price target on shares of Harris from $175.00 to $190.00 and gave the stock an “outperform” rating in a report on Wednesday, August 1st. Finally, UBS Group initiated coverage on shares of Harris in a report on Wednesday, August 15th. They set a “neutral” rating and a $175.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $173.60.

In other news, SVP Sheldon J. Fox sold 45,800 shares of the firm’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $163.13, for a total transaction of $7,471,354.00. Following the completion of the sale, the senior vice president now owns 95,448 shares of the company’s stock, valued at approximately $15,570,432.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Edward J. Zoiss sold 26,311 shares of the firm’s stock in a transaction that occurred on Thursday, September 13th. The stock was sold at an average price of $162.80, for a total transaction of $4,283,430.80. Following the sale, the insider now directly owns 1,286 shares of the company’s stock, valued at approximately $209,360.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 94,712 shares of company stock valued at $15,407,341. Company insiders own 2.51% of the company’s stock.

Harris stock opened at $164.72 on Friday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.24 and a quick ratio of 0.73. Harris Co. has a 52-week low of $124.75 and a 52-week high of $170.54. The company has a market cap of $18.97 billion, a price-to-earnings ratio of 25.34, a PEG ratio of 3.46 and a beta of 1.21.

Harris (NYSE:HRS) last released its quarterly earnings results on Tuesday, July 31st. The communications equipment provider reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.76 by $0.02. Harris had a net margin of 11.61% and a return on equity of 25.36%. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.62 billion. During the same quarter last year, the business earned $1.49 EPS. The company’s revenue was up 8.0% compared to the same quarter last year. analysts forecast that Harris Co. will post 7.79 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 21st. Shareholders of record on Friday, September 7th will be issued a dividend of $0.685 per share. This is a positive change from Harris’s previous quarterly dividend of $0.57. The ex-dividend date is Thursday, September 6th. This represents a $2.74 annualized dividend and a yield of 1.66%. Harris’s dividend payout ratio (DPR) is presently 42.15%.

Harris 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.

Featured Article: Understanding Relative Strength Index

Want to see what other hedge funds are holding HRS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Harris Co. (NYSE:HRS).

Institutional Ownership by Quarter for Harris (NYSE:HRS)

Receive News & Ratings for Harris Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harris and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply