Bank of Nova Scotia reduced its position in Harris Co. (NYSE:HRS) by 14.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 12,902 shares of the communications equipment provider’s stock after selling 2,165 shares during the period. Bank of Nova Scotia’s holdings in Harris were worth $1,865,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Ostrum Asset Management bought a new stake in shares of Harris in the 1st quarter valued at about $112,000. Fort L.P. bought a new stake in shares of Harris in the 2nd quarter valued at about $118,000. Accurate Investment Solutions Inc. bought a new stake in shares of Harris in the 2nd quarter valued at about $123,000. Daiwa SB Investments Ltd. bought a new stake in shares of Harris in the 2nd quarter valued at about $136,000. Finally, Winthrop Partners WNY LLC bought a new stake in shares of Harris in the 1st quarter valued at about $137,000. Institutional investors and hedge funds own 85.70% of the company’s stock.
In other Harris news, insider Edward J. Zoiss sold 26,311 shares of the firm’s stock in a transaction that occurred on Thursday, September 13th. The shares were sold at an average price of $162.80, for a total transaction of $4,283,430.80. Following the completion of the transaction, the insider now directly owns 1,286 shares of the company’s stock, valued at approximately $209,360.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Sheldon J. Fox sold 45,800 shares of the firm’s stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $163.13, for a total transaction of $7,471,354.00. Following the transaction, the senior vice president now directly owns 95,448 shares of the company’s stock, valued at $15,570,432.24. The disclosure for this sale can be found here. Insiders sold a total of 94,712 shares of company stock valued at $15,407,341 over the last ninety days. 2.51% of the stock is currently owned by insiders.
Harris (NYSE:HRS) last announced its quarterly earnings data on Tuesday, July 31st. The communications equipment provider reported $1.78 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.76 by $0.02. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.62 billion. Harris had a net margin of 11.61% and a return on equity of 25.36%. Harris’s revenue was up 8.0% on a year-over-year basis. During the same period last year, the firm posted $1.49 EPS. analysts expect that Harris Co. will post 7.79 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 21st. Investors of record on Friday, September 7th were given a $0.685 dividend. This is a positive change from Harris’s previous quarterly dividend of $0.57. This represents a $2.74 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend was Thursday, September 6th. Harris’s dividend payout ratio (DPR) is presently 42.15%.
Several brokerages recently commented on HRS. Argus increased their price objective on shares of Harris to $190.00 and gave the company a “buy” rating in a research report on Thursday, August 16th. Credit Suisse Group increased their price objective on shares of Harris from $175.00 to $190.00 and gave the company an “outperform” rating in a research report on Wednesday, August 1st. Zacks Investment Research raised shares of Harris from a “sell” rating to a “hold” rating in a research report on Friday, August 3rd. UBS Group began coverage on shares of Harris in a research report on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 price objective for the company. Finally, Seaport Global Securities reaffirmed a “buy” rating and issued a $185.00 price objective on shares of Harris in a research report on Thursday, August 2nd. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $173.60.
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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