First Merchants Corp Boosts Stake in Harris Co. (HRS)

First Merchants Corp lifted its stake in Harris Co. (NYSE:HRS) by 2.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,735 shares of the communications equipment provider’s stock after acquiring an additional 758 shares during the quarter. First Merchants Corp’s holdings in Harris were worth $4,004,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of HRS. Daiwa SB Investments Ltd. increased its position in Harris by 12.0% during the fourth quarter. Daiwa SB Investments Ltd. now owns 930 shares of the communications equipment provider’s stock worth $125,000 after buying an additional 100 shares during the last quarter. Contravisory Investment Management Inc. increased its position in Harris by 4.4% during the fourth quarter. Contravisory Investment Management Inc. now owns 2,924 shares of the communications equipment provider’s stock worth $394,000 after buying an additional 122 shares during the last quarter. San Francisco Sentry Investment Group CA increased its position in Harris by 8.7% during the fourth quarter. San Francisco Sentry Investment Group CA now owns 1,548 shares of the communications equipment provider’s stock worth $209,000 after buying an additional 124 shares during the last quarter. First Hawaiian Bank increased its position in Harris by 3.1% during the fourth quarter. First Hawaiian Bank now owns 4,680 shares of the communications equipment provider’s stock worth $630,000 after buying an additional 140 shares during the last quarter. Finally, JGP Wealth Management LLC increased its position in Harris by 1.3% during the third quarter. JGP Wealth Management LLC now owns 13,827 shares of the communications equipment provider’s stock worth $2,357,000 after buying an additional 172 shares during the last quarter. 84.74% of the stock is currently owned by institutional investors and hedge funds.

HRS stock opened at $153.18 on Friday. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.36 and a quick ratio of 0.96. Harris Co. has a 52-week low of $123.24 and a 52-week high of $175.50. The stock has a market cap of $18.23 billion, a price-to-earnings ratio of 21.54 and a beta of 1.17.

Harris (NYSE:HRS) last released its quarterly earnings results on Tuesday, January 29th. The communications equipment provider reported $1.96 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.91 by $0.05. Harris had a net margin of 13.29% and a return on equity of 26.55%. The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the company earned $1.67 earnings per share. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. As a group, equities analysts anticipate that Harris Co. will post 8.02 EPS for the current fiscal year.

A number of equities research analysts have issued reports on the stock. Zacks Investment Research upgraded shares of Harris from a “hold” rating to a “buy” rating and set a $174.00 price target for the company in a report on Thursday. ValuEngine upgraded shares of Harris from a “hold” rating to a “buy” rating in a report on Tuesday. Argus upped their price target on shares of Harris from $170.00 to $170.00 and gave the company a “positive” rating in a report on Wednesday. Cowen restated a “buy” rating and set a $194.00 price target on shares of Harris in a report on Tuesday. Finally, Barclays decreased their price target on shares of Harris from $181.00 to $161.00 and set an “overweight” rating for the company in a report on Tuesday, December 4th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $182.33.

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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, 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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Institutional Ownership by Quarter for Harris (NYSE:HRS)

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