Hilton Capital Management LLC increased its holdings in Harris Co. (NYSE:HRS) by 10.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 102,103 shares of the communications equipment provider’s stock after purchasing an additional 9,628 shares during the period. Harris accounts for 2.2% of Hilton Capital Management LLC’s investment portfolio, making the stock its 21st biggest position. Hilton Capital Management LLC’s holdings in Harris were worth $16,307,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Oppenheimer Asset Management Inc. purchased a new stake in shares of Harris in the fourth quarter valued at $31,000. Sonora Investment Management LLC purchased a new stake in shares of Harris in the first quarter valued at $46,000. Bronfman E.L. Rothschild L.P. grew its position in shares of Harris by 48.8% in the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 308 shares of the communications equipment provider’s stock valued at $41,000 after purchasing an additional 101 shares during the period. Destination Wealth Management purchased a new stake in shares of Harris in the first quarter valued at $52,000. Finally, Zions Bancorporation N.A. purchased a new stake in shares of Harris in the first quarter valued at $52,000. 97.28% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently commented on HRS shares. Zacks Investment Research downgraded Harris from a “hold” rating to a “sell” rating in a research report on Tuesday, April 23rd. ValuEngine raised Harris from a “hold” rating to a “buy” rating in a research report on Saturday, March 9th. Barclays boosted their price target on Harris from $205.00 to $245.00 and gave the company an “overweight” rating in a research report on Wednesday, May 29th. Argus boosted their price target on Harris to $200.00 and gave the company a “positive” rating in a research report on Wednesday, May 8th. Finally, Raymond James boosted their price target on Harris from $190.00 to $200.00 and gave the company an “outperform” rating in a research report on Thursday, May 2nd. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $201.13.
HRS stock traded up $1.77 during trading on Friday, reaching $191.60. 10,129 shares of the stock traded hands, compared to its average volume of 1,043,289. Harris Co. has a 52-week low of $123.24 and a 52-week high of $200.77. The company has a current ratio of 1.42, a quick ratio of 1.15 and a debt-to-equity ratio of 0.95. The company has a market cap of $22.42 billion, a PE ratio of 29.41, a price-to-earnings-growth ratio of 2.89 and a beta of 1.03.
Harris (NYSE:HRS) last posted its quarterly earnings results on Wednesday, May 1st. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.04 by $0.07. Harris had a return on equity of 27.13% and a net margin of 13.60%. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the previous year, the business earned $1.67 earnings per share. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. Equities analysts forecast that Harris Co. will post 8.15 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, June 4th. Shareholders of record on Friday, May 17th were given a dividend of $0.685 per share. This represents a $2.74 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date was Thursday, May 16th. Harris’s dividend payout ratio (DPR) is presently 42.15%.
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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.
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