Triangle Securities Wealth Management Acquires Shares of 5,427 Harris Co. (NYSE:HRS)

Triangle Securities Wealth Management acquired a new stake in shares of Harris Co. (NYSE:HRS) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 5,427 shares of the communications equipment provider’s stock, valued at approximately $1,002,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Bronfman E.L. Rothschild L.P. increased its holdings in shares of Harris by 48.8% in the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 308 shares of the communications equipment provider’s stock worth $41,000 after acquiring an additional 101 shares during the period. Sonora Investment Management LLC acquired a new stake in shares of Harris in the 1st quarter worth about $46,000. Destination Wealth Management acquired a new stake in shares of Harris in the 1st quarter worth about $52,000. Zions Bancorporation N.A. acquired a new stake in shares of Harris in the 1st quarter worth about $52,000. Finally, Shine Investment Advisory Services Inc. increased its holdings in shares of Harris by 25.1% in the 1st quarter. Shine Investment Advisory Services Inc. now owns 419 shares of the communications equipment provider’s stock worth $67,000 after acquiring an additional 84 shares during the period. Hedge funds and other institutional investors own 96.71% of the company’s stock.

In other news, insider William H. Gattle sold 5,131 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $178.71, for a total transaction of $916,961.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Robert L. Duffy sold 9,124 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $179.99, for a total transaction of $1,642,228.76. The disclosure for this sale can be found here. 2.51% of the stock is currently owned by company insiders.

Harris stock opened at $197.95 on Thursday. The firm has a market cap of $22.98 billion, a PE ratio of 30.45, a price-to-earnings-growth ratio of 2.90 and a beta of 0.98. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.15 and a current ratio of 1.42. The firm’s 50-day moving average is $192.35. Harris Co. has a 52 week low of $123.24 and a 52 week high of $200.77.

Harris (NYSE:HRS) last released its earnings results on Wednesday, May 1st. The communications equipment provider reported $2.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.04 by $0.07. The firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Harris had a net margin of 13.60% and a return on equity of 27.13%. Harris’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the company earned $1.67 EPS. On average, equities research analysts anticipate that Harris Co. will post 8.15 earnings per share for the current year.

A number of analysts recently weighed in on the stock. Raymond James reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Colfax in a report on Thursday, May 2nd. Zacks Investment Research cut shares of German American Bancorp. from a “buy” rating to a “hold” rating in a report on Tuesday, April 30th. Barclays raised their target price on shares of Anaplan from $38.00 to $43.00 and gave the company a “neutral” rating in a research note on Wednesday, May 29th. They noted that the move was a valuation call. Argus raised their target price on shares of Harris to $200.00 and gave the company a “positive” rating in a research note on Wednesday, May 8th. Finally, ValuEngine cut shares of Zosano Pharma from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $201.13.

About Harris

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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