Citizens Financial Group Inc RI decreased its position in Harris Co. (NYSE:HRS) by 4.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,380 shares of the communications equipment provider’s stock after selling 2,481 shares during the quarter. Citizens Financial Group Inc RI’s holdings in Harris were worth $8,125,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Norinchukin Bank The lifted its holdings in shares of Harris by 6.6% in the fourth quarter. Norinchukin Bank The now owns 9,869 shares of the communications equipment provider’s stock valued at $1,398,000 after buying an additional 614 shares during the period. Polaris Greystone Financial Group LLC lifted its holdings in shares of Harris by 20.0% during the fourth quarter. Polaris Greystone Financial Group LLC now owns 15,662 shares of the communications equipment provider’s stock valued at $2,219,000 after purchasing an additional 2,605 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in shares of Harris during the fourth quarter valued at $332,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in shares of Harris by 8.1% during the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 19,799 shares of the communications equipment provider’s stock valued at $2,828,000 after purchasing an additional 1,478 shares during the last quarter. Finally, Bank of Hawaii purchased a new stake in shares of Harris during the fourth quarter valued at $649,000. Institutional investors and hedge funds own 86.06% of the company’s stock.
Several equities research analysts have recently commented on HRS shares. Citigroup upped their target price on Harris from $160.00 to $183.00 and gave the company a “buy” rating in a report on Tuesday, April 10th. Argus started coverage on Harris in a report on Wednesday, April 4th. They set a “buy” rating and a $196.00 target price for the company. ValuEngine raised Harris from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Barclays started coverage on Harris in a report on Thursday, March 29th. They set an “equal weight” rating and a $173.00 target price for the company. Finally, Zacks Investment Research downgraded Harris from a “buy” rating to a “hold” rating in a report on Tuesday, April 3rd. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $168.00.
Harris opened at $150.47 on Friday, MarketBeat Ratings reports. The firm has a market cap of $17.91 billion, a P/E ratio of 27.21, a price-to-earnings-growth ratio of 3.88 and a beta of 1.28. Harris Co. has a 1-year low of $107.78 and a 1-year high of $170.54. The company has a current ratio of 1.12, a quick ratio of 0.68 and a debt-to-equity ratio of 1.08.
Harris (NYSE:HRS) last posted its quarterly earnings results on Wednesday, May 2nd. The communications equipment provider reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.04. The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.55 billion. Harris had a return on equity of 25.07% and a net margin of 10.43%. Harris’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.38 earnings per share. equities research analysts predict that Harris Co. will post 6.48 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Investors of record on Friday, June 1st will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 1.52%. The ex-dividend date is Thursday, May 31st. Harris’s payout ratio is 41.23%.
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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