Commonwealth of Pennsylvania Public School Empls Retrmt SYS Invests $1.80 Million in Harris Co. (HRS)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Harris Co. (NYSE:HRS) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 12,429 shares of the communications equipment provider’s stock, valued at approximately $1,796,000.

Several other large investors also recently bought and sold shares of HRS. Tower Bridge Advisors acquired a new stake in shares of Harris during the first quarter worth about $210,000. Daiwa Securities Group Inc. lifted its position in shares of Harris by 2.2% during the first quarter. Daiwa Securities Group Inc. now owns 31,408 shares of the communications equipment provider’s stock worth $5,065,000 after purchasing an additional 686 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Harris by 0.5% during the first quarter. Rhumbline Advisers now owns 222,504 shares of the communications equipment provider’s stock worth $35,885,000 after purchasing an additional 1,172 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH lifted its position in shares of Harris by 162.5% during the first quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 15,055 shares of the communications equipment provider’s stock worth $2,395,000 after purchasing an additional 9,319 shares in the last quarter. Finally, Dupont Capital Management Corp lifted its position in shares of Harris by 7.2% during the first quarter. Dupont Capital Management Corp now owns 23,140 shares of the communications equipment provider’s stock worth $3,732,000 after purchasing an additional 1,563 shares in the last quarter. 85.30% of the stock is currently owned by institutional investors.

HRS has been the topic of several research reports. Argus increased their price target on shares of Harris to $190.00 and gave the stock a “buy” rating in a research report on Thursday. Seaport Global Securities reissued a “buy” rating and set a $185.00 price target on shares of Harris in a research report on Thursday, August 2nd. Zacks Investment Research raised shares of Harris from a “sell” rating to a “hold” rating in a research report on Friday, May 4th. UBS Group initiated coverage on shares of Harris in a report on Wednesday. They issued a “neutral” rating and a $175.00 target price on the stock. Finally, Credit Suisse Group reduced their target price on shares of Harris from $189.00 to $175.00 and set an “outperform” rating on the stock in a report on Tuesday, May 22nd. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $173.60.

Shares of NYSE:HRS opened at $163.86 on Friday. The company has a market capitalization of $19.38 billion, a P/E ratio of 25.21, a PEG ratio of 3.49 and a beta of 1.22. Harris Co. has a fifty-two week low of $117.46 and a fifty-two week high of $170.54. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.47 and a current ratio of 0.90.

Harris (NYSE:HRS) last issued its earnings results on Tuesday, July 31st. The communications equipment provider reported $1.78 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.76 by $0.02. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Harris had a net margin of 11.61% and a return on equity of 25.36%. The firm’s revenue was up 8.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.49 earnings per share. analysts predict that Harris Co. will post 7.79 earnings per share for the current fiscal year.

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

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