Gabelli Funds LLC Sells 19,100 Shares of Harris Co. (HRS)

Gabelli Funds LLC trimmed its holdings in shares of Harris Co. (NYSE:HRS) by 8.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 197,301 shares of the communications equipment provider’s stock after selling 19,100 shares during the period. Gabelli Funds LLC owned 0.17% of Harris worth $33,385,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Fort L.P. bought a new stake in Harris in the second quarter valued at approximately $118,000. Accurate Investment Solutions Inc. bought a new stake in Harris in the second quarter valued at approximately $123,000. Patton Albertson Miller Group LLC bought a new stake in Harris in the third quarter valued at approximately $138,000. Harvest Fund Management Co. Ltd bought a new stake in Harris in the third quarter valued at approximately $146,000. Finally, Daiwa SB Investments Ltd. bought a new stake in Harris in the second quarter valued at approximately $136,000. 85.42% of the stock is owned by institutional investors and hedge funds.

NYSE HRS opened at $150.56 on Wednesday. The company has a quick ratio of 0.96, a current ratio of 1.17 and a debt-to-equity ratio of 1.05. The stock has a market cap of $17.30 billion, a PE ratio of 23.16 and a beta of 1.29. Harris Co. has a 52-week low of $136.77 and a 52-week high of $175.50.

Harris (NYSE:HRS) last posted its earnings results on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Harris had a net margin of 12.20% and a return on equity of 26.39%. Harris’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.38 EPS. As a group, equities research analysts expect that Harris Co. will post 7.86 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 7th. Investors of record on Friday, November 23rd will be given a dividend of $0.685 per share. This represents a $2.74 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date is Wednesday, November 21st. Harris’s dividend payout ratio is 42.15%.

In related news, SVP Sheldon J. Fox sold 45,800 shares of the firm’s stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $163.13, for a total transaction of $7,471,354.00. Following the transaction, the senior vice president now directly owns 95,448 shares of the company’s stock, valued at $15,570,432.24. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Edward J. Zoiss sold 26,311 shares of the firm’s stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $162.80, for a total transaction of $4,283,430.80. Following the transaction, the insider now directly owns 1,286 shares in the company, valued at $209,360.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 94,712 shares of company stock worth $15,407,341. 2.51% of the stock is owned by insiders.

Several equities research analysts have commented on the stock. Credit Suisse Group upped their target price on shares of Harris from $175.00 to $190.00 and gave the company an “outperform” rating in a research note on Wednesday, August 1st. Zacks Investment Research raised shares of Harris from a “sell” rating to a “hold” rating in a research note on Friday, August 3rd. Argus upped their target price on shares of Harris to $190.00 and gave the company a “buy” rating in a research note on Thursday, August 16th. Seaport Global Securities reaffirmed a “buy” rating and issued a $185.00 target price on shares of Harris in a research note on Thursday, August 2nd. Finally, Raymond James increased their price objective on shares of Harris from $180.00 to $190.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 16th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $182.22.

ILLEGAL ACTIVITY NOTICE: This report was posted by WKRB News and is the property of of WKRB News. If you are reading this report on another publication, it was copied illegally and republished in violation of US and international trademark and copyright law. The original version of this report can be viewed at https://www.wkrb13.com/2018/11/07/gabelli-funds-llc-sells-19100-shares-of-harris-co-hrs.html.

Harris 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.

See Also: Investing strategies using the yield curve

Want to see what other hedge funds are holding HRS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Harris Co. (NYSE:HRS).

Institutional Ownership by Quarter for Harris (NYSE:HRS)

Receive News & Ratings for Harris Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harris and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply