Assenagon Asset Management S.A. reduced its position in Harris Co. (NYSE:HRS) by 43.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,989 shares of the communications equipment provider’s stock after selling 6,132 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Harris were worth $1,352,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in HRS. Janus Henderson Group PLC grew its holdings in Harris by 14.1% in the second quarter. Janus Henderson Group PLC now owns 3,050,490 shares of the communications equipment provider’s stock worth $440,918,000 after purchasing an additional 377,269 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Harris by 28.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,165,914 shares of the communications equipment provider’s stock worth $168,521,000 after purchasing an additional 256,780 shares during the last quarter. BNP Paribas Arbitrage SA grew its holdings in Harris by 409.9% in the second quarter. BNP Paribas Arbitrage SA now owns 226,738 shares of the communications equipment provider’s stock worth $32,773,000 after purchasing an additional 182,267 shares during the last quarter. Bank of Montreal Can purchased a new position in Harris in the second quarter worth $23,430,000. Finally, Calamos Advisors LLC purchased a new position in Harris in the second quarter worth $16,280,000. 85.42% of the stock is currently owned by institutional investors and hedge funds.
In other Harris news, SVP Scott T. Mikuen sold 3,903 shares of the company’s stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $160.75, for a total value of $627,407.25. Following the sale, the senior vice president now directly owns 47,243 shares of the company’s stock, valued at $7,594,312.25. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Todd A. Taylor sold 18,698 shares of the company’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $161.79, for a total transaction of $3,025,149.42. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 94,712 shares of company stock worth $15,407,341. 2.51% of the stock is owned by corporate insiders.
Harris (NYSE:HRS) last announced its quarterly earnings data on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.52 billion. Harris had a net margin of 12.20% and a return on equity of 26.39%. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.38 earnings per share. Sell-side analysts anticipate that Harris Co. will post 7.86 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 7th. Shareholders of record on Friday, November 23rd will be issued a $0.685 dividend. This represents a $2.74 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Wednesday, November 21st. Harris’s payout ratio is 42.15%.
HRS has been the topic of a number of research analyst reports. Seaport Global Securities reissued a “buy” rating and set a $185.00 price objective on shares of Harris in a report on Thursday, August 2nd. Argus boosted their price objective on shares of Harris to $190.00 and gave the company a “buy” rating in a report on Thursday, August 16th. Zacks Investment Research raised shares of Harris from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. UBS Group initiated coverage on shares of Harris in a report on Wednesday, August 15th. They set a “neutral” rating and a $175.00 price objective on the stock. Finally, Raymond James boosted their price objective on shares of Harris from $180.00 to $190.00 and gave the company an “outperform” rating in a report on Tuesday, October 16th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $182.22.
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Harris Company 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: Return on Investment (ROI)
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