Commonwealth Bank of Australia Has $1.31 Million Position in Harris Co. (HRS)

Commonwealth Bank of Australia reduced its stake in shares of Harris Co. (NYSE:HRS) by 16.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,775 shares of the communications equipment provider’s stock after selling 1,890 shares during the period. Commonwealth Bank of Australia’s holdings in Harris were worth $1,312,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in HRS. Oppenheimer Asset Management Inc. bought a new position in Harris during the 4th quarter worth $31,000. Financial Gravity Companies Inc. bought a new position in Harris during the 4th quarter worth $67,000. Capital Investment Advisory Services LLC bought a new position in Harris during the 4th quarter worth $81,000. Nikko Asset Management Americas Inc. raised its position in Harris by 174.9% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 778 shares of the communications equipment provider’s stock worth $105,000 after purchasing an additional 495 shares during the last quarter. Finally, Parkside Financial Bank & Trust raised its position in Harris by 19.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 920 shares of the communications equipment provider’s stock worth $124,000 after purchasing an additional 153 shares during the last quarter. 91.21% of the stock is owned by institutional investors and hedge funds.

HRS stock opened at $160.44 on Friday. Harris Co. has a 1-year low of $123.24 and a 1-year high of $175.50. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.27 and a quick ratio of 1.04. The stock has a market capitalization of $19.14 billion, a PE ratio of 24.68, a price-to-earnings-growth ratio of 2.52 and a beta of 1.24.

Harris (NYSE:HRS) last posted its quarterly earnings data on Tuesday, January 29th. The communications equipment provider reported $1.96 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.91 by $0.05. Harris had a return on equity of 26.55% and a net margin of 13.29%. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the company posted $1.67 EPS. The business’s quarterly revenue was up 8.5% on a year-over-year basis. Analysts expect that Harris Co. will post 8.01 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 22nd. Stockholders of record on Friday, March 8th will be given a $0.685 dividend. This represents a $2.74 annualized dividend and a dividend yield of 1.71%. The ex-dividend date is Thursday, March 7th. Harris’s dividend payout ratio (DPR) is presently 42.15%.

Several brokerages recently issued reports on HRS. ValuEngine raised Harris from a “hold” rating to a “buy” rating in a research report on Saturday, March 9th. Cowen reaffirmed a “buy” rating and set a $194.00 target price on shares of Harris in a research report on Thursday, February 7th. Zacks Investment Research raised Harris from a “hold” rating to a “buy” rating and set a $174.00 target price for the company in a research report on Thursday, January 31st. Argus lifted their price objective on Harris from $170.00 to $170.00 and gave the stock a “positive” rating in a research report on Wednesday, January 30th. Finally, Barclays lowered their price objective on Harris from $181.00 to $161.00 and set an “overweight” rating for the company in a research report on Tuesday, December 4th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Harris has a consensus rating of “Buy” and a consensus price target of $182.33.

In other news, SVP Robert L. Duffy sold 40,000 shares of Harris stock in a transaction dated Friday, February 8th. The stock was sold at an average price of $158.66, for a total value of $6,346,400.00. Following the completion of the transaction, the senior vice president now directly owns 63,918 shares of the company’s stock, valued at approximately $10,141,229.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.51% of the company’s stock.

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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.

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Institutional Ownership by Quarter for Harris (NYSE:HRS)

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