Commonwealth of Pennsylvania Public School Empls Retrmt SYS Grows Holdings in Harris Co. (HRS)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Harris Co. (NYSE:HRS) by 7.4% during the first quarter, HoldingsChannel reports. The firm owned 6,896 shares of the communications equipment provider’s stock after purchasing an additional 477 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Harris were worth $1,101,000 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. Norges Bank purchased a new stake in Harris during the fourth quarter valued at about $150,507,000. American Century Companies Inc. purchased a new position in shares of Harris in the fourth quarter worth about $124,367,000. Janus Henderson Group PLC increased its holdings in shares of Harris by 14.7% in the first quarter. Janus Henderson Group PLC now owns 5,078,411 shares of the communications equipment provider’s stock worth $811,076,000 after buying an additional 652,182 shares during the period. Ceredex Value Advisors LLC purchased a new position in shares of Harris in the fourth quarter worth about $42,185,000. Finally, Two Sigma Advisers LP increased its holdings in shares of Harris by 119.2% in the fourth quarter. Two Sigma Advisers LP now owns 337,504 shares of the communications equipment provider’s stock worth $45,445,000 after buying an additional 183,525 shares during the period. Institutional investors and hedge funds own 92.65% of the company’s stock.

NYSE HRS opened at $187.77 on Wednesday. The company has a current ratio of 1.42, a quick ratio of 1.15 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $21.69 billion, a P/E ratio of 28.89, a price-to-earnings-growth ratio of 2.82 and a beta of 1.23. Harris Co. has a 1 year low of $123.24 and a 1 year high of $188.01.

Harris (NYSE:HRS) last posted its earnings results on Wednesday, May 1st. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.04 by $0.07. The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Harris had a return on equity of 27.13% and a net margin of 13.60%. Harris’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the firm earned $1.67 earnings per share. As a group, analysts anticipate that Harris Co. will post 8.15 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 4th. Investors of record on Friday, May 17th will be paid a $0.685 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.74 annualized dividend and a dividend yield of 1.46%. Harris’s payout ratio is presently 42.15%.

Several research analysts have recently commented on the company. ValuEngine upgraded Harris from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Raymond James lifted their price objective on Harris from $190.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, May 2nd. Barclays lifted their price objective on Harris from $180.00 to $205.00 and gave the stock an “overweight” rating in a report on Thursday, May 16th. Zacks Investment Research downgraded Harris from a “hold” rating to a “sell” rating in a report on Tuesday, April 16th. Finally, Argus lifted their price objective on Harris to $200.00 and gave the stock a “positive” rating in a report on Wednesday, May 8th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $196.13.

In related news, insider William H. Gattle sold 5,131 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $178.71, for a total value of $916,961.01. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Robert L. Duffy sold 9,124 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $179.99, for a total value of $1,642,228.76. The disclosure for this sale can be found here. 2.51% of the stock is owned by company insiders.

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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.

Further Reading: Federal Reserve

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Institutional Ownership by Quarter for Harris (NYSE:HRS)

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