Harris Co. (NYSE:HRS) Position Reduced by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. trimmed its stake in shares of Harris Co. (NYSE:HRS) by 11.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,478 shares of the communications equipment provider’s stock after selling 3,400 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Harris were worth $5,008,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of HRS. Los Angeles Capital Management & Equity Research Inc. lifted its position in shares of Harris by 6.7% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 185,525 shares of the communications equipment provider’s stock worth $35,088,000 after buying an additional 11,640 shares during the last quarter. Citizens Financial Group Inc RI lifted its position in shares of Harris by 1.2% in the 1st quarter. Citizens Financial Group Inc RI now owns 48,502 shares of the communications equipment provider’s stock worth $7,746,000 after buying an additional 569 shares during the last quarter. Dearborn Partners LLC bought a new position in shares of Harris in the 2nd quarter worth about $250,000. Greenwood Capital Associates LLC bought a new position in shares of Harris in the 1st quarter worth about $271,000. Finally, Larson Financial Group LLC bought a new position in shares of Harris in the 2nd quarter worth about $43,000. Hedge funds and other institutional investors own 96.71% of the company’s stock.

A number of research analysts have recently issued reports on HRS shares. Barclays raised their price target on shares of Harris from $205.00 to $245.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 29th. Argus raised their price target on shares of Harris to $200.00 and gave the stock a “positive” rating in a research report on Wednesday, May 8th. Raymond James raised their price target on shares of Harris from $190.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. ValuEngine upgraded shares of Harris from a “hold” rating to a “buy” rating in a research report on Wednesday, May 1st. Finally, Zacks Investment Research upgraded shares of Harris from a “sell” rating to a “hold” rating and set a $201.00 price objective on the stock in a research report on Tuesday, April 30th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $208.17.

The company has a market cap of $21.85 billion, a P/E ratio of 28.46, a PEG ratio of 2.90 and a beta of 0.98. The firm has a fifty day moving average price of $191.84 and a 200-day moving average price of $177.52. Harris Co. has a 52-week low of $123.24 and a 52-week high of $200.77. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.15 and a current ratio of 1.42.

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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