Institutional & Family Asset Management LLC cut its holdings in shares of Harris Corporation (NYSE:HRS) by 2.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,508 shares of the communications equipment provider’s stock after selling 1,077 shares during the period. Harris accounts for about 1.0% of Institutional & Family Asset Management LLC’s holdings, making the stock its 17th biggest position. Institutional & Family Asset Management LLC’s holdings in Harris were worth $4,807,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in HRS. BB&T Investment Services Inc. purchased a new position in shares of Harris during the second quarter worth approximately $113,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Harris by 110.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,205 shares of the communications equipment provider’s stock worth $131,000 after acquiring an additional 632 shares during the last quarter. BT Investment Management Ltd purchased a new position in shares of Harris during the second quarter worth approximately $157,000. Stephens Inc. AR purchased a new position in Harris in the 2nd quarter valued at $167,000. Finally, Ropes Wealth Advisors LLC grew its position in Harris by 5.4% in the 2nd quarter. Ropes Wealth Advisors LLC now owns 1,635 shares of the communications equipment provider’s stock valued at $178,000 after buying an additional 84 shares during the last quarter. Institutional investors and hedge funds own 84.28% of the company’s stock.
A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Harris from $138.00 to $148.00 and gave the company an “overweight” rating in a research report on Wednesday, November 1st. Credit Suisse Group reiterated an “outperform” rating and issued a $155.00 price objective (up from $144.00) on shares of Harris in a research report on Wednesday, November 1st. They noted that the move was a valuation call. Jefferies Group lifted their price objective on shares of Harris from $135.00 to $157.00 and gave the company a “buy” rating in a research report on Wednesday, November 1st. Cowen reiterated a “buy” rating and issued a $150.00 price objective on shares of Harris in a research report on Tuesday, October 31st. Finally, Zacks Investment Research raised Harris from a “hold” rating to a “buy” rating and set a $153.00 target price for the company in a report on Monday, October 16th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $145.43.
Harris (NYSE:HRS) last released its quarterly earnings results on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.03. The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.44 billion. Harris had a return on equity of 23.36% and a net margin of 9.02%. The business’s revenue was down .5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.28 EPS. equities analysts forecast that Harris Corporation will post 5.99 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 17th were paid a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 1.61%. The ex-dividend date was Thursday, November 16th. Harris’s payout ratio is 50.89%.
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