Harris Co. (HRS) Stake Lowered by Groesbeck Investment Management Corp NJ
Groesbeck Investment Management Corp NJ decreased its position in Harris Co. (NYSE:HRS) by 20.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,100 shares of the communications equipment provider’s stock after selling 1,300 shares during the period. Groesbeck Investment Management Corp NJ’s holdings in Harris were worth $567,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the company. Contravisory Investment Management Inc. increased its position in Harris by 303.3% in the first quarter. Contravisory Investment Management Inc. now owns 1,222 shares of the communications equipment provider’s stock worth $136,000 after buying an additional 919 shares in the last quarter. Seven Eight Capital LP acquired a new position in Harris during the fourth quarter worth approximately $160,000. Ropes Wealth Advisors LLC increased its position in Harris by 198.8% in the first quarter. Ropes Wealth Advisors LLC now owns 1,551 shares of the communications equipment provider’s stock worth $173,000 after buying an additional 1,032 shares in the last quarter. Fulton Bank N.A. acquired a new position in Harris during the first quarter worth approximately $202,000. Finally, Canandaigua National Bank & Trust Co. acquired a new position in Harris during the first quarter worth approximately $203,000. 83.24% of the stock is owned by institutional investors and hedge funds.
Shares of Harris Co. (NYSE:HRS) traded down 0.44% during trading on Monday, hitting $110.56. 801,459 shares of the stock traded hands. The company has a market cap of $13.48 billion, a price-to-earnings ratio of 23.77 and a beta of 1.27. The firm’s 50-day moving average price is $109.69 and its 200-day moving average price is $106.89. Harris Co. has a 52 week low of $77.56 and a 52 week high of $113.58.
Harris (NYSE:HRS) last announced its quarterly earnings results on Wednesday, May 3rd. The communications equipment provider reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.07. Harris had a return on equity of 22.73% and a net margin of 9.15%. The firm had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same period in the prior year, the business posted $1.45 earnings per share. The business’s revenue was down 3.9% compared to the same quarter last year. On average, equities research analysts anticipate that Harris Co. will post $5.52 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 16th. Stockholders of record on Friday, June 2nd will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend is Wednesday, May 31st. Harris’s payout ratio is presently 40.08%.
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A number of equities analysts have commented on the stock. Jefferies Group LLC lifted their price objective on shares of Harris from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, May 4th. Barclays PLC downgraded shares of Harris from an “overweight” rating to an “equal weight” rating and set a $110.00 price objective for the company. in a report on Monday, May 1st. Finally, Zacks Investment Research downgraded shares of Harris from a “buy” rating to a “hold” rating in a report on Tuesday, April 18th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Harris currently has a consensus rating of “Buy” and a consensus price target of $107.25.
In other news, SVP Scott T. Mikuen sold 20,600 shares of the stock in a transaction on Friday, March 10th. The stock was sold at an average price of $109.71, for a total transaction of $2,260,026.00. Following the sale, the senior vice president now owns 68,313 shares in the company, valued at $7,494,619.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.71% of the stock is currently owned by corporate insiders.
Harris Company Profile
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