Hilton Capital Management LLC Has $16.82 Million Holdings in Harris Co. (HRS)
Hilton Capital Management LLC raised its holdings in Harris Co. (NYSE:HRS) by 1.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 127,714 shares of the communications equipment provider’s stock after purchasing an additional 1,292 shares during the period. Harris accounts for approximately 2.9% of Hilton Capital Management LLC’s portfolio, making the stock its 8th largest holding. Hilton Capital Management LLC owned approximately 0.11% of Harris worth $16,817,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in HRS. BB&T Investment Services Inc. purchased a new stake in shares of Harris in the second quarter valued at about $113,000. Northwestern Mutual Wealth Management Co. lifted its stake 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 valued at $131,000 after buying an additional 632 shares during the period. BT Investment Management Ltd purchased a new position in shares of Harris during the second quarter valued at approximately $157,000. Stephens Inc. AR purchased a new position in shares of Harris during the second quarter valued at approximately $167,000. Finally, Ropes Wealth Advisors LLC lifted its stake in shares of Harris by 5.4% during the second 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 period. 82.91% of the stock is currently owned by institutional investors.
HRS has been the topic of several recent analyst reports. Credit Suisse Group initiated coverage on shares of Harris in a research note on Monday, August 28th. They set an “outperform” rating and a $144.00 price objective on the stock. Cowen and Company reissued a “buy” rating and set a $134.00 price objective (up previously from $125.00) on shares of Harris in a research note on Tuesday, September 12th. Zacks Investment Research raised shares of Harris from a “hold” rating to a “buy” rating and set a $153.00 price objective on the stock in a research note on Monday, October 16th. Seaport Global Securities reissued a “buy” rating and set a $145.00 price objective (up previously from $135.00) on shares of Harris in a research note on Monday, October 9th. Finally, BidaskClub downgraded shares of Harris from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Harris currently has an average rating of “Buy” and a consensus target price of $145.43.
Shares of Harris Co. (HRS) traded down $0.37 during mid-day trading on Thursday, reaching $138.97. 413,500 shares of the company traded hands, compared to its average volume of 748,779. Harris Co. has a 1 year low of $99.13 and a 1 year high of $141.97. The company has a quick ratio of 0.64, a current ratio of 1.11 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $16,660.00, a price-to-earnings ratio of 24.58, a price-to-earnings-growth ratio of 3.32 and a beta of 1.12.
Harris (NYSE:HRS) last issued its quarterly earnings results on Tuesday, October 31st. The communications equipment provider reported $1.38 EPS for the quarter, topping the consensus estimate of $1.35 by $0.03. Harris had a net margin of 11.82% and a return on equity of 22.65%. The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the prior year, the business posted $1.28 earnings per share. Harris’s revenue for the quarter was down .5% compared to the same quarter last year. sell-side analysts anticipate that Harris Co. will post 5.99 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 1.64%. The ex-dividend date is Thursday, November 16th. Harris’s dividend payout ratio (DPR) is 42.62%.
In other news, SVP Scott T. Mikuen sold 4,387 shares of the stock in a transaction on Friday, September 8th. The shares were sold at an average price of $121.70, for a total value of $533,897.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Sheldon J. Fox sold 50,300 shares of the stock in a transaction on Monday, August 21st. The stock was sold at an average price of $118.24, for a total transaction of $5,947,472.00. Following the completion of the sale, the senior vice president now directly owns 73,092 shares of the company’s stock, valued at approximately $8,642,398.08. The disclosure for this sale can be found here. Insiders have sold 68,287 shares of company stock valued at $8,159,066 in the last ninety days. 1.91% of the stock is currently owned by company insiders.
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