Harris Co. (HRS) Position Trimmed by Redpoint Investment Management Pty Ltd
Redpoint Investment Management Pty Ltd trimmed its position in shares of Harris Co. (NYSE:HRS) by 20.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,119 shares of the communications equipment provider’s stock after selling 3,178 shares during the period. Redpoint Investment Management Pty Ltd’s holdings in Harris were worth $2,051,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Fort L.P. acquired a new position in shares of Harris in the second quarter valued at $118,000. Patton Albertson Miller Group LLC acquired a new position in shares of Harris in the third quarter valued at $138,000. Harvest Fund Management Co. Ltd acquired a new position in shares of Harris in the third quarter valued at $146,000. CWM LLC increased its holdings in shares of Harris by 40.5% in the second quarter. CWM LLC now owns 1,183 shares of the communications equipment provider’s stock valued at $171,000 after purchasing an additional 341 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in shares of Harris in the second quarter valued at $188,000. Institutional investors and hedge funds own 85.33% of the company’s stock.
HRS stock opened at $149.41 on Thursday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.96 and a current ratio of 1.17. Harris Co. has a 52 week low of $137.82 and a 52 week high of $175.50. The stock has a market capitalization of $17.50 billion, a P/E ratio of 22.99 and a beta of 1.29.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 7th. Investors of record on Friday, November 23rd will be paid a $0.685 dividend. The ex-dividend date of this dividend is Wednesday, November 21st. This represents a $2.74 annualized dividend and a dividend yield of 1.83%. Harris’s dividend payout ratio (DPR) is presently 42.15%.
In related news, VP Todd A. Taylor sold 18,698 shares of the company’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $161.79, for a total value of $3,025,149.42. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Edward J. Zoiss sold 26,311 shares of the company’s stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $162.80, for a total transaction of $4,283,430.80. Following the completion of the transaction, the insider now owns 1,286 shares in the company, valued at $209,360.80. The disclosure for this sale can be found here. Insiders sold 48,912 shares of company stock worth $7,935,987 over the last 90 days. 2.51% of the stock is currently owned by corporate insiders.
Several equities analysts have commented on the stock. UBS Group assumed coverage on shares of Harris in a report on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 price objective on the stock. Credit Suisse Group upped their price objective on shares of Harris from $175.00 to $190.00 and gave the company an “outperform” rating in a report on Wednesday, August 1st. Barclays upgraded shares of Harris from an “equal weight” rating to an “overweight” rating and decreased their price objective for the company from $189.00 to $181.00 in a report on Tuesday. Raymond James upped their price objective on shares of Harris from $180.00 to $190.00 and gave the company an “outperform” rating in a report on Tuesday, October 16th. Finally, Seaport Global Securities reiterated a “buy” rating and issued a $185.00 price objective on shares of Harris in a report on Thursday, August 2nd. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $183.11.
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Harris Company 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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