California State Teachers Retirement System Increases Position in Harris Co. (HRS)
California State Teachers Retirement System increased its stake in shares of Harris Co. (NYSE:HRS) by 2.8% during the fourth quarter, HoldingsChannel.com reports. The fund owned 198,059 shares of the communications equipment provider’s stock after acquiring an additional 5,474 shares during the quarter. California State Teachers Retirement System’s holdings in Harris were worth $26,669,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. bought a new position in Harris during the fourth quarter worth $31,000. Financial Gravity Companies Inc. bought a new position in Harris during the fourth quarter worth $67,000. Capital Investment Advisory Services LLC bought a new position in Harris during the fourth quarter worth $81,000. Nikko Asset Management Americas Inc. increased its position in Harris by 174.9% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 778 shares of the communications equipment provider’s stock worth $105,000 after acquiring an additional 495 shares during the period. Finally, Parkside Financial Bank & Trust increased its position in Harris by 19.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 920 shares of the communications equipment provider’s stock worth $124,000 after acquiring an additional 153 shares during the period. 91.21% of the stock is currently owned by institutional investors and hedge funds.
In other news, SVP Robert L. Duffy sold 40,000 shares of the business’s stock in a transaction on Friday, February 8th. The shares were sold at an average price of $158.66, for a total value of $6,346,400.00. Following the sale, the senior vice president now owns 63,918 shares in the company, valued at approximately $10,141,229.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.51% of the stock is currently owned by insiders.
Harris (NYSE:HRS) last announced its quarterly earnings results on Tuesday, January 29th. The communications equipment provider reported $1.96 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.91 by $0.05. Harris had a net margin of 13.29% and a return on equity of 26.55%. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the firm posted $1.67 EPS. The business’s revenue for the quarter was up 8.5% on a year-over-year basis. Analysts expect that Harris Co. will post 8.01 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 22nd. Stockholders of record on Friday, March 8th will be paid a $0.685 dividend. The ex-dividend date is Thursday, March 7th. This represents a $2.74 annualized dividend and a dividend yield of 1.71%. Harris’s dividend payout ratio is presently 42.15%.
Several brokerages have issued reports on HRS. Barclays lowered their price target on shares of Harris from $181.00 to $161.00 and set an “overweight” rating on the stock in a report on Tuesday, December 4th. Argus boosted their price target on shares of Harris from $170.00 to $170.00 and gave the company a “positive” rating in a report on Wednesday, January 30th. Cowen reissued a “buy” rating and issued a $194.00 price target on shares of Harris in a report on Thursday, February 7th. Zacks Investment Research lowered shares of Harris from a “buy” rating to a “hold” rating in a report on Thursday, January 3rd. Finally, ValuEngine raised shares of Harris from a “hold” rating to a “buy” rating in a report on Saturday, March 9th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $182.33.
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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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