Shell Asset Management Co. lessened its holdings in Harris Corporation (NYSE:HRS) by 33.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 23,728 shares of the communications equipment provider’s stock after selling 12,094 shares during the quarter. Shell Asset Management Co.’s holdings in Harris were worth $3,361,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of the company. Arizona State Retirement System grew its position in shares of Harris by 11.5% during the fourth quarter. Arizona State Retirement System now owns 76,325 shares of the communications equipment provider’s stock valued at $10,811,000 after purchasing an additional 7,853 shares in the last quarter. Eagle Asset Management Inc. grew its position in shares of Harris by 8.2% during the fourth quarter. Eagle Asset Management Inc. now owns 240,542 shares of the communications equipment provider’s stock valued at $34,363,000 after purchasing an additional 18,274 shares in the last quarter. Toronto Dominion Bank grew its position in shares of Harris by 12.9% during the fourth quarter. Toronto Dominion Bank now owns 51,381 shares of the communications equipment provider’s stock valued at $7,279,000 after purchasing an additional 5,860 shares in the last quarter. First Trust Advisors LP grew its position in shares of Harris by 403.2% during the fourth quarter. First Trust Advisors LP now owns 223,207 shares of the communications equipment provider’s stock valued at $31,617,000 after purchasing an additional 178,849 shares in the last quarter. Finally, Barings LLC purchased a new position in shares of Harris during the fourth quarter valued at about $711,000. Hedge funds and other institutional investors own 84.10% of the company’s stock.
Harris Corporation (HRS) opened at $157.01 on Wednesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.22 and a quick ratio of 0.68. Harris Corporation has a 1-year low of $106.18 and a 1-year high of $160.67. The company has a market cap of $18,600.21, a PE ratio of 26.46, a P/E/G ratio of 4.03 and a beta of 1.29.
Harris (NYSE:HRS) last announced its quarterly earnings results on Tuesday, January 30th. The communications equipment provider reported $1.67 EPS for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.28. Harris had a net margin of 8.63% and a return on equity of 24.49%. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter last year, the firm earned $1.38 EPS. The firm’s revenue for the quarter was up 5.9% compared to the same quarter last year. research analysts expect that Harris Corporation will post 6.48 earnings per share for the current year.
In related news, SVP Sheldon J. Fox sold 8,682 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $156.00, for a total value of $1,354,392.00. Following the completion of the transaction, the senior vice president now owns 53,724 shares of the company’s stock, valued at approximately $8,380,944. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.91% of the stock is currently owned by company insiders.
HRS has been the subject of a number of research analyst reports. ValuEngine upgraded Harris from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Jefferies Group raised their price objective on Harris from $135.00 to $157.00 and gave the company a “buy” rating in a research report on Wednesday, November 1st. Cowen restated a “buy” rating and set a $150.00 price objective on shares of Harris in a research report on Tuesday, October 31st. Zacks Investment Research upgraded Harris from a “hold” rating to a “buy” rating and set a $165.00 price objective for the company in a research report on Thursday, January 18th. Finally, Credit Suisse Group restated an “outperform” rating and set a $155.00 price objective (up previously from $144.00) on shares of Harris in a research report on Wednesday, November 1st. They noted that the move was a valuation call. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $154.57.
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Harris Corporation is a technology company that provides products, systems and services that have defense and civil government applications, as well as commercial applications. It offers its products and services to government and commercial customer. It operates in four segments: Communication Systems, which serves markets in tactical communications and defense, and public safety networks; Space and Intelligence Systems, which provides complete Earth observation, environmental, geospatial, space protection, and intelligence solutions from advanced sensors and payloads, as well as ground processing and information analytics; Electronic Systems, which offers a portfolio of solutions in electronic warfare, avionics, wireless and technology, among others, and Critical Networks, which provides managed services supporting air traffic management, energy and maritime communications, and ground network operation and sustainment, as well as information technology (IT) and engineering services.
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