State of Tennessee Treasury Department boosted its holdings in shares of Harris Co. (NYSE:HRS) by 148.1% in the 4th quarter, Holdings Channel reports. The fund owned 80,837 shares of the communications equipment provider’s stock after buying an additional 48,251 shares during the quarter. State of Tennessee Treasury Department’s holdings in Harris were worth $11,451,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the business. BlackRock Inc. increased its stake in Harris by 9.6% during the fourth quarter. BlackRock Inc. now owns 8,600,628 shares of the communications equipment provider’s stock worth $1,218,281,000 after acquiring an additional 751,366 shares during the last quarter. Janus Henderson Group PLC increased its stake in Harris by 36.3% during the third quarter. Janus Henderson Group PLC now owns 3,352,336 shares of the communications equipment provider’s stock worth $441,435,000 after acquiring an additional 892,898 shares during the last quarter. Artisan Partners Limited Partnership increased its stake in Harris by 11.1% during the third quarter. Artisan Partners Limited Partnership now owns 1,916,965 shares of the communications equipment provider’s stock worth $252,426,000 after acquiring an additional 192,230 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Harris by 6.9% during the third quarter. Bank of New York Mellon Corp now owns 1,890,447 shares of the communications equipment provider’s stock worth $248,935,000 after acquiring an additional 122,090 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Harris by 0.8% during the third quarter. Dimensional Fund Advisors LP now owns 699,934 shares of the communications equipment provider’s stock worth $92,165,000 after acquiring an additional 5,856 shares during the last quarter. 84.10% of the stock is owned by institutional investors.
Several research firms have issued reports on HRS. Credit Suisse Group raised their target price on Harris from $167.00 to $187.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 31st. Cowen reaffirmed a “buy” rating and issued a $170.00 price objective on shares of Harris in a research note on Tuesday, January 30th. Jefferies Group lifted their price objective on Harris from $135.00 to $157.00 and gave the company a “buy” rating in a research note on Wednesday, November 1st. Zacks Investment Research cut Harris from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Finally, ValuEngine raised Harris from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $154.57.
Harris (NYSE:HRS) last released its earnings results on Tuesday, January 30th. The communications equipment provider reported $1.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.28. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.48 billion. Harris had a return on equity of 24.49% and a net margin of 8.63%. Harris’s revenue was up 5.9% compared to the same quarter last year. During the same period last year, the business posted $1.38 earnings per share. research analysts anticipate that Harris Co. will post 6.48 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 21st. Investors of record on Thursday, March 8th will be issued a $0.57 dividend. The ex-dividend date of this dividend is Wednesday, March 7th. This represents a $2.28 dividend on an annualized basis and a yield of 1.44%. Harris’s dividend payout ratio (DPR) is presently 53.90%.
In other Harris news, SVP Sheldon J. Fox sold 8,682 shares of Harris stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $156.00, for a total transaction of $1,354,392.00. Following the completion of the sale, the senior vice president now directly owns 53,724 shares of the company’s stock, valued at approximately $8,380,944. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.91% of the stock is owned by insiders.
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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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