Harris Co. (HRS) Position Trimmed by American International Group Inc.

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American International Group Inc. lowered its stake in Harris Co. (NYSE:HRS) by 0.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 42,031 shares of the communications equipment provider’s stock after selling 170 shares during the period. American International Group Inc.’s holdings in Harris were worth $5,659,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in HRS. Oppenheimer Asset Management Inc. bought a new stake in shares of Harris during the 4th quarter valued at $31,000. Financial Gravity Companies Inc. bought a new stake in shares of Harris during the 4th quarter valued at $67,000. Capital Investment Advisory Services LLC bought a new stake in shares of Harris during the 4th quarter valued at $81,000. Nikko Asset Management Americas Inc. boosted its holdings in shares of Harris by 174.9% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 778 shares of the communications equipment provider’s stock valued at $105,000 after buying an additional 495 shares in the last quarter. Finally, Parkside Financial Bank & Trust boosted its holdings in shares of Harris by 19.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 920 shares of the communications equipment provider’s stock valued at $124,000 after buying an additional 153 shares in the last quarter. Institutional investors and hedge funds own 90.93% of the company’s stock.

HRS has been the topic of a number of research reports. Zacks Investment Research upgraded shares of Harris from a “hold” rating to a “buy” rating and set a $174.00 target price on the stock in a report on Thursday, January 31st. ValuEngine cut shares of Harris from a “buy” rating to a “hold” rating in a report on Saturday, December 1st. Cowen restated a “buy” rating and set a $194.00 target price on shares of Harris in a report on Tuesday, January 29th. Argus boosted their target price on shares of Harris from $170.00 to $170.00 and gave the company a “positive” rating in a report on Wednesday, January 30th. Finally, Barclays dropped their target price 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. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $182.33.

In related news, SVP Robert L. Duffy sold 40,000 shares of the company’s stock in a transaction dated 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 transaction, 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 document filed with the SEC, which is accessible through the SEC website. Insiders own 2.51% of the company’s stock.

Shares of Harris stock opened at $162.17 on Friday. The stock has a market capitalization of $18.93 billion, a P/E ratio of 24.95, a PEG ratio of 2.55 and a beta of 1.24. Harris Co. has a 1 year low of $123.24 and a 1 year high of $175.50. The company has a current ratio of 1.27, a quick ratio of 1.04 and a debt-to-equity ratio of 1.00.

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, topping the Zacks’ consensus estimate of $1.91 by $0.05. The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Harris had a net margin of 13.29% and a return on equity of 26.55%. Harris’s revenue was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.67 EPS. As a group, analysts expect that Harris Co. will post 8 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, March 22nd. Investors of record on Friday, March 8th will be paid a $0.685 dividend. This represents a $2.74 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Thursday, March 7th. Harris’s payout ratio is 42.15%.

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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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Institutional Ownership by Quarter for Harris (NYSE:HRS)

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