Richard C. Young & CO. LTD. Lowers Holdings in Harris Co. (HRS)

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Richard C. Young & CO. LTD. reduced its holdings in shares of Harris Co. (NYSE:HRS) by 2.9% during the 1st quarter, Holdings Channel reports. The firm owned 82,674 shares of the communications equipment provider’s stock after selling 2,445 shares during the period. Harris accounts for approximately 2.5% of Richard C. Young & CO. LTD.’s investment portfolio, making the stock its 11th biggest holding. Richard C. Young & CO. LTD.’s holdings in Harris were worth $13,204,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of HRS. Janus Henderson Group PLC boosted its holdings in shares of Harris by 14.7% in the first quarter. Janus Henderson Group PLC now owns 5,078,411 shares of the communications equipment provider’s stock valued at $811,076,000 after acquiring an additional 652,182 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Harris by 4.1% in the fourth quarter. Geode Capital Management LLC now owns 1,535,717 shares of the communications equipment provider’s stock valued at $206,424,000 after acquiring an additional 59,854 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Harris by 2.6% in the fourth quarter. Bank of New York Mellon Corp now owns 1,472,230 shares of the communications equipment provider’s stock valued at $198,236,000 after acquiring an additional 37,676 shares in the last quarter. Boston Partners boosted its holdings in shares of Harris by 2.9% in the first quarter. Boston Partners now owns 1,436,119 shares of the communications equipment provider’s stock valued at $229,363,000 after acquiring an additional 40,836 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Harris by 1.5% in the fourth quarter. Northern Trust Corp now owns 1,301,314 shares of the communications equipment provider’s stock valued at $175,222,000 after acquiring an additional 19,339 shares in the last quarter. 92.99% of the stock is currently owned by institutional investors.

HRS stock traded up $0.41 during trading on Friday, reaching $188.95. 6,876 shares of the company were exchanged, compared to its average volume of 953,347. The company has a market cap of $22.33 billion, a P/E ratio of 29.06, a P/E/G ratio of 2.88 and a beta of 1.23. Harris Co. has a 52-week low of $123.24 and a 52-week high of $189.41. The company has a current ratio of 1.42, a quick ratio of 1.15 and a debt-to-equity ratio of 0.95.

Harris (NYSE:HRS) last released its quarterly earnings data on Wednesday, May 1st. The communications equipment provider reported $2.11 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.07. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.70 billion. Harris had a net margin of 13.60% and a return on equity of 27.13%. The firm’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.67 earnings per share. On average, equities research analysts expect that Harris Co. will post 8.15 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 4th. Shareholders of record on Friday, May 17th will be given a dividend of $0.685 per share. This represents a $2.74 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date of this dividend is Thursday, May 16th. Harris’s payout ratio is currently 42.15%.

Several analysts have recently weighed in on HRS shares. Raymond James lifted their target price on shares of Harris from $190.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. Zacks Investment Research raised shares of Harris from a “sell” rating to a “hold” rating and set a $201.00 target price on the stock in a report on Tuesday, April 30th. Cowen reissued a “buy” rating and set a $194.00 price objective on shares of Harris in a report on Tuesday, January 29th. ValuEngine raised shares of Harris from a “hold” rating to a “buy” rating in a report on Saturday, March 9th. Finally, Argus boosted their price objective on shares of Harris from $170.00 to $170.00 and gave the stock a “positive” rating in a report on Wednesday, January 30th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $196.13.

In other Harris news, SVP Robert L. Duffy sold 9,124 shares of Harris stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $179.99, for a total transaction of $1,642,228.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider William H. Gattle sold 5,131 shares of Harris stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $178.71, for a total transaction of $916,961.01. The disclosure for this sale can be found here. Insiders own 2.51% of the company’s stock.

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Harris 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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