Principal Financial Group Inc. Takes $1.83 Million Position in Harrow, Inc. $HROW

Key Points

• Principal Financial Group acquired 51,869 Harrow shares worth approximately $1.83 million, while institutional investors collectively own 72.76% of the company.
• Harrow insiders also bought shares, including 1,000 shares purchased by director Adrienne Graves and 3,500 shares acquired by CFO Andrew Boll.
• Harrow’s latest quarterly results missed expectations, with an adjusted loss of $0.74 per share and revenue of $44.2 million versus the $52.43 million consensus estimate. Despite mixed analyst opinions, the stock carries a “Moderate Buy” consensus rating and a $69.43 average price target.

Principal Financial Group Inc. acquired a new position in shares of Harrow, Inc. (NASDAQ:HROW - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 51,869 shares of the company's stock, valued at approximately $1,829,000. Principal Financial Group Inc. owned approximately 0.14% of Harrow as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of HROW. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Harrow during the fourth quarter valued at $26,000. Raymond James Financial Inc. purchased a new position in Harrow in the 2nd quarter worth about $48,000. SBI Securities Co. Ltd. increased its stake in Harrow by 393.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,061 shares of the company's stock worth $52,000 after purchasing an additional 846 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Harrow by 25.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,800 shares of the company's stock worth $88,000 after purchasing an additional 369 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in Harrow by 345.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,373 shares of the company's stock worth $103,000 after buying an additional 2,615 shares during the period. 72.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Harrow news, Director Adrienne L. Graves bought 1,000 shares of the stock in a transaction on Monday, May 18th. The shares were purchased at an average price of $31.07 per share, with a total value of $31,070.00. Following the acquisition, the director directly owned 1,000 shares of the company's stock, valued at $31,070. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Andrew R. Boll purchased 3,500 shares of the company's stock in a transaction on Thursday, May 14th. The stock was acquired at an average cost of $29.90 per share, for a total transaction of $104,650.00. Following the completion of the transaction, the chief financial officer owned 814,679 shares in the company, valued at approximately $24,358,902.10. This trade represents a 0.43% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 12.80% of the stock is currently owned by insiders.

Harrow Stock Up 0.7%

Harrow stock opened at $38.94 on Friday. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of -94.97 and a beta of 0.26. The company has a debt-to-equity ratio of 10.30, a current ratio of 2.48 and a quick ratio of 2.30. Harrow, Inc. has a fifty-two week low of $28.54 and a fifty-two week high of $54.85. The firm has a fifty day moving average price of $39.69 and a two-hundred day moving average price of $40.42.

Harrow (NASDAQ:HROW - Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.43) by ($0.31). The firm had revenue of $44.20 million for the quarter, compared to the consensus estimate of $52.43 million. Harrow had a negative net margin of 5.57% and a positive return on equity of 19.59%. During the same quarter last year, the company earned ($0.38) earnings per share. As a group, analysts forecast that Harrow, Inc. will post 0.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

HROW has been the subject of several recent analyst reports. Wall Street Zen cut shares of Harrow from a "hold" rating to a "sell" rating in a report on Saturday, May 16th. BTIG Research restated a "buy" rating and issued a $63.00 price target on shares of Harrow in a research report on Tuesday, July 21st. Zacks Research raised shares of Harrow from a "strong sell" rating to a "hold" rating in a research note on Friday, April 3rd. Weiss Ratings reiterated a "sell (e+)" rating on shares of Harrow in a research report on Monday, July 20th. Finally, Cantor Fitzgerald dropped their price target on Harrow from $91.00 to $88.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 13th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $69.43.

About Harrow

Harrow Health, Inc NASDAQ: HROW is a U.S.-based commercial-stage biopharmaceutical company specializing in ophthalmic therapeutics and diagnostics. The company focuses on the development, manufacturing and distribution of proprietary, generic and branded eye care products designed to treat a range of ocular conditions, including glaucoma, ocular hypertension, dry eye disease and other anterior segment disorders.

Through its wholly owned affiliate ImprimisRx, Harrow Health offers a direct-to-physician model for customized formulations as well as low-cost generic alternatives.

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