Northwestern Mutual Investment Management Company LLC lowered its position in Harris Corp. (NYSE:HRS) by 0.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,757 shares of the company’s stock after selling 2 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in Harris Corp. were worth $397,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its position in Harris Corp. by 220.2% in the first quarter. Wellington Management Group LLP now owns 2,107,804 shares of the company’s stock worth $164,114,000 after buying an additional 1,449,604 shares in the last quarter. Geode Capital Management LLC increased its position in Harris Corp. by 2.4% in the first quarter. Geode Capital Management LLC now owns 1,010,088 shares of the company’s stock worth $78,484,000 after buying an additional 23,941 shares in the last quarter. National Pension Service increased its position in Harris Corp. by 4.7% in the first quarter. National Pension Service now owns 92,242 shares of the company’s stock worth $7,182,000 after buying an additional 4,112 shares in the last quarter. Legal & General Group Plc increased its position in Harris Corp. by 1.9% in the first quarter. Legal & General Group Plc now owns 504,273 shares of the company’s stock worth $39,265,000 after buying an additional 9,631 shares in the last quarter. Finally, Quantum Capital Management increased its position in Harris Corp. by 31.1% in the first quarter. Quantum Capital Management now owns 134,493 shares of the company’s stock worth $10,472,000 after buying an additional 31,906 shares in the last quarter. 88.92% of the stock is currently owned by institutional investors.
Shares of Harris Corp. (NYSE:HRS) opened at 89.90 on Thursday. The company has a market cap of $11.17 billion, a P/E ratio of 34.82 and a beta of 1.30. The company has a 50 day moving average price of $90.77 and a 200 day moving average price of $82.90. Harris Corp. has a one year low of $70.10 and a one year high of $94.09.
Harris Corp. (NYSE:HRS) last released its earnings results on Tuesday, August 2nd. The company reported $1.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.01. The firm earned $1.90 billion during the quarter, compared to analysts’ expectations of $1.94 billion. Harris Corp. had a return on equity of 21.77% and a net margin of 4.34%. The company’s revenue was up 24.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.32 EPS. Equities research analysts expect that Harris Corp. will post $5.78 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Friday, September 9th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend was Wednesday, September 7th. This is a boost from Harris Corp.’s previous quarterly dividend of $0.50. Harris Corp.’s dividend payout ratio is 82.49%.
HRS has been the topic of a number of research analyst reports. Zacks Investment Research raised Harris Corp. from a “sell” rating to a “hold” rating in a report on Monday. Citigroup Inc. initiated coverage on Harris Corp. in a report on Friday, June 10th. They set a “buy” rating and a $95.00 target price on the stock. JPMorgan Chase & Co. set a $93.00 target price on Harris Corp. and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Jefferies Group reaffirmed a “buy” rating on shares of Harris Corp. in a report on Friday, June 10th. Finally, Drexel Hamilton reaffirmed a “buy” rating on shares of Harris Corp. in a report on Friday, June 17th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $98.29.
In other news, insider William H. Gattle sold 1,366 shares of the stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $93.75, for a total transaction of $128,062.50. Following the completion of the transaction, the insider now directly owns 4,851 shares in the company, valued at approximately $454,781.25. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Sheldon J. Fox sold 17,700 shares of the stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $88.02, for a total transaction of $1,557,954.00. Following the transaction, the senior vice president now owns 62,060 shares of the company’s stock, valued at $5,462,521.20. The disclosure for this sale can be found here. Company insiders own 1.71% of the company’s stock.
About Harris Corp.
Harris Corporation (Harris) together with its subsidiaries is engaged in providing technology-based solutions to government and commercial customers. As of July 3, 2015, the Company operated through four business segments: RF Communications, Government Communications Systems, Integrated Network Solutions and Exelis.
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