Huntington National Bank continued to hold its stake in shares of Harris Corp. (NYSE:HRS) during the second quarter, Holdings Channel reports. The fund owned 1,372 shares of the company’s stock at the end of the second quarter. Huntington National Bank’s holdings in Harris Corp. were worth $108,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Wellington Management Group LLP boosted its stake in shares of 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 during the period. Geode Capital Management LLC raised its position in shares of 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 raised its position in shares of 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 raised its position in shares of 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 raised its position in shares of 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 owned by hedge funds and other institutional investors.
Shares of Harris Corp. (NYSE:HRS) traded down 0.18% during midday trading on Monday, hitting $92.45. 396,748 shares of the stock traded hands. The company’s 50 day moving average price is $91.40 and its 200-day moving average price is $83.94. The stock has a market cap of $11.48 billion, a price-to-earnings ratio of 35.81 and a beta of 1.22. Harris Corp. has a 12-month low of $70.97 and a 12-month high of $94.09.
Harris Corp. (NYSE:HRS) last announced its earnings results on Tuesday, August 2nd. The company reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.01. Harris Corp. had a net margin of 4.34% and a return on equity of 21.77%. The company had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter in the previous year, the company posted $1.32 EPS. The firm’s quarterly revenue was up 24.0% on a year-over-year basis. On average, equities research analysts expect that Harris Corp. will post $5.78 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Friday, September 9th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.29%. 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 payout ratio is 82.49%.
HRS has been the subject of a number of research reports. Zacks Investment Research upgraded shares of Harris Corp. from a “sell” rating to a “hold” rating in a research report on Monday, September 19th. JPMorgan Chase & Co. set a $93.00 target price on shares of Harris Corp. and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Jefferies Group restated a “buy” rating and set a $100.00 target price (up previously from $95.00) on shares of Harris Corp. in a research report on Wednesday, August 3rd. Citigroup Inc. dropped their target price on shares of Harris Corp. from $112.00 to $95.00 and set a “buy” rating for the company in a research report on Tuesday, September 6th. Finally, Drexel Hamilton restated a “buy” rating on shares of Harris Corp. in a research report on Friday, June 17th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $98.29.
In other Harris Corp. news, SVP Dana A. Mehnert sold 27,000 shares of Harris Corp. stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $88.02, for a total transaction of $2,376,540.00. Following the sale, the senior vice president now owns 89,492 shares of the company’s stock, valued at approximately $7,877,085.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Scott T. Mikuen sold 9,400 shares of Harris Corp. stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $88.00, for a total transaction of $827,200.00. Following the sale, the senior vice president now directly owns 49,277 shares in the company, valued at approximately $4,336,376. The disclosure for this sale can be found here. Company insiders own 1.71% of the company’s stock.
Harris Corp. Company Profile
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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