Smith Salley & Associates lowered its stake in shares of Harris Corp. (NYSE:HRS) by 8.5% during the second quarter, Holdings Channel reports. The firm owned 4,306 shares of the company’s stock after selling 400 shares during the period. Smith Salley & Associates’ holdings in Harris Corp. were worth $359,000 as of its most recent filing with the SEC.
Several other large investors have also recently added to or reduced their stakes in HRS. Legal & General Group Plc increased 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 valued at $39,265,000 after buying an additional 9,631 shares during the last quarter. National Pension Service increased 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 valued at $7,182,000 after buying an additional 4,112 shares during the last quarter. Nuveen Asset Management LLC increased its position in shares of Harris Corp. by 2,300.4% in the first quarter. Nuveen Asset Management LLC now owns 188,098 shares of the company’s stock valued at $14,645,000 after buying an additional 180,262 shares during the last quarter. Citizens Financial Group Inc RI increased its position in shares of Harris Corp. by 3.0% in the first quarter. Citizens Financial Group Inc RI now owns 73,423 shares of the company’s stock valued at $5,716,000 after buying an additional 2,160 shares during the last quarter. Finally, Hancock Holding Co. increased its position in shares of Harris Corp. by 368.5% in the first quarter. Hancock Holding Co. now owns 167,305 shares of the company’s stock valued at $13,027,000 after buying an additional 131,597 shares during the last quarter. 88.92% of the stock is currently owned by institutional investors.
Shares of Harris Corp. (NYSE:HRS) traded up 0.41% during mid-day trading on Friday, reaching $90.15. The company had a trading volume of 182,037 shares. The company has a market capitalization of $11.20 billion, a P/E ratio of 34.91 and a beta of 1.22. Harris Corp. has a 12-month low of $70.97 and a 12-month high of $94.09. The firm has a 50-day moving average of $91.40 and a 200-day moving average of $84.25.
Harris Corp. (NYSE:HRS) last released its earnings results on Tuesday, August 2nd. The company reported $1.45 EPS for the quarter, beating the Zacks’ consensus estimate of $1.44 by $0.01. The business had revenue of $1.90 billion for 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 firm’s revenue was up 24.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.32 earnings per share. On average, equities analysts anticipate that Harris Corp. will post $5.78 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Friday, September 9th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date 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 currently 82.49%.
Several research analysts have commented on the company. Drexel Hamilton reaffirmed a “buy” rating on shares of Harris Corp. in a report on Friday, June 17th. Jefferies Group reaffirmed a “buy” rating and set a $100.00 target price (up from $95.00) on shares of Harris Corp. in a report on Wednesday, August 3rd. Zacks Investment Research raised Harris Corp. from a “sell” rating to a “hold” rating in a report on Monday, September 19th. 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. Finally, Citigroup Inc. cut their target price on Harris Corp. from $112.00 to $95.00 and set a “buy” rating on the stock in a report on Tuesday, September 6th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $98.29.
In other news, SVP Dana A. Mehnert sold 27,000 shares of the firm’s stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $88.02, for a total transaction of $2,376,540.00. Following the transaction, the senior vice president now directly owns 89,492 shares of the company’s stock, valued at $7,877,085.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider William H. Gattle sold 1,366 shares of the firm’s stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $93.75, for a total value of $128,062.50. Following the transaction, the insider now directly owns 4,851 shares in the company, valued at $454,781.25. The disclosure for this sale can be found here. 1.71% of the stock is owned by corporate insiders.
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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