Louisiana State Employees Retirement System cut its position in Harris Corp. (NYSE:HRS) by 1.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,200 shares of the company’s stock after selling 100 shares during the period. Louisiana State Employees Retirement System’s holdings in Harris Corp. were worth $684,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of HRS. State Street Corp increased its position in shares of Harris Corp. by 1.4% in the first quarter. State Street Corp now owns 4,919,939 shares of the company’s stock worth $383,072,000 after buying an additional 70,281 shares during the period. Wellington Management Group LLP increased its position 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 increased 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 during the period. 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 worth $39,265,000 after buying an additional 9,631 shares during the period. Finally, Nordea Investment Management AB increased its position in shares of Harris Corp. by 5.6% in the second quarter. Nordea Investment Management AB now owns 456,710 shares of the company’s stock worth $38,108,000 after buying an additional 24,307 shares during the period. 88.92% of the stock is currently owned by institutional investors.
Shares of Harris Corp. (NYSE:HRS) traded down 0.12% during midday trading on Wednesday, hitting $91.06. 543,725 shares of the stock were exchanged. The stock has a market cap of $11.31 billion, a P/E ratio of 35.27 and a beta of 1.22. Harris Corp. has a 52-week low of $70.97 and a 52-week high of $94.09. The firm’s 50 day moving average price is $91.44 and its 200-day moving average price is $84.16.
Harris Corp. (NYSE:HRS) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $1.45 EPS for the quarter, topping the consensus estimate of $1.44 by $0.01. Harris Corp. had a return on equity of 21.77% and a net margin of 4.34%. The company earned $1.90 billion during the quarter, compared to the consensus estimate of $1.94 billion. During the same period last year, the company earned $1.32 EPS. Harris Corp.’s revenue for the quarter was up 24.0% on a year-over-year basis. On average, equities research analysts expect that Harris Corp. will post $5.78 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Friday, September 9th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.33%. This is an increase from Harris Corp.’s previous quarterly dividend of $0.50. The ex-dividend date was Wednesday, September 7th. Harris Corp.’s dividend payout ratio (DPR) is presently 82.49%.
A number of equities analysts recently weighed in on HRS shares. Drexel Hamilton reissued a “buy” rating on shares of Harris Corp. in a report on Friday, June 17th. Zacks Investment Research downgraded shares of Harris Corp. from a “hold” rating to a “sell” rating in a report on Monday, July 18th. Jefferies Group reaffirmed a “buy” rating and set a $100.00 price objective (up from $95.00) on shares of Harris Corp. in a report on Wednesday, August 3rd. Citigroup Inc. dropped their price objective on shares of Harris Corp. from $112.00 to $95.00 and set a “buy” rating on the stock in a report on Tuesday, September 6th. Finally, JPMorgan Chase & Co. set a $93.00 price objective on shares of Harris Corp. and gave the company a “buy” rating in a report on Wednesday, August 3rd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the stock. Harris Corp. presently has an average rating of “Buy” and an average target price of $98.29.
In other Harris Corp. news, SVP Scott T. Mikuen sold 9,400 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $88.00, for a total transaction of $827,200.00. Following the completion of the sale, the senior vice president now directly owns 49,277 shares in the company, valued at approximately $4,336,376. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Dana A. Mehnert sold 27,000 shares of the business’s stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $88.02, for a total value of $2,376,540.00. Following the sale, the senior vice president now owns 89,492 shares of the company’s stock, valued at $7,877,085.84. 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.