Todays Report: The First Midwest Bank Trust Division reduces its investment in Harris Corp. (HRS)

The First Midwest Bank Trust Division reduces its investment in Harris Corp. (HRS)

First Midwest Bank Trust Division lowered its stake in Harris Corp. (NYSE:HRS) by 17.1% during the second quarter, Holdings Channel reports. The fund owned 3,674 shares of the company’s stock after selling 758 shares during the period. First Midwest Bank Trust Division’s holdings in Harris Corp. were worth $307,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of HRS. Calamos Advisors LLC raised its position in Harris Corp. by 6,797.5% in the second quarter. Calamos Advisors LLC now owns 270,726 shares of the company’s stock valued at $22,589,000 after buying an additional 266,801 shares during the last quarter. American Century Companies Inc. bought a new position in Harris Corp. during the second quarter valued at about $3,375,000. Retirement Systems of Alabama raised its position in Harris Corp. by 3.2% in the second quarter. Retirement Systems of Alabama now owns 117,735 shares of the company’s stock valued at $9,824,000 after buying an additional 3,674 shares during the last quarter. Boston Advisors LLC bought a new position in Harris Corp. during the second quarter valued at about $216,000. Finally, Conning Inc. raised its position in Harris Corp. by 5.7% in the second quarter. Conning Inc. now owns 3,705 shares of the company’s stock valued at $309,000 after buying an additional 200 shares during the last quarter. Institutional investors and hedge funds own 88.92% of the company’s stock.

Harris Corp. (NYSE:HRS) traded up 0.37% on Friday, hitting $92.62. The stock had a trading volume of 515,668 shares. The firm has a market capitalization of $11.51 billion, a price-to-earnings ratio of 35.87 and a beta of 1.22. Harris Corp. has a 1-year low of $70.97 and a 1-year high of $94.09. The stock’s 50-day moving average is $91.40 and its 200 day moving average is $83.94.

Harris Corp. (NYSE:HRS) last posted its earnings results on Tuesday, August 2nd. The company reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.01. The company had revenue of $1.90 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 24.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.32 earnings per share. On average, equities research analysts predict that Harris Corp. will post $5.78 earnings per share for the current fiscal year.

The business also recently disclosed 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 is a boost from Harris Corp.’s previous quarterly dividend of $0.50. This represents a $2.12 annualized dividend and a yield of 2.29%. The ex-dividend date was Wednesday, September 7th. Harris Corp.’s payout ratio is presently 82.49%.

Several equities analysts recently issued reports on the company. Zacks Investment Research lowered Harris Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday. Citigroup Inc. reduced their price target on Harris Corp. from $112.00 to $95.00 and set a “buy” rating on the stock in a research report on Tuesday, September 6th. JPMorgan Chase & Co. set a $93.00 price target on 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 price target (up from $95.00) on shares of Harris Corp. in a research report on Wednesday, August 3rd. 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 assigned a buy rating to the company’s stock. Harris Corp. presently has a consensus rating of “Buy” and a consensus price target of $98.29.

In other Harris Corp. news, insider William H. Gattle sold 1,366 shares of the business’s stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $93.75, for a total transaction of $128,062.50. Following the sale, the insider now directly owns 4,851 shares of the company’s stock, valued at $454,781.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Dana A. Mehnert sold 27,000 shares of the business’s stock in a transaction that occurred on Thursday, August 4th. The stock was 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 directly owns 89,492 shares in the company, valued at $7,877,085.84. 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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