Victory Capital Management Inc. lowered its position in Harris Corp. (NYSE:HRS) by 2.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,592 shares of the company’s stock after selling 41 shares during the period. Victory Capital Management Inc.’s holdings in Harris Corp. were worth $133,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Global X Management Co. LLC raised its position in shares of Harris Corp. by 81.0% in the second quarter. Global X Management Co. LLC now owns 1,419 shares of the company’s stock worth $118,000 after buying an additional 635 shares during the last quarter. Huntington National Bank raised its stake in Harris Corp. by 24.1% in the second quarter. Huntington National Bank now owns 1,702 shares of the company’s stock valued at $142,000 after buying an additional 330 shares in the last quarter. Seven Eight Capital LLC purchased a new stake in Harris Corp. during the first quarter valued at about $160,000. Fulton Bank N.A. purchased a new stake in Harris Corp. during the second quarter valued at about $210,000. Finally, Boston Advisors LLC purchased a new stake in Harris Corp. during the second quarter valued at about $216,000. Hedge funds and other institutional investors own 88.92% of the company’s stock.
Harris Corp. (NYSE:HRS) traded up 0.35% during trading on Wednesday, hitting $91.58. 125,380 shares of the stock traded hands. The company has a 50-day moving average price of $91.23 and a 200-day moving average price of $83.72. Harris Corp. has a 12 month low of $70.97 and a 12 month high of $94.09. The stock has a market cap of $11.38 billion, a PE ratio of 35.47 and a beta of 1.22.
Harris Corp. (NYSE:HRS) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $1.45 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $1.94 billion. During the same quarter in the previous year, the firm posted $1.32 earnings per share. The company’s quarterly revenue was up 24.0% compared to the same quarter last year. Equities research analysts expect that Harris Corp. will post $5.78 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Friday, September 9th were given a $0.53 dividend. The ex-dividend date was Wednesday, September 7th. This represents a $2.12 annualized dividend and a dividend yield of 2.32%. This is a positive change from Harris Corp.’s previous quarterly dividend of $0.50. Harris Corp.’s payout ratio is 82.49%.
Several analysts recently issued reports on HRS shares. Citigroup Inc. reduced their price target on shares of Harris Corp. from $112.00 to $95.00 and set a “buy” rating on the stock in a research report on Tuesday, September 6th. Zacks Investment Research lowered shares of Harris Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday. JPMorgan Chase & Co. set a $93.00 price target on shares of Harris Corp. and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Jefferies Group reiterated a “buy” rating on shares of Harris Corp. in a research report on Friday, June 10th. Finally, Drexel Hamilton reiterated a “buy” rating on shares of Harris Corp. in a research report on Friday, June 17th. One investment 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. The company presently has a consensus rating of “Buy” and an average price target of $98.29.
In related news, SVP Dana A. Mehnert sold 27,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 89,492 shares of the company’s stock, valued at $7,877,085.84. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider William H. Gattle sold 1,366 shares of the business’s stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $93.75, for a total transaction of $128,062.50. Following the transaction, the insider now directly owns 4,851 shares of the company’s stock, valued at approximately $454,781.25. The disclosure for this sale can be found here. 1.71% of the stock is currently owned by 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.