Prudential Financial Inc. Decreases Stake in Harris Corp. (HRS)
Prudential Financial Inc. reduced its stake in Harris Corp. (NYSE:HRS) by 16.5% during the second quarter, according to its most recent filing with the SEC. The fund owned 326,908 shares of the company’s stock after selling 64,792 shares during the period. Prudential Financial Inc. owned about 0.26% of Harris Corp. worth $27,277,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in HRS. Global X Management Co. LLC boosted its stake 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 valued at $118,000 after buying an additional 635 shares in the last quarter. Huntington National Bank boosted its stake in shares of 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 acquired a new stake in shares of Harris Corp. during the first quarter valued at $160,000. Private Advisor Group LLC acquired a new stake in shares of Harris Corp. during the second quarter valued at $203,000. Finally, Fulton Bank N.A. acquired a new stake in shares of Harris Corp. during the second quarter valued at $210,000. Institutional investors own 88.92% of the company’s stock.
Shares of Harris Corp. (NYSE:HRS) traded up 0.10% during mid-day trading on Friday, hitting $90.90. 62,790 shares of the stock were exchanged. Harris Corp. has a 12 month low of $70.10 and a 12 month high of $94.09. The stock has a market cap of $11.29 billion, a price-to-earnings ratio of 35.21 and a beta of 1.30. The company has a 50-day moving average price of $90.85 and a 200-day moving average price of $82.96.
Harris Corp. (NYSE:HRS) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $1.45 EPS for the quarter, beating the Thomson Reuters’ 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 firm earned $1.90 billion during the quarter, compared to the consensus estimate of $1.94 billion. During the same period in the prior year, the company earned $1.32 EPS. The firm’s revenue was up 24.0% compared to the same quarter last year. Equities analysts expect that Harris Corp. will post $5.78 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Friday, September 9th were paid a $0.53 dividend. This is an increase from Harris Corp.’s previous quarterly dividend of $0.50. This represents a $2.12 annualized dividend and a yield of 2.33%. The ex-dividend date was Wednesday, September 7th. Harris Corp.’s dividend payout ratio is currently 82.49%.
Several equities research analysts recently weighed in 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. JPMorgan Chase & Co. set a $93.00 price objective on shares of Harris Corp. and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. Jefferies Group reaffirmed a “buy” rating and set a $100.00 price objective (up from $95.00) on shares of Harris Corp. in a research note on Wednesday, August 3rd. Drexel Hamilton reaffirmed a “buy” rating on shares of Harris Corp. in a research note on Friday, June 17th. Finally, Zacks Investment Research raised shares of Harris Corp. from a “sell” rating to a “hold” rating in a research note on Monday. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $98.29.
In related news, SVP Dana A. Mehnert sold 27,000 shares of the stock in a transaction 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 completion of the transaction, the senior vice president now directly owns 89,492 shares of the company’s stock, valued at approximately $7,877,085.84. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Scott T. Mikuen sold 9,400 shares of the stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $88.00, for a total value of $827,200.00. Following the completion of the transaction, the senior vice president now directly owns 49,277 shares of the company’s stock, valued at $4,336,376. The disclosure for this sale can be found here. 1.71% of the stock is owned by corporate insiders.
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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