Deprince Race & Zollo Inc. Takes Position in Harris Corp. (HRS)
Deprince Race & Zollo Inc. bought a new position in Harris Corp. (NYSE:HRS) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 356,936 shares of the company’s stock, valued at approximately $29,783,000.
A number of other institutional investors have also recently made changes to their positions in the company. Seven Eight Capital LLC acquired a new position in shares of Harris Corp. during the first quarter worth about $160,000. Fulton Bank N.A. acquired a new position in shares of Harris Corp. during the second quarter worth about $210,000. Boston Advisors LLC acquired a new position in shares of Harris Corp. during the second quarter worth about $216,000. W.G. Shaheen & Associates DBA Whitney & Co acquired a new position in shares of Harris Corp. during the second quarter worth about $295,000. Finally, Creative Planning boosted its position in shares of Harris Corp. by 32.5% in the second quarter. Creative Planning now owns 3,590 shares of the company’s stock worth $300,000 after buying an additional 880 shares in the last quarter. 88.92% of the stock is owned by institutional investors and hedge funds.
Shares of Harris Corp. (NYSE:HRS) traded down 0.12% during mid-day trading on Monday, reaching $91.50. 695,987 shares of the company’s stock traded hands. Harris Corp. has a 12-month low of $70.97 and a 12-month high of $94.09. The firm’s 50 day moving average price is $91.20 and its 200-day moving average price is $83.54. The stock has a market cap of $11.37 billion, a price-to-earnings ratio of 35.44 and a beta of 1.22.
Harris Corp. (NYSE:HRS) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $1.45 EPS for the quarter, topping the Thomson Reuters’ 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 business earned $1.90 billion during the quarter, compared to analyst estimates of $1.94 billion. During the same period in the prior year, the business earned $1.32 EPS. The company’s revenue for the quarter was up 24.0% on a year-over-year basis. Equities research analysts forecast that Harris Corp. will post $5.78 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Friday, September 9th were issued a $0.53 dividend. The ex-dividend date was Wednesday, September 7th. This is a positive change from Harris Corp.’s previous quarterly dividend of $0.50. This represents a $2.12 annualized dividend and a yield of 2.32%. Harris Corp.’s dividend payout ratio is 82.49%.
HRS has been the subject of a number of analyst reports. Citigroup Inc. initiated coverage on shares of Harris Corp. in a report on Friday, June 10th. They set a “buy” rating and a $95.00 price objective for the company. Drexel Hamilton reiterated a “buy” rating on shares of Harris Corp. in a report on Friday, June 17th. Zacks Investment Research cut shares of Harris Corp. from a “hold” rating to a “sell” rating in a report on Monday, July 18th. Jefferies Group reiterated 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. 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. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Harris Corp. has a consensus rating of “Buy” and an average target price of $98.29.
In other news, insider William H. Gattle sold 1,366 shares of the company’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 sale, the insider now directly owns 4,851 shares of the company’s stock, valued at approximately $454,781.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Scott T. Mikuen sold 9,400 shares of the company’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 $4,336,376. The disclosure for this sale can be found here. 1.71% of the stock is currently owned by company 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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