Westpac Banking Corp Has $643,000 Stake in Harris Corp. (HRS)
Westpac Banking Corp raised its position in Harris Corp. (NYSE:HRS) by 26.5% during the second quarter, Holdings Channel reports. The firm owned 7,709 shares of the company’s stock after buying an additional 1,615 shares during the period. Westpac Banking Corp’s holdings in Harris Corp. were worth $643,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in HRS. Deprince Race & Zollo Inc. acquired a new position in shares of Harris Corp. during the second quarter worth about $29,783,000. Wellington Management Group LLP raised 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. Strs Ohio raised its position in shares of Harris Corp. by 3,941.8% in the second quarter. Strs Ohio now owns 640,783 shares of the company’s stock worth $53,466,000 after buying an additional 624,929 shares during the period. Geode Capital Management LLC raised its stake 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 valued at $78,484,000 after buying an additional 23,941 shares during the period. Finally, National Pension Service raised its stake in shares of Harris Corp. by 4.7% in the first quarter. National Pension Service now owns 92,242 shares of the company’s stock valued at $7,182,000 after buying an additional 4,112 shares during the period. Institutional investors own 88.92% of the company’s stock.
Harris Corp. (NYSE:HRS) opened at 92.07 on Wednesday. The company’s 50-day moving average price is $91.23 and its 200 day moving average price is $83.72. Harris Corp. has a 52-week low of $70.97 and a 52-week high of $94.09. The firm has a market capitalization of $11.44 billion, a price-to-earnings ratio of 35.66 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, topping 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 business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same period last year, the company earned $1.32 EPS. The firm’s revenue was up 24.0% on a year-over-year basis. Equities analysts predict that Harris Corp. will post $5.78 earnings per share for the current fiscal year.
The business 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. This is a positive change from Harris Corp.’s previous quarterly dividend of $0.50. This represents a $2.12 annualized dividend and a dividend yield of 2.32%. The ex-dividend date was Wednesday, September 7th. Harris Corp.’s dividend payout ratio (DPR) is currently 82.49%.
Several analysts have recently weighed in on HRS shares. Citigroup Inc. cut their price objective on Harris Corp. from $112.00 to $95.00 and set a “buy” rating for the company in a report on Tuesday, September 6th. Zacks Investment Research lowered Harris Corp. from a “hold” rating to a “sell” rating in a report on Tuesday. JPMorgan Chase & Co. set a $93.00 price objective on Harris Corp. and gave the company a “buy” rating in a report on Wednesday, August 3rd. Jefferies Group restated a “buy” rating on shares of Harris Corp. in a report on Friday, June 10th. Finally, Drexel Hamilton restated a “buy” rating on shares of Harris Corp. in a report on Friday, June 17th. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company’s stock. Harris Corp. presently has an average rating of “Buy” and an average target price of $98.29.
In other news, insider William H. Gattle sold 1,366 shares of the firm’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $93.75, for a total value of $128,062.50. Following the transaction, the insider now directly owns 4,851 shares in the company, valued at approximately $454,781.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Dana A. Mehnert sold 27,000 shares of the firm’s 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 owns 89,492 shares in the company, valued at $7,877,085.84. The disclosure for this sale can be found here. 1.71% of the stock is owned by 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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