Harris Corp. (HRS) Stake Decreased by Herndon Capital Management LLC
Herndon Capital Management LLC reduced its position in shares of Harris Corp. (NYSE:HRS) by 36.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 709,659 shares of the company’s stock after selling 407,767 shares during the period. Harris Corp. makes up 2.3% of Herndon Capital Management LLC’s investment portfolio, making the stock its 23rd largest position. Herndon Capital Management LLC’s holdings in Harris Corp. were worth $59,213,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Huntington National Bank increased its position in Harris Corp. by 24.1% in the second quarter. Huntington National Bank now owns 1,702 shares of the company’s stock worth $142,000 after buying an additional 330 shares during the period. Seven Eight Capital LLC bought a new position in Harris Corp. during the first quarter worth $160,000. Fulton Bank N.A. bought a new position in Harris Corp. during the second quarter worth $210,000. Boston Advisors LLC bought a new position in Harris Corp. during the second quarter worth $216,000. Finally, W.G. Shaheen & Associates DBA Whitney & Co bought a new position in Harris Corp. during the second quarter worth $295,000. 88.84% of the stock is currently owned by institutional investors.
Harris Corp. (NYSE:HRS) traded up 0.90% during trading on Tuesday, reaching $90.39. The company’s stock had a trading volume of 813,592 shares. The stock’s 50-day moving average is $91.32 and its 200 day moving average is $84.50. Harris Corp. has a 12 month low of $70.97 and a 12 month high of $94.09. The company has a market cap of $11.23 billion, a P/E ratio of 35.01 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 earnings per share for the quarter, topping 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 analysts’ expectations of $1.94 billion. During the same quarter in the previous year, the firm posted $1.32 earnings per share. Harris Corp.’s revenue for the quarter was up 24.0% on a year-over-year basis. On average, equities analysts forecast that Harris Corp. will post $5.78 EPS for the current fiscal year.
The firm 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 a boost from Harris Corp.’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $2.12 annualized dividend and a dividend yield of 2.35%. Harris Corp.’s payout ratio is currently 82.49%.
Several analysts recently commented on HRS shares. Citigroup Inc. dropped their price objective on Harris Corp. from $112.00 to $95.00 and set a “buy” rating on the stock in a research note on Tuesday, September 6th. JPMorgan Chase & Co. set a $93.00 price objective on 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 previously from $95.00) on shares of Harris Corp. in a research note on Wednesday, August 3rd. Finally, Zacks Investment Research raised Harris Corp. from a “sell” rating to a “hold” rating in a research note on Monday, September 19th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $98.29.
In related news, SVP Scott T. Mikuen sold 9,400 shares of the business’s 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 sale, the senior vice president now owns 49,277 shares of the company’s stock, valued at $4,336,376. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider William H. Gattle sold 1,366 shares of the business’s stock in a transaction 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 completion of the sale, the insider now directly owns 4,851 shares in the company, valued at approximately $454,781.25. The disclosure for this sale can be found here. 1.71% of the stock is currently owned by corporate 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.
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