Groesbeck Investment Management Corp NJ cut its stake in shares of Harris Corporation (NYSE:HRS) by 9.8% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 4,600 shares of the communications equipment provider’s stock after selling 500 shares during the period. Groesbeck Investment Management Corp NJ’s holdings in Harris Corporation were worth $502,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of HRS. Highstreet Asset Management Inc. bought a new stake in Harris Corporation during the second quarter valued at about $358,000. Comerica Bank boosted its stake in Harris Corporation by 41.2% in the second quarter. Comerica Bank now owns 58,401 shares of the communications equipment provider’s stock valued at $6,654,000 after buying an additional 17,037 shares in the last quarter. Legal & General Group Plc boosted its stake in Harris Corporation by 7.9% in the second quarter. Legal & General Group Plc now owns 617,999 shares of the communications equipment provider’s stock valued at $67,413,000 after buying an additional 45,465 shares in the last quarter. SG Americas Securities LLC boosted its stake in Harris Corporation by 2,515.7% in the second quarter. SG Americas Securities LLC now owns 475,954 shares of the communications equipment provider’s stock valued at $51,917,000 after buying an additional 457,758 shares in the last quarter. Finally, State of Wisconsin Investment Board boosted its stake in Harris Corporation by 24.1% in the second quarter. State of Wisconsin Investment Board now owns 103,122 shares of the communications equipment provider’s stock valued at $11,249,000 after buying an additional 20,000 shares in the last quarter. 83.60% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Harris Corporation (NYSE HRS) opened at 118.71 on Friday. The firm’s 50 day moving average is $115.34 and its 200-day moving average is $111.14. The firm has a market capitalization of $14.28 billion, a PE ratio of 26.76 and a beta of 1.22. Harris Corporation has a one year low of $88.89 and a one year high of $121.27.

Harris Corporation (NYSE:HRS) last announced its quarterly earnings data on Tuesday, August 1st. The communications equipment provider reported $1.49 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.49. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.52 billion. Harris Corporation had a net margin of 8.53% and a return on equity of 23.49%. Harris Corporation’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter last year, the company posted $1.45 earnings per share. On average, equities research analysts predict that Harris Corporation will post $6.00 earnings per share for the current fiscal year.

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Several research firms recently issued reports on HRS. BidaskClub raised shares of Harris Corporation from a “hold” rating to a “buy” rating in a report on Saturday, August 5th. Cowen and Company reaffirmed a “buy” rating and issued a $125.00 price target on shares of Harris Corporation in a report on Tuesday, August 1st. Jefferies Group LLC reaffirmed a “buy” rating and issued a $135.00 price target (up from $125.00) on shares of Harris Corporation in a report on Friday, July 14th. Zacks Investment Research cut shares of Harris Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Finally, ValuEngine raised shares of Harris Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company’s stock. Harris Corporation currently has a consensus rating of “Buy” and an average target price of $113.29.

In related news, SVP Robert L. Duffy sold 33,600 shares of the firm’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $112.01, for a total value of $3,763,536.00. Following the completion of the transaction, the senior vice president now directly owns 50,311 shares of the company’s stock, valued at $5,635,335.11. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Christopher D. Young sold 4,070 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $118.93, for a total value of $484,045.10. Following the completion of the transaction, the insider now directly owns 46,131 shares of the company’s stock, valued at $5,486,359.83. The disclosure for this sale can be found here. 1.71% of the stock is owned by company insiders.

About Harris Corporation

Institutional Ownership by Quarter for Harris Corporation (NYSE:HRS)

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