Harris Corporation (HRS) Stake Lowered by Smith Salley & Associates

Smith Salley & Associates decreased its position in Harris Corporation (NYSE:HRS) by 5.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,188 shares of the communications equipment provider’s stock after selling 257 shares during the period. Smith Salley & Associates’ holdings in Harris Corporation were worth $457,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in HRS. Harwood Advisory Group LLC boosted its position in shares of Harris Corporation by 0.4% in the second quarter. Harwood Advisory Group LLC now owns 2,119 shares of the communications equipment provider’s stock valued at $231,000 after buying an additional 9 shares in the last quarter. Cleararc Capital Inc. boosted its position in shares of Harris Corporation by 0.8% in the first quarter. Cleararc Capital Inc. now owns 3,047 shares of the communications equipment provider’s stock valued at $339,000 after buying an additional 23 shares in the last quarter. Intrust Bank NA boosted its position in shares of Harris Corporation by 1.1% in the first quarter. Intrust Bank NA now owns 2,496 shares of the communications equipment provider’s stock valued at $277,000 after buying an additional 26 shares in the last quarter. Prospera Financial Services Inc boosted its position in shares of Harris Corporation by 1.4% in the second quarter. Prospera Financial Services Inc now owns 2,192 shares of the communications equipment provider’s stock valued at $239,000 after buying an additional 31 shares in the last quarter. Finally, Advantus Capital Management Inc boosted its position in shares of Harris Corporation by 0.3% in the first quarter. Advantus Capital Management Inc now owns 12,533 shares of the communications equipment provider’s stock valued at $1,395,000 after buying an additional 34 shares in the last quarter. Institutional investors own 85.67% of the company’s stock.

Harris Corporation (NYSE:HRS) opened at 113.88 on Friday. The stock has a market capitalization of $13.88 billion, a P/E ratio of 24.48 and a beta of 1.22. Harris Corporation has a 52-week low of $85.32 and a 52-week high of $116.09. The stock has a 50 day moving average of $112.01 and a 200 day moving average of $109.35.

Harris Corporation (NYSE:HRS) last announced its quarterly earnings results on Wednesday, May 3rd. The communications equipment provider reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.07. Harris Corporation had a return on equity of 23.25% and a net margin of 8.50%. The business had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter last year, the firm posted $1.45 EPS. The company’s quarterly revenue was down 3.9% on a year-over-year basis. On average, equities research analysts forecast that Harris Corporation will post $5.52 EPS for the current year.

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Several equities analysts have recently issued reports on HRS shares. Zacks Investment Research raised shares of Harris Corporation from a “hold” rating to a “buy” rating and set a $123.00 price objective on the stock in a research note on Monday, April 10th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $135.00 price objective (up previously from $125.00) on shares of Harris Corporation in a research note on Friday, July 14th. BidaskClub raised shares of Harris Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Cowen and Company reaffirmed a “buy” rating and issued a $125.00 price objective on shares of Harris Corporation in a research note on Thursday, July 6th. Finally, ValuEngine raised shares of Harris Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the stock. Harris Corporation currently has a consensus rating of “Buy” and a consensus target price of $110.75.

In other Harris Corporation 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 transaction of $3,763,536.00. Following the completion of the sale, the senior vice president now owns 50,311 shares of the company’s stock, valued at approximately $5,635,335.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.71% of the company’s stock.

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