Highland Capital Management LLC Purchases New Stake in Harris Corporation (HRS)

Highland Capital Management LLC bought a new position in shares of Harris Corporation (NYSE:HRS) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,554 shares of the communications equipment provider’s stock, valued at approximately $497,000.

Several other institutional investors have also made changes to their positions in the stock. BlackRock Inc. boosted its stake in shares of Harris Corporation by 3,267.9% in the first quarter. BlackRock Inc. now owns 7,670,217 shares of the communications equipment provider’s stock valued at $853,463,000 after buying an additional 7,442,472 shares in the last quarter. Janus Capital Management LLC boosted its stake in shares of Harris Corporation by 253.7% in the first quarter. Janus Capital Management LLC now owns 2,165,991 shares of the communications equipment provider’s stock valued at $241,010,000 after buying an additional 1,553,628 shares in the last quarter. Private Advisor Group LLC boosted its position in shares of Harris Corporation by 20,790.1% in the first quarter. Private Advisor Group LLC now owns 764,788 shares of the communications equipment provider’s stock valued at $9,623,000 after buying an additional 761,127 shares in the last quarter. FMR LLC boosted its position in shares of Harris Corporation by 38.6% in the first quarter. FMR LLC now owns 1,587,040 shares of the communications equipment provider’s stock valued at $176,590,000 after buying an additional 441,769 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Harris Corporation by 2.9% in the first quarter. Vanguard Group Inc. now owns 13,291,259 shares of the communications equipment provider’s stock valued at $1,478,919,000 after buying an additional 379,265 shares in the last quarter. 85.64% of the stock is owned by institutional investors and hedge funds.

Harris Corporation (NYSE:HRS) traded up 0.29% during trading on Wednesday, hitting $116.19. 737,877 shares of the company were exchanged. The company has a market capitalization of $14.16 billion, a price-to-earnings ratio of 24.98 and a beta of 1.22. Harris Corporation has a 12 month low of $86.87 and a 12 month high of $116.93. The stock’s 50-day moving average is $112.47 and its 200-day moving average is $109.74.

Harris Corporation (NYSE:HRS) last issued its earnings results on Tuesday, August 1st. The communications equipment provider reported $1.49 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.49. Harris Corporation had a return on equity of 23.25% and a net margin of 8.50%. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the company earned $1.45 earnings per share. The firm’s revenue for the quarter was up .6% on a year-over-year basis. Equities research analysts anticipate that Harris Corporation will post $5.52 earnings per share for the current year.

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

In other Harris Corporation news, SVP Robert L. Duffy sold 33,600 shares of the 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 sale, 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 filing with the Securities & Exchange Commission, which is available through this link. 1.71% of the stock is owned by company insiders.

Harris Corporation Company Profile