Sumitomo Mitsui Trust Holdings Inc. decreased its holdings in Harris Corporation (NYSE:HRS) by 12.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 386,170 shares of the communications equipment provider’s stock after selling 55,696 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.32% of Harris Corporation worth $50,851,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. BB&T Investment Services Inc. purchased a new position in Harris Corporation in the second quarter worth $113,000. Northwestern Mutual Wealth Management Co. raised its position in Harris Corporation by 110.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,205 shares of the communications equipment provider’s stock worth $131,000 after acquiring an additional 632 shares in the last quarter. BT Investment Management Ltd purchased a new position in Harris Corporation in the second quarter worth $157,000. Stephens Inc. AR acquired a new stake in Harris Corporation in the second quarter valued at $167,000. Finally, Birmingham Capital Management Co. Inc. AL acquired a new stake in Harris Corporation in the third quarter valued at $211,000. Hedge funds and other institutional investors own 83.84% of the company’s stock.
In related news, SVP Scott T. Mikuen sold 13,600 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $123.36, for a total transaction of $1,677,696.00. Following the sale, the senior vice president now owns 61,349 shares of the company’s stock, valued at $7,568,012.64. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.91% of the stock is owned by company insiders.
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HRS has been the topic of several research reports. Credit Suisse Group initiated coverage on Harris Corporation in a report on Monday, August 28th. They issued an “outperform” rating and a $144.00 target price on the stock. Cowen and Company reissued a “buy” rating and issued a $134.00 target price (up previously from $125.00) on shares of Harris Corporation in a report on Tuesday, September 12th. Zacks Investment Research raised Harris Corporation from a “hold” rating to a “buy” rating and set a $153.00 target price on the stock in a report on Monday, October 16th. Jefferies Group LLC upped their target price on Harris Corporation from $135.00 to $157.00 and gave the company a “buy” rating in a report on Wednesday, November 1st. Finally, Seaport Global Securities reissued a “buy” rating and issued a $145.00 target price (up previously from $135.00) on shares of Harris Corporation in a report on Monday, October 9th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Harris Corporation has an average rating of “Buy” and an average target price of $145.43.
Shares of Harris Corporation (HRS) opened at $139.84 on Monday. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.11 and a quick ratio of 0.64. The firm has a market capitalization of $16,670.00, a price-to-earnings ratio of 24.66, a price-to-earnings-growth ratio of 3.33 and a beta of 1.12. Harris Corporation has a twelve month low of $99.13 and a twelve month high of $141.97.
Harris Corporation (NYSE:HRS) last posted its quarterly earnings data on Tuesday, October 31st. The communications equipment provider reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.03. The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.44 billion. Harris Corporation had a return on equity of 23.36% and a net margin of 9.02%. The business’s revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter last year, the company earned $1.28 earnings per share. equities research analysts forecast that Harris Corporation will post 5.99 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Thursday, November 16th. Harris Corporation’s payout ratio is currently 42.62%.
Harris Corporation Profile
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