Harris Corp. (HRS) Shares Sold by Grimes & Company Inc.
Grimes & Company Inc. decreased its stake in Harris Corp. (NYSE:HRS) by 7.6% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 31,279 shares of the company’s stock after selling 2,578 shares during the period. Grimes & Company Inc.’s holdings in Harris Corp. were worth $2,610,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Seven Eight Capital LLC purchased a new position in Harris Corp. during the first quarter valued at approximately $160,000. Fulton Bank N.A. purchased a new position in Harris Corp. during the second quarter valued at approximately $210,000. Brick & Kyle Associates raised its position in Harris Corp. by 1,570.9% in the first quarter. Brick & Kyle Associates now owns 2,757 shares of the company’s stock valued at $215,000 after buying an additional 2,592 shares in the last quarter. W.G. Shaheen & Associates DBA Whitney & Co purchased a new position in Harris Corp. during the second quarter valued at approximately $295,000. Finally, Creative Planning raised its position in Harris Corp. by 32.5% in the second quarter. Creative Planning now owns 3,590 shares of the company’s stock valued at $300,000 after buying an additional 880 shares in the last quarter. 88.48% of the stock is owned by institutional investors.
Harris Corp. (NYSE:HRS) traded down 0.23% during mid-day trading on Tuesday, reaching $89.31. The company’s stock had a trading volume of 570,530 shares. Harris Corp. has a 1-year low of $70.10 and a 1-year high of $94.09. The stock has a market capitalization of $11.09 billion, a P/E ratio of 34.59 and a beta of 1.30. The stock’s 50 day moving average price is $90.71 and its 200 day moving average price is $82.85.
Harris Corp. (NYSE:HRS) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $1.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.44 by $0.01. The company earned $1.90 billion during the quarter, compared to the consensus estimate of $1.94 billion. Harris Corp. had a return on equity of 21.77% and a net margin of 4.34%. Harris Corp.’s revenue was up 24.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.32 EPS. Analysts expect that Harris Corp. will post $5.78 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 21st. Shareholders of record on Friday, September 9th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Wednesday, September 7th. This is an increase from Harris Corp.’s previous quarterly dividend of $0.50. This represents a $2.12 annualized dividend and a yield of 2.37%. Harris Corp.’s payout ratio is 82.49%.
Several research analysts have recently commented on HRS shares. Citigroup Inc. lowered their price target on Harris Corp. from $112.00 to $95.00 and set a “buy” rating for the company in a research report on Tuesday, September 6th. Zacks Investment Research lowered Harris Corp. from a “hold” rating to a “sell” rating in a research report on Monday, July 18th. JPMorgan Chase & Co. set a $93.00 price target on Harris Corp. and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Jefferies Group restated a “buy” rating on shares of Harris Corp. in a research report on Friday, June 10th. Finally, Drexel Hamilton restated a “buy” rating on shares of Harris Corp. in a research report on Friday, June 17th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $98.29.
In other Harris Corp. news, 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 value of $128,062.50. Following the completion of the transaction, the insider now directly owns 4,851 shares in the company, valued at approximately $454,781.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 completion of the transaction, the senior vice president now owns 49,277 shares of the company’s stock, valued at $4,336,376. The disclosure for this sale can be found here. 1.37% of the stock is owned by company 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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