Harris Corporation (HRS) Shares Sold by HM Payson & Co.
HM Payson & Co. reduced its position in Harris Corporation (NYSE:HRS) by 1.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 256,138 shares of the communications equipment provider’s stock after selling 4,341 shares during the quarter. Harris Corporation makes up about 1.5% of HM Payson & Co.’s investment portfolio, making the stock its 18th biggest holding. HM Payson & Co. owned approximately 0.21% of Harris Corporation worth $33,728,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Trust Co. of Vermont boosted its stake in Harris Corporation by 20.6% in the second quarter. Trust Co. of Vermont now owns 919 shares of the communications equipment provider’s stock valued at $100,000 after acquiring an additional 157 shares during the period. BB&T Investment Services Inc. acquired a new position in Harris Corporation in the second quarter valued at approximately $113,000. Northwestern Mutual Wealth Management Co. boosted its stake 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 valued at $131,000 after acquiring an additional 632 shares during the period. BT Investment Management Ltd acquired a new position in Harris Corporation in the second quarter valued at approximately $157,000. Finally, Stephens Inc. AR acquired a new position in Harris Corporation in the second quarter valued at approximately $167,000. 84.68% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have commented on HRS. J P Morgan Chase & Co lifted their target price on Harris Corporation from $138.00 to $148.00 and gave the company an “overweight” rating in a research note on Wednesday, November 1st. Cowen and Company reiterated a “buy” rating and set a $150.00 price objective on shares of Harris Corporation in a research report on Tuesday, October 31st. BidaskClub upgraded Harris Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Jefferies Group LLC boosted their price objective on Harris Corporation from $135.00 to $157.00 and gave the stock a “buy” rating in a research report on Wednesday, November 1st. Finally, Credit Suisse Group reiterated an “outperform” rating and set a $155.00 price objective (up from $144.00) on shares of Harris Corporation in a research report on Wednesday, November 1st. They noted that the move was a valuation call. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Harris Corporation currently has an average rating of “Buy” and an average target price of $145.43.
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Shares of Harris Corporation (NYSE:HRS) traded up $1.20 during midday trading on Friday, hitting $138.76. The stock had a trading volume of 591,800 shares, compared to its average volume of 753,265. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.64 and a current ratio of 1.11. The firm has a market capitalization of $16,397.23, a P/E ratio of 24.26, a PEG ratio of 3.28 and a beta of 1.12. Harris Corporation has a fifty-two week low of $99.13 and a fifty-two week high of $141.97.
Harris Corporation (NYSE:HRS) last issued its quarterly earnings data on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.35 by $0.03. Harris Corporation had a return on equity of 23.36% and a net margin of 9.02%. The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the previous year, the firm posted $1.28 earnings per share. The business’s revenue was down .5% on a year-over-year basis. equities research analysts forecast that Harris Corporation will post 5.99 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be issued a dividend of $0.57 per share. The ex-dividend date is Thursday, November 16th. This represents a $2.28 annualized dividend and a yield of 1.64%. Harris Corporation’s payout ratio is 50.89%.
In related news, SVP Sheldon J. Fox sold 50,300 shares of the business’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $118.24, for a total transaction of $5,947,472.00. Following the sale, the senior vice president now owns 73,092 shares of the company’s stock, valued at $8,642,398.08. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Scott T. Mikuen sold 4,387 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $121.70, for a total value of $533,897.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 68,287 shares of company stock worth $8,159,066. 1.91% of the stock is owned by corporate insiders.
About Harris Corporation
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