Southport Management L.L.C. Has $2,672,000 Stake in Harris Corporation (HRS)
Southport Management L.L.C. maintained its stake in shares of Harris Corporation (NYSE:HRS) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,500 shares of the communications equipment provider’s stock at the close of the 2nd quarter. Harris Corporation accounts for 7.2% of Southport Management L.L.C.’s investment portfolio, making the stock its 4th biggest position. Southport Management L.L.C.’s holdings in Harris Corporation were worth $2,672,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Harwood Advisory Group LLC grew its position in Harris Corporation by 0.4% during the 2nd quarter. Harwood Advisory Group LLC now owns 2,119 shares of the communications equipment provider’s stock worth $231,000 after purchasing an additional 9 shares during the period. Cleararc Capital Inc. grew its position in Harris Corporation by 0.8% during the 1st quarter. Cleararc Capital Inc. now owns 3,047 shares of the communications equipment provider’s stock worth $339,000 after purchasing an additional 23 shares during the period. Blue Chip Partners Inc. grew its position in Harris Corporation by 1.0% during the 2nd quarter. Blue Chip Partners Inc. now owns 2,729 shares of the communications equipment provider’s stock worth $298,000 after purchasing an additional 26 shares during the period. Thrivent Financial For Lutherans grew its position in Harris Corporation by 0.6% during the 2nd quarter. Thrivent Financial For Lutherans now owns 4,685 shares of the communications equipment provider’s stock worth $511,000 after purchasing an additional 30 shares during the period. Finally, Prospera Financial Services Inc grew its position in Harris Corporation by 1.4% during the 2nd quarter. Prospera Financial Services Inc now owns 2,192 shares of the communications equipment provider’s stock worth $239,000 after purchasing an additional 31 shares during the period. 84.99% of the stock is currently owned by institutional investors.
Several equities research analysts have weighed in on the company. Jefferies Group LLC reaffirmed a “buy” rating and set a $135.00 price target on shares of Harris Corporation in a research report on Thursday, September 21st. Zacks Investment Research raised Harris Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, September 19th. Cowen and Company reaffirmed a “buy” rating and set a $134.00 price target (up from $125.00) on shares of Harris Corporation in a research report on Tuesday, September 12th. ValuEngine raised Harris Corporation from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Finally, Credit Suisse Group assumed coverage on Harris Corporation in a research report on Monday, August 28th. They set an “outperform” rating and a $144.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $121.57.
In other news, insider Christopher D. Young sold 4,070 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $118.93, for a total transaction of $484,045.10. Following the transaction, the insider now directly owns 46,131 shares in the company, valued at $5,486,359.83. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Sheldon J. Fox sold 50,300 shares of the business’s stock in a transaction dated 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 transaction, the senior vice president now owns 73,092 shares in the company, valued at $8,642,398.08. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 72,357 shares of company stock worth $8,643,111. Company insiders own 1.91% of the company’s stock.
Harris Corporation (HRS) traded up 0.40% during midday trading on Tuesday, hitting $131.27. The stock had a trading volume of 82,948 shares. Harris Corporation has a 12 month low of $88.89 and a 12 month high of $131.90. The stock has a 50 day moving average of $120.91 and a 200 day moving average of $113.51. The stock has a market cap of $15.72 billion, a price-to-earnings ratio of 29.59 and a beta of 1.19.
Harris Corporation (NYSE:HRS) last announced its earnings results on Tuesday, August 1st. The communications equipment provider reported $1.49 EPS for the quarter, meeting analysts’ consensus estimates of $1.49. Harris Corporation had a net margin of 8.53% and a return on equity of 23.49%. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same period in the prior year, the company earned $1.45 earnings per share. The business’s revenue was up .6% compared to the same quarter last year. Analysts expect that Harris Corporation will post $6.01 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 22nd. Stockholders of record on Friday, September 8th were paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.74%. This is a positive change from Harris Corporation’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 7th. Harris Corporation’s payout ratio is 51.47%.
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About Harris Corporation
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