Deprince Race & Zollo Inc. Takes Position in Harris Corp. (HRS)
Deprince Race & Zollo Inc. bought a new position in Harris Corp. (NYSE:HRS) during the second quarter, according to its most recent filing with the SEC. The firm bought 356,936 shares of the company’s stock, valued at approximately $29,783,000. Deprince Race & Zollo Inc. owned about 0.29% of Harris Corp. as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in HRS. Aperio Group LLC raised its position in shares of Harris Corp. by 3.7% in the first quarter. Aperio Group LLC now owns 39,976 shares of the company’s stock valued at $3,113,000 after buying an additional 1,412 shares during the period. Pacad Investment Ltd. purchased a new position in shares of Harris Corp. during the first quarter valued at about $483,000. Ngam Advisors L.P. raised its position in shares of Harris Corp. by 253.4% in the first quarter. Ngam Advisors L.P. now owns 73,841 shares of the company’s stock valued at $5,749,000 after buying an additional 52,948 shares during the period. Stratos Wealth Partners LTD. raised its position in shares of Harris Corp. by 13.0% in the first quarter. Stratos Wealth Partners LTD. now owns 4,363 shares of the company’s stock valued at $340,000 after buying an additional 502 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of Harris Corp. by 1.8% in the first quarter. JPMorgan Chase & Co. now owns 4,203,481 shares of the company’s stock valued at $327,282,000 after buying an additional 73,684 shares during the period. 88.92% of the stock is owned by hedge funds and other institutional investors.
Shares of Harris Corp. (NYSE:HRS) traded down 0.12% during midday trading on Monday, reaching $91.50. 695,987 shares of the company’s stock traded hands. Harris Corp. has a 12 month low of $70.97 and a 12 month high of $94.09. The stock has a market cap of $11.37 billion, a P/E ratio of 35.44 and a beta of 1.22. The stock has a 50 day moving average of $91.20 and a 200-day moving average of $83.54.
Harris Corp. (NYSE:HRS) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $1.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.44 by $0.01. The firm earned $1.90 billion during the quarter, compared to the consensus estimate of $1.94 billion. Harris Corp. had a net margin of 4.34% and a return on equity of 21.77%. The company’s revenue for the quarter was up 24.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.32 earnings per share. On average, equities research analysts forecast that Harris Corp. will post $5.78 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Friday, September 9th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend was Wednesday, September 7th. This is an increase from Harris Corp.’s previous quarterly dividend of $0.50. Harris Corp.’s dividend payout ratio (DPR) is currently 82.49%.
Several equities analysts have recently issued reports on the stock. Citigroup Inc. decreased their price target on shares of Harris Corp. from $112.00 to $95.00 and set a “buy” rating for the company in a report on Tuesday, September 6th. Zacks Investment Research raised shares of Harris Corp. from a “sell” rating to a “hold” rating in a report on Monday, September 19th. Jefferies Group reissued a “buy” rating and issued a $100.00 price target (up previously from $95.00) on shares of Harris Corp. in a report on Wednesday, August 3rd. JPMorgan Chase & Co. set a $93.00 price target on shares of Harris Corp. and gave the company a “buy” rating in a report on Wednesday, August 3rd. Finally, Drexel Hamilton reissued a “buy” rating on shares of Harris Corp. in a report on Friday, June 17th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $98.29.
In related news, SVP Sheldon J. Fox sold 17,700 shares of Harris Corp. stock in a transaction on Monday, August 8th. The shares were sold at an average price of $88.02, for a total transaction of $1,557,954.00. Following the completion of the transaction, the senior vice president now owns 62,060 shares of the company’s stock, valued at $5,462,521.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Scott T. Mikuen sold 9,400 shares of Harris Corp. stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $88.00, for a total transaction of $827,200.00. Following the transaction, the senior vice president now directly owns 49,277 shares of the company’s stock, valued at approximately $4,336,376. The disclosure for this sale can be found here. Corporate insiders own 1.71% of the company’s stock.
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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