Harris Corp. (HRS) To Go Ex-Dividend on November 16th
Harris Corp. (NYSE:HRS) declared a quarterly dividend on Friday, October 28th. Stockholders of record on Friday, November 18th will be given a dividend of 0.53 per share on Tuesday, December 6th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend is Wednesday, November 16th.
Harris Corp. (NYSE:HRS) opened at 105.07 on Tuesday. The company has a market capitalization of $13.06 billion, a P/E ratio of 39.26 and a beta of 1.29. Harris Corp. has a 12-month low of $70.97 and a 12-month high of $105.90. The stock’s 50 day moving average is $92.48 and its 200-day moving average is $86.56.
Harris Corp. (NYSE:HRS) last released its quarterly earnings data on Tuesday, November 1st. The company reported $1.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.34 by $0.05. Harris Corp. had a return on equity of 22.84% and a net margin of 4.53%. The company earned $1.75 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same quarter in the prior year, the firm posted $1.31 earnings per share. The firm’s revenue was down 3.1% compared to the same quarter last year. On average, equities analysts predict that Harris Corp. will post $5.80 earnings per share for the current fiscal year.
In other news, insider Edward J. Zoiss sold 1,884 shares of the firm’s stock in a transaction that occurred on Thursday, November 3rd. The shares were sold at an average price of $92.99, for a total transaction of $175,193.16. Following the completion of the sale, the insider now owns 1,702 shares of the company’s stock, valued at approximately $158,268.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider William H. Gattle sold 1,366 shares of the firm’s stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $93.75, for a total transaction of $128,062.50. Following the sale, the insider now directly owns 4,851 shares of the company’s stock, valued at approximately $454,781.25. The disclosure for this sale can be found here. Insiders own 1.71% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Two Sigma Advisers LP purchased a new position in shares of Harris Corp. during the third quarter worth about $1,748,000. Profund Advisors LLC purchased a new position in shares of Harris Corp. during the third quarter worth about $319,000. Caisse DE Depot ET Placement DU Quebec boosted its position in shares of Harris Corp. by 3.0% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 61,600 shares of the company’s stock worth $5,140,000 after buying an additional 1,800 shares in the last quarter. SevenBridge Financial Group LLC purchased a new position in shares of Harris Corp. during the second quarter worth about $200,000. Finally, Paloma Partners Management Co boosted its position in shares of Harris Corp. by 109.0% in the second quarter. Paloma Partners Management Co now owns 9,182 shares of the company’s stock worth $766,000 after buying an additional 4,788 shares in the last quarter. 87.93% of the stock is owned by institutional investors.
HRS has been the subject of several recent research reports. Seaport Global Securities initiated coverage on Harris Corp. in a research note on Monday, November 7th. They issued a “buy” rating and a $105.00 price objective for the company. Citigroup Inc. lowered their price objective on Harris Corp. from $112.00 to $95.00 and set a “buy” rating for the company in a research note on Tuesday, September 6th. JPMorgan Chase & Co. set a $93.00 price objective on Harris Corp. and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Jefferies Group reaffirmed a “buy” rating and issued a $100.00 price objective (up previously from $95.00) on shares of Harris Corp. in a research note on Wednesday, August 3rd. Finally, Zacks Investment Research raised Harris Corp. from a “hold” rating to a “buy” rating and set a $104.00 price objective for the company in a research note on Thursday, November 3rd. Eleven investment analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and a consensus price target of $101.89.
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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