Cambridge Investment Research Advisors Inc. Has $4.66 Million Stake in Harris Corporation (HRS)
Cambridge Investment Research Advisors Inc. boosted its stake in Harris Corporation (NYSE:HRS) by 21.0% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 42,691 shares of the communications equipment provider’s stock after buying an additional 7,402 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Harris Corporation were worth $4,657,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of HRS. Dimensional Fund Advisors LP boosted its position in Harris Corporation by 11.3% in the first quarter. Dimensional Fund Advisors LP now owns 590,844 shares of the communications equipment provider’s stock valued at $65,744,000 after buying an additional 59,933 shares during the period. Bank of Montreal Can boosted its position in Harris Corporation by 39.2% in the second quarter. Bank of Montreal Can now owns 122,868 shares of the communications equipment provider’s stock valued at $13,403,000 after buying an additional 34,614 shares during the period. BTIM Corp. purchased a new position in Harris Corporation during the second quarter valued at approximately $435,000. Knights of Columbus Asset Advisors LLC purchased a new position in Harris Corporation during the first quarter valued at approximately $1,458,000. Finally, Bank of Nova Scotia boosted its position in Harris Corporation by 946.4% in the first quarter. Bank of Nova Scotia now owns 28,473 shares of the communications equipment provider’s stock valued at $3,168,000 after buying an additional 25,752 shares during the period. Institutional investors own 83.35% of the company’s stock.
Shares of Harris Corporation (NYSE HRS) opened at 121.33 on Tuesday. Harris Corporation has a 12 month low of $88.89 and a 12 month high of $122.37. The stock has a market cap of $14.60 billion, a P/E ratio of 27.35 and a beta of 1.22. The stock’s 50 day moving average is $116.47 and its 200 day moving average is $111.69.
Harris Corporation (NYSE:HRS) last announced its earnings results on Tuesday, August 1st. The communications equipment provider reported $1.49 EPS for the quarter, hitting the consensus estimate of $1.49. The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Harris Corporation had a return on equity of 23.49% and a net margin of 8.53%. The business’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.45 earnings per share. Analysts predict that Harris Corporation will post $6.01 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Friday, September 8th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend is Thursday, September 7th. This is a boost from Harris Corporation’s previous quarterly dividend of $0.53. Harris Corporation’s dividend payout ratio is presently 47.86%.
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Several research analysts have commented on HRS shares. Zacks Investment Research cut shares of Harris Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. BidaskClub upgraded shares of Harris Corporation from a “hold” rating to a “buy” rating in a report on Saturday, August 5th. Jefferies Group LLC reiterated a “buy” rating and set a $135.00 price target (up previously from $125.00) on shares of Harris Corporation in a report on Friday, July 14th. Cowen and Company reiterated a “buy” rating and set a $125.00 price target on shares of Harris Corporation in a report on Thursday, July 6th. Finally, Barclays PLC cut shares of Harris Corporation from an “overweight” rating to an “equal weight” rating and set a $110.00 price target for the company. in a report on Monday, May 1st. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $117.13.
In other news, insider Christopher D. Young sold 4,070 shares of the stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $118.93, for a total transaction of $484,045.10. Following the sale, the insider now owns 46,131 shares in the company, valued at $5,486,359.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Robert L. Duffy sold 33,600 shares of the stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $112.01, for a total value of $3,763,536.00. Following the sale, the senior vice president now owns 50,311 shares in the company, valued at approximately $5,635,335.11. The disclosure for this sale can be found here. Insiders have sold 87,970 shares of company stock worth $10,195,053 in the last 90 days. Company insiders own 1.71% of the company’s stock.
Harris Corporation Company Profile
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