Verition Fund Management LLC Reduces Holdings in Harris Corporation (HRS)
Verition Fund Management LLC reduced its position in Harris Corporation (NYSE:HRS) by 2.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,842 shares of the communications equipment provider’s stock after selling 99 shares during the quarter. Verition Fund Management LLC’s holdings in Harris Corporation were worth $419,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Harris Corporation by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 13,405,643 shares of the communications equipment provider’s stock valued at $1,462,287,000 after acquiring an additional 114,384 shares in the last quarter. BlackRock Inc. grew its position in Harris Corporation by 2.3% in the 2nd quarter. BlackRock Inc. now owns 7,848,843 shares of the communications equipment provider’s stock valued at $856,150,000 after acquiring an additional 178,626 shares in the last quarter. State Street Corp grew its position in Harris Corporation by 3.9% in the 1st quarter. State Street Corp now owns 5,085,846 shares of the communications equipment provider’s stock valued at $565,898,000 after acquiring an additional 188,952 shares in the last quarter. Capital Research Global Investors acquired a new position in Harris Corporation in the 2nd quarter valued at about $304,508,000. Finally, Janus Henderson Group PLC grew its position in Harris Corporation by 12,337.7% in the 2nd quarter. Janus Henderson Group PLC now owns 2,459,438 shares of the communications equipment provider’s stock valued at $268,276,000 after acquiring an additional 2,439,664 shares in the last quarter. 84.98% of the stock is owned by institutional investors.
Several equities analysts have weighed in on the company. Cowen and Company reaffirmed a “buy” rating and issued a $150.00 target price on shares of Harris Corporation in a research report on Thursday. Zacks Investment Research raised Harris Corporation from a “hold” rating to a “buy” rating and set a $153.00 price objective for the company in a research report on Monday, October 16th. Seaport Global Securities reissued a “buy” rating and set a $145.00 price objective (up from $135.00) on shares of Harris Corporation in a research report on Monday, October 9th. ValuEngine downgraded Harris Corporation from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Finally, Jefferies Group LLC reissued a “buy” rating and set a $135.00 price objective on shares of Harris Corporation in a research report on Thursday, September 21st. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Harris Corporation has a consensus rating of “Buy” and an average target price of $133.86.
Harris Corporation (NYSE HRS) opened at 136.73 on Friday. The stock’s 50 day moving average price is $130.76 and its 200-day moving average price is $117.25. Harris Corporation has a 12 month low of $88.89 and a 12 month high of $137.17. The firm has a market capitalization of $16.38 billion, a P/E ratio of 30.82 and a beta of 1.18.
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 the consensus estimate of $1.49. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.52 billion. Harris Corporation had a return on equity of 23.49% and a net margin of 8.53%. The company’s revenue was up .6% on a year-over-year basis. During the same period last year, the business posted $1.45 EPS. On average, analysts forecast that Harris Corporation will post $6.01 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 22nd. Shareholders 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 yield of 1.67%. The ex-dividend date of this dividend was Thursday, September 7th. This is a positive change from Harris Corporation’s previous quarterly dividend of $0.53. Harris Corporation’s dividend payout ratio (DPR) is 51.47%.
In other Harris Corporation news, SVP Scott T. Mikuen sold 4,387 shares of the firm’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 transaction of $533,897.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christopher D. Young sold 4,070 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $118.93, for a total value of $484,045.10. Following the sale, the insider now owns 46,131 shares of the company’s stock, valued at approximately $5,486,359.83. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 72,357 shares of company stock valued at $8,643,111. 1.91% of the stock is owned by insiders.
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About Harris Corporation
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