Harris Corporation (HRS) Shares Sold by AMP Capital Investors Ltd
AMP Capital Investors Ltd lowered its stake in shares of Harris Corporation (NYSE:HRS) by 1.7% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 67,464 shares of the communications equipment provider’s stock after selling 1,200 shares during the period. AMP Capital Investors Ltd owned approximately 0.06% of Harris worth $8,883,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Capital Research Global Investors bought a new stake in Harris during the second quarter worth about $304,508,000. Janus Henderson Group PLC raised its holdings in shares of Harris by 12,337.7% during the second quarter. Janus Henderson Group PLC now owns 2,459,438 shares of the communications equipment provider’s stock worth $268,276,000 after acquiring an additional 2,439,664 shares during the period. Koch Industries Inc. acquired a new stake in shares of Harris during the second quarter worth $612,000. SG Americas Securities LLC grew its position in Harris by 2,515.7% in the second quarter. SG Americas Securities LLC now owns 475,954 shares of the communications equipment provider’s stock valued at $51,917,000 after purchasing an additional 457,758 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in Harris by 90.1% in the second quarter. Principal Financial Group Inc. now owns 675,756 shares of the communications equipment provider’s stock valued at $73,710,000 after purchasing an additional 320,216 shares in the last quarter. 84.41% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have recently commented on HRS shares. ValuEngine raised shares of Harris from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Zacks Investment Research upgraded shares of Harris from a “sell” rating to a “hold” rating in a research report on Tuesday, October 3rd. Credit Suisse Group began coverage on shares of Harris in a research report on Monday, August 28th. They issued an “outperform” rating and a $144.00 target price for the company. J P Morgan Chase & Co lifted their price target on shares of Harris from $138.00 to $148.00 and gave the company an “overweight” rating in a report on Wednesday, November 1st. Finally, Cowen reaffirmed a “buy” rating and set a $150.00 price target on shares of Harris in a report on Tuesday, October 31st. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $145.43.
Harris (NYSE:HRS) last released its earnings results on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.03. Harris had a net margin of 9.02% and a return on equity of 23.36%. The company had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter in the previous year, the company earned $1.28 EPS. Harris’s quarterly revenue was down .5% compared to the same quarter last year. analysts anticipate that Harris Corporation will post 5.99 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 17th were issued a dividend of $0.57 per share. The ex-dividend date was Thursday, November 16th. This represents a $2.28 annualized dividend and a yield of 1.61%. Harris’s payout ratio is 50.89%.
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