Bank of New York Mellon Corp decreased its position in shares of Harris Corporation (NYSE:HRS) by 7.5% during the 4th quarter, HoldingsChannel reports. The fund owned 1,749,213 shares of the communications equipment provider’s stock after selling 141,234 shares during the period. Bank of New York Mellon Corp’s holdings in Harris were worth $247,777,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Calton & Associates Inc. purchased a new stake in shares of Harris during the 4th quarter worth approximately $180,000. First National Bank & Trust Co. of Newtown purchased a new stake in shares of Harris during the 4th quarter worth approximately $200,000. Koshinski Asset Management Inc. purchased a new stake in shares of Harris during the 4th quarter worth approximately $203,000. HL Financial Services LLC purchased a new stake in shares of Harris during the 4th quarter worth approximately $205,000. Finally, Waters Parkerson & CO. LLC purchased a new stake in shares of Harris during the 3rd quarter worth approximately $208,000. 84.10% of the stock is currently owned by institutional investors and hedge funds.
In related news, SVP Sheldon J. Fox sold 8,682 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $156.00, for a total value of $1,354,392.00. Following the sale, the senior vice president now owns 53,724 shares of the company’s stock, valued at approximately $8,380,944. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.91% of the stock is currently owned by corporate insiders.
Shares of Harris Corporation (NYSE:HRS) opened at $157.01 on Wednesday. Harris Corporation has a 52 week low of $106.18 and a 52 week high of $160.67. The company has a quick ratio of 0.68, a current ratio of 1.22 and a debt-to-equity ratio of 1.13. The stock has a market capitalization of $18,720.00, a P/E ratio of 30.25, a P/E/G ratio of 4.03 and a beta of 1.29.
Harris (NYSE:HRS) last posted its earnings results on Tuesday, January 30th. The communications equipment provider reported $1.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.28. Harris had a return on equity of 24.49% and a net margin of 8.63%. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the prior year, the company earned $1.38 EPS. Harris’s revenue was up 5.9% on a year-over-year basis. equities analysts forecast that Harris Corporation will post 6.48 earnings per share for the current year.
Several equities research analysts have recently commented on HRS shares. Zacks Investment Research lowered Harris from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. ValuEngine raised Harris from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Cowen reissued a “buy” rating and set a $157.00 price target on shares of Harris in a research note on Monday, January 22nd. Credit Suisse Group reissued an “outperform” rating and set a $155.00 price target (up previously from $144.00) on shares of Harris in a research note on Wednesday, November 1st. They noted that the move was a valuation call. Finally, Jefferies Group boosted their price target on Harris from $135.00 to $157.00 and gave the stock a “buy” rating in a research note on Wednesday, November 1st. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $154.57.
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Harris Corporation is a technology company that provides products, systems and services that have defense and civil government applications, as well as commercial applications. It offers its products and services to government and commercial customer. It operates in four segments: Communication Systems, which serves markets in tactical communications and defense, and public safety networks; Space and Intelligence Systems, which provides complete Earth observation, environmental, geospatial, space protection, and intelligence solutions from advanced sensors and payloads, as well as ground processing and information analytics; Electronic Systems, which offers a portfolio of solutions in electronic warfare, avionics, wireless and technology, among others, and Critical Networks, which provides managed services supporting air traffic management, energy and maritime communications, and ground network operation and sustainment, as well as information technology (IT) and engineering services.
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