Edgestream Partners L.P. Takes $261,000 Position in Harris Corporation (HRS)

Edgestream Partners L.P. purchased a new position in shares of Harris Corporation (NYSE:HRS) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,982 shares of the communications equipment provider’s stock, valued at approximately $261,000.

A number of other hedge funds also recently modified their holdings of the stock. Harwood Advisory Group LLC increased its position in Harris Corporation by 0.4% during the second quarter. Harwood Advisory Group LLC now owns 2,119 shares of the communications equipment provider’s stock worth $231,000 after purchasing an additional 9 shares during the last quarter. EP Wealth Advisors LLC increased its position in Harris Corporation by 1.0% during the second quarter. EP Wealth Advisors LLC now owns 1,875 shares of the communications equipment provider’s stock worth $205,000 after purchasing an additional 19 shares during the last quarter. Blue Chip Partners Inc. increased its position in Harris Corporation by 1.0% during the second quarter. Blue Chip Partners Inc. now owns 2,729 shares of the communications equipment provider’s stock worth $298,000 after purchasing an additional 26 shares during the last quarter. Thrivent Financial For Lutherans increased its position in Harris Corporation by 0.6% during the second quarter. Thrivent Financial For Lutherans now owns 4,685 shares of the communications equipment provider’s stock worth $511,000 after purchasing an additional 30 shares during the last quarter. Finally, Prospera Financial Services Inc increased its position in Harris Corporation by 1.4% during the second quarter. Prospera Financial Services Inc now owns 2,192 shares of the communications equipment provider’s stock worth $239,000 after purchasing an additional 31 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Several equities analysts recently commented on the stock. J P Morgan Chase & Co upped their price target on shares of Harris Corporation from $138.00 to $148.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 1st. Credit Suisse Group reaffirmed an “outperform” rating and set a $155.00 price target (up previously from $144.00) on shares of Harris Corporation in a research report on Wednesday, November 1st. They noted that the move was a valuation call. Jefferies Group LLC upped their price target on shares of Harris Corporation from $135.00 to $157.00 and gave the stock a “buy” rating in a research report on Wednesday, November 1st. Cowen and Company reiterated a “buy” rating and set a $150.00 price objective on shares of Harris Corporation in a research note on Tuesday, October 31st. Finally, Zacks Investment Research upgraded shares of Harris Corporation from a “hold” rating to a “buy” rating and set a $153.00 price objective for the company in a research note on Monday, October 16th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $145.43.

Harris Corporation (NYSE HRS) traded up $1.20 on Friday, reaching $138.76. 591,800 shares of the company’s stock traded hands, compared to its average volume of 579,372. The company has a current ratio of 1.11, a quick ratio of 0.64 and a debt-to-equity ratio of 1.14. Harris Corporation has a 12 month low of $99.13 and a 12 month high of $141.97. The stock has a market capitalization of $16,540.33, a P/E ratio of 24.47, a P/E/G ratio of 3.31 and a beta of 1.12.

Harris Corporation (NYSE:HRS) last posted its quarterly earnings results on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.03. The firm had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Harris Corporation had a net margin of 9.02% and a return on equity of 23.36%. The firm’s quarterly revenue was down .5% on a year-over-year basis. During the same period in the prior year, the company posted $1.28 earnings per share. equities research analysts anticipate that Harris Corporation will post 5.99 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be issued a dividend of $0.57 per share. The ex-dividend date is Thursday, November 16th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.64%. Harris Corporation’s dividend payout ratio (DPR) is 50.89%.

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In other news, SVP Scott T. Mikuen sold 13,600 shares of the firm’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $123.36, for a total transaction of $1,677,696.00. Following the completion of the transaction, the senior vice president now owns 61,349 shares in the company, valued at approximately $7,568,012.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Sheldon J. Fox sold 50,300 shares of the firm’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $118.24, for a total transaction of $5,947,472.00. Following the transaction, the senior vice president now owns 73,092 shares of the company’s stock, valued at approximately $8,642,398.08. The disclosure for this sale can be found here. Insiders have sold 68,287 shares of company stock worth $8,159,066 over the last three months. 1.91% of the stock is owned by corporate insiders.

About Harris Corporation

Institutional Ownership by Quarter for Harris Corporation (NYSE:HRS)

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