Nippon Life Insurance Co. Takes Position in Harris Corporation (NYSE:HRS)

Nippon Life Insurance Co. acquired a new stake in shares of Harris Corporation (NYSE:HRS) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 8,334 shares of the communications equipment provider’s stock, valued at approximately $1,097,000.

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

HRS has been the subject of a number of analyst reports. Cowen and Company restated a “buy” rating and issued a $134.00 price objective (up from $125.00) on shares of Harris Corporation in a research note on Tuesday, September 12th. ValuEngine upgraded shares of Harris Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Jefferies Group LLC reissued a “buy” rating and issued a $135.00 price target on shares of Harris Corporation in a report on Thursday, September 21st. BidaskClub raised shares of Harris Corporation from a “hold” rating to a “buy” rating in a report on Saturday, August 5th. Finally, Seaport Global Securities reissued a “buy” rating and issued a $145.00 price target (up previously from $135.00) on shares of Harris Corporation in a report on Monday, October 9th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Harris Corporation currently has an average rating of “Buy” and an average target price of $145.43.

In other news, SVP Sheldon J. Fox sold 50,300 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the senior vice president now directly owns 73,092 shares of the company’s stock, valued at approximately $8,642,398.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Scott T. Mikuen sold 13,600 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $123.36, for a total transaction of $1,677,696.00. Following the transaction, the senior vice president now directly owns 61,349 shares of the company’s stock, valued at $7,568,012.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 68,287 shares of company stock valued at $8,159,066. 1.91% of the stock is owned by company insiders.

Harris Corporation (HRS) traded up $1.20 during trading on Friday, reaching $138.76. 591,800 shares of the company’s stock were exchanged, compared to its average volume of 753,265. 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 52 week low of $99.13 and a 52 week high of $141.97. The firm has a market cap of $16,397.23, a P/E ratio of 24.26, a PEG ratio of 3.28 and a beta of 1.12.

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

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

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Harris Corporation Company Profile

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

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