Harris Corporation (HRS) Shares Sold by American International Group Inc.

American International Group Inc. trimmed its stake in shares of Harris Corporation (NYSE:HRS) by 13.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 35,708 shares of the communications equipment provider’s stock after selling 5,349 shares during the period. American International Group Inc.’s holdings in Harris were worth $4,702,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Harbour Capital Advisors LLC grew its position in Harris by 10,808.2% in the second quarter. Harbour Capital Advisors LLC now owns 21,271 shares of the communications equipment provider’s stock valued at $195,000 after purchasing an additional 21,076 shares in the last quarter. Rothschild Asset Management Inc. grew its position in Harris by 17.2% in the second quarter. Rothschild Asset Management Inc. now owns 4,876 shares of the communications equipment provider’s stock valued at $532,000 after purchasing an additional 715 shares in the last quarter. Korea Investment CORP grew its position in Harris by 166.3% in the second quarter. Korea Investment CORP now owns 14,853 shares of the communications equipment provider’s stock valued at $1,620,000 after purchasing an additional 9,276 shares in the last quarter. Advisor Partners LLC grew its position in Harris by 12.5% in the second quarter. Advisor Partners LLC now owns 2,582 shares of the communications equipment provider’s stock valued at $282,000 after purchasing an additional 287 shares in the last quarter. Finally, Trexquant Investment LP grew its position in Harris by 41.7% in the second quarter. Trexquant Investment LP now owns 3,400 shares of the communications equipment provider’s stock valued at $371,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 84.41% of the company’s stock.

In other news, SVP Scott T. Mikuen sold 13,600 shares of Harris stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $123.36, for a total value of $1,677,696.00. Following the completion of the transaction, the senior vice president now owns 61,349 shares of the company’s stock, valued at approximately $7,568,012.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.91% of the company’s stock.

A number of research analysts recently weighed in on HRS shares. Zacks Investment Research raised shares of Harris from a “sell” rating to a “hold” rating in a research report on Thursday, August 24th. Credit Suisse Group started 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. ValuEngine raised shares of Harris from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Cowen reaffirmed a “buy” rating and issued a $134.00 target price (up previously from $125.00) on shares of Harris in a research report on Tuesday, September 12th. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $135.00 target price on shares of Harris in a research report on Thursday, September 21st. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $145.43.

Shares of Harris Corporation (NYSE:HRS) traded up $0.89 on Wednesday, hitting $142.58. 705,100 shares of the stock were exchanged, compared to its average volume of 749,620. Harris Corporation has a 52 week low of $99.13 and a 52 week high of $144.94. The company has a market cap of $16,899.66, a P/E ratio of 25.00, a PEG ratio of 3.38 and a beta of 1.12. 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 (NYSE:HRS) last announced its quarterly earnings data on Tuesday, October 31st. The communications equipment provider reported $1.38 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter last year, the firm posted $1.28 EPS. The company’s quarterly revenue was down .5% on a year-over-year basis. analysts expect that Harris Corporation will post 5.99 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Friday, November 17th were given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date was Thursday, November 16th. Harris’s dividend payout ratio (DPR) is presently 50.89%.

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About Harris

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Institutional Ownership by Quarter for Harris (NYSE:HRS)

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