First Merchants Corp Sells 461 Shares of Harris Corporation (HRS)

First Merchants Corp decreased its stake in Harris Corporation (NYSE:HRS) by 1.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 42,142 shares of the communications equipment provider’s stock after selling 461 shares during the period. Harris Corporation makes up about 1.3% of First Merchants Corp’s holdings, making the stock its 15th largest position. First Merchants Corp’s holdings in Harris Corporation were worth $4,597,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Trust Co. of Vermont increased its position in Harris Corporation by 20.6% in the second quarter. Trust Co. of Vermont now owns 919 shares of the communications equipment provider’s stock valued at $100,000 after buying an additional 157 shares during the last quarter. Contravisory Investment Management Inc. increased its position in Harris Corporation by 303.3% in the first quarter. Contravisory Investment Management Inc. now owns 1,222 shares of the communications equipment provider’s stock valued at $136,000 after buying an additional 919 shares during the last quarter. Ropes Wealth Advisors LLC increased its position in Harris Corporation by 198.8% in the first quarter. Ropes Wealth Advisors LLC now owns 1,551 shares of the communications equipment provider’s stock valued at $173,000 after buying an additional 1,032 shares during the last quarter. Ullmann Financial Group Inc. acquired a new position in Harris Corporation during the first quarter valued at $179,000. Finally, Fulton Bank N.A. acquired a new position in Harris Corporation during the first quarter valued at $202,000. Hedge funds and other institutional investors own 83.60% of the company’s stock.

Harris Corporation (HRS) opened at 118.71 on Friday. The company has a market cap of $14.28 billion, a price-to-earnings ratio of 26.76 and a beta of 1.22. Harris Corporation has a 52-week low of $88.89 and a 52-week high of $121.27. The company’s 50-day moving average is $115.34 and its 200 day moving average is $111.14.

Harris Corporation (NYSE:HRS) last issued its earnings results on Tuesday, August 1st. The communications equipment provider reported $1.49 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.49. Harris Corporation had a return on equity of 23.49% and a net margin of 8.53%. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the previous year, the firm earned $1.45 EPS. Harris Corporation’s revenue was up .6% on a year-over-year basis. Equities analysts forecast that Harris Corporation will post $6.00 earnings per share for the current fiscal year.

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HRS has been the subject of several analyst reports. Jefferies Group LLC increased their target price on shares of Harris Corporation from $120.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, May 4th. BidaskClub upgraded shares of Harris Corporation from a “hold” rating to a “buy” rating in a report on Saturday, August 5th. Cowen and Company reiterated a “buy” rating and issued a $125.00 target price on shares of Harris Corporation in a report on Tuesday, August 1st. Barclays PLC downgraded shares of Harris Corporation from an “overweight” rating to an “equal weight” rating and set a $110.00 target price for the company. in a report on Monday, May 1st. Finally, ValuEngine upgraded shares of Harris Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company’s stock. Harris Corporation has an average rating of “Buy” and a consensus target price of $113.29.

In other Harris Corporation news, SVP Robert L. Duffy sold 33,600 shares of the business’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $112.01, for a total value of $3,763,536.00. Following the completion of the transaction, the senior vice president now owns 50,311 shares of the company’s stock, valued at approximately $5,635,335.11. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Christopher D. Young sold 4,070 shares of the business’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $118.93, for a total value of $484,045.10. Following the completion of the transaction, the insider now directly owns 46,131 shares of the company’s stock, valued at approximately $5,486,359.83. The disclosure for this sale can be found here. 1.71% of the stock is currently owned by insiders.

About Harris Corporation

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

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