Park Avenue Securities LLC Purchases New Stake in Harris Corporation (NYSE:HRS)

Park Avenue Securities LLC bought a new position in Harris Corporation (NYSE:HRS) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 2,695 shares of the communications equipment provider’s stock, valued at approximately $303,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in HRS. Dimensional Fund Advisors LP raised its position in Harris Corporation by 11.3% in the first quarter. Dimensional Fund Advisors LP now owns 590,844 shares of the communications equipment provider’s stock worth $65,744,000 after buying an additional 59,933 shares during the period. Bank of Montreal Can raised its position in Harris Corporation by 39.2% in the second quarter. Bank of Montreal Can now owns 122,868 shares of the communications equipment provider’s stock worth $13,403,000 after buying an additional 34,614 shares during the period. Knights of Columbus Asset Advisors LLC bought a new position in Harris Corporation during the first quarter worth $1,458,000. Bank of Nova Scotia raised its position in Harris Corporation by 946.4% in the first quarter. Bank of Nova Scotia now owns 28,473 shares of the communications equipment provider’s stock worth $3,168,000 after buying an additional 25,752 shares during the period. Finally, BTIM Corp. bought a new position in Harris Corporation during the second quarter worth $435,000. 83.60% of the stock is currently owned by hedge funds and other institutional investors.

Harris Corporation (NYSE HRS) opened at 118.71 on Friday. Harris Corporation has a 52 week low of $88.89 and a 52 week high of $121.27. The company has a market capitalization of $14.28 billion, a P/E ratio of 26.76 and a beta of 1.22. The company has a 50 day moving average price of $115.34 and a 200-day moving average price of $111.14.

Harris Corporation (NYSE:HRS) last posted its quarterly earnings results on Tuesday, August 1st. The communications equipment provider reported $1.49 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.49. Harris Corporation had a net margin of 8.53% and a return on equity of 23.49%. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period in the prior year, the business posted $1.45 earnings per share. The company’s revenue was up .6% on a year-over-year basis. On average, equities analysts anticipate 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 a number of recent analyst reports. Zacks Investment Research lowered Harris Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. BidaskClub upgraded Harris Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Jefferies Group LLC restated a “buy” rating and set a $135.00 price objective (up from $125.00) on shares of Harris Corporation in a research report on Friday, July 14th. Cowen and Company restated a “buy” rating and set a $125.00 price objective on shares of Harris Corporation in a research report on Thursday, July 6th. Finally, Barclays PLC lowered Harris Corporation from an “overweight” rating to an “equal weight” rating and set a $110.00 price objective for the company. in a research report on Monday, May 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. Harris Corporation presently has an average rating of “Buy” and an average target price of $113.29.

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

Harris Corporation Company Profile

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

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