Jana Partners adds Harris Corporation (HRS) to its portfolio

Harris Corporation (HRS) : Jana Partners added new position in Harris Corporation during the most recent quarter end. The investment management firm now holds 2,200,000 shares of Harris Corporation which is valued at $197,626,000 , the company said in a statement filed on Aug 15, 2016 with the SEC.Harris Corporation makes up approximately 3.50% of Jana Partners’s portfolio.

Other Hedge Funds, Including , Massmutual Trust Co Fsbadv boosted its stake in HRS in the latest quarter, The investment management firm added 8 additional shares and now holds a total of 135 shares of Harris Corporation which is valued at $12,127. Hap Trading sold out all of its stake in HRS during the most recent quarter. The investment firm sold 247,108 shares of HRS which is valued $21,928,364.Smith Salley Associates reduced its stake in HRS by selling 400 shares or 8.5% in the most recent quarter. The Hedge Fund company now holds 4,306 shares of HRS which is valued at $372,986. Harris Corporation makes up approx 0.08% of Smith Salley Associates’s portfolio.Capital One National Association boosted its stake in HRS in the latest quarter, The investment management firm added 34,553 additional shares and now holds a total of 96,330 shares of Harris Corporation which is valued at $8,287,270. Harris Corporation makes up approx 0.66% of Capital One National Association’s portfolio.

Harris Corporation closed down -0.13 points or -0.14% at $92.85 with 8,26,475 shares getting traded on Thursday. Post opening the session at $93.22, the shares hit an intraday low of $92.34 and an intraday high of $93.61 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Harris Corporation reported $1.45 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $1.43. The company had revenue of $1904.00 million for the quarter, compared to analysts expectations of $1936.65 million. The company’s revenue was up 24.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.32 EPS.

Investors should note that on Aug 29, 2016, Harris Corporation announced a cash dividend of $0.5300. The company’s management has announced Sep 7, 2016 as the ex-dividend date and fixed the record date on Sep 9, 2016. The payable date has been fixed on Sep 21, 2016.

Many Wall Street Analysts have commented on Harris Corporation. Citigroup Initiated Harris Corporation on Jun 10, 2016 to “Buy”, Price Target of the shares are set at $95.

Harris Corporation (Harris) together with its subsidiaries is engaged in providing technology-based solutions to government and commercial customers. As of July 3 2015 the Company operated through four business segments: RF Communications Government Communications Systems Integrated Network Solutions and Exelis. The RF Communications segment is engaged in serving the United States Department of Defense (DoD) and International Tactical Communications and public safety and professional communications markets. The Government Communications Systems segment is engaged in serving civil national intelligence and defense markets. The Integrated Network Solutions segment is engaged in serving information technology (IT) services and managed satellite and terrestrial communications solutions markets. The Exelis segment provides positioning and navigation sensors air traffic management solutions image processing and distribution communications and information systems.

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