Harman International Industries Inc. (HAR) Lowered to Hold at Deutsche Bank AG
Deutsche Bank AG downgraded shares of Harman International Industries Inc. (NYSE:HAR) from a buy rating to a hold rating in a research report report published on Wednesday. The firm currently has $112.00 target price on the stock, up from their previous target price of $103.00.
HAR has been the subject of a number of other reports. Zacks Investment Research cut Harman International Industries from a hold rating to a sell rating in a report on Wednesday, October 5th. Robert W. Baird cut Harman International Industries from an outperform rating to a neutral rating and set a $87.00 price target for the company. in a report on Friday, August 5th. Barclays PLC cut Harman International Industries from an overweight rating to an equal weight rating and lifted their price target for the company from $104.00 to $111.00 in a report on Tuesday. JPMorgan Chase & Co. lifted their price target on Harman International Industries from $102.00 to $108.00 and gave the company an overweight rating in a report on Friday, August 5th. Finally, Piper Jaffray Cos. set a $88.00 price objective on Harman International Industries and gave the stock a hold rating in a research report on Saturday, August 6th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $97.63.
Shares of Harman International Industries (NYSE:HAR) traded up 0.05% during trading on Wednesday, reaching $109.26. 2,012,696 shares of the company were exchanged. The stock has a market capitalization of $7.62 billion, a P/E ratio of 20.86 and a beta of 1.53. The stock has a 50-day moving average of $84.18 and a 200 day moving average of $80.44. Harman International Industries has a 52-week low of $64.93 and a 52-week high of $110.85.
Harman International Industries (NYSE:HAR) last issued its quarterly earnings data on Thursday, November 3rd. The company reported $1.87 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.53 by $0.34. The company earned $1.76 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Harman International Industries had a return on equity of 19.36% and a net margin of 5.37%. The business’s revenue was up 7.9% on a year-over-year basis. During the same period last year, the business earned $1.48 earnings per share. On average, equities analysts anticipate that Harman International Industries will post $7.09 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 30th. Stockholders of record on Monday, November 14th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.28%. The ex-dividend date of this dividend is Wednesday, November 9th. Harman International Industries’s dividend payout ratio (DPR) is currently 26.77%.
In related news, EVP Herbert K. Parker sold 8,744 shares of the company’s stock in a transaction on Monday, October 31st. The stock was sold at an average price of $79.48, for a total transaction of $694,973.12. Following the completion of the sale, the executive vice president now directly owns 21,321 shares in the company, valued at approximately $1,694,593.08. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Ralph Santana sold 1,912 shares of the company’s stock in a transaction on Monday, November 14th. The stock was sold at an average price of $110.00, for a total value of $210,320.00. Following the sale, the insider now owns 5,732 shares of the company’s stock, valued at $630,520. The disclosure for this sale can be found here. Insiders own 0.94% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Kistler Tiffany Companies LLC increased its stake in shares of Harman International Industries by 8.8% in the third quarter. Kistler Tiffany Companies LLC now owns 1,382 shares of the company’s stock valued at $117,000 after buying an additional 112 shares in the last quarter. Fuller & Thaler Asset Management Inc. purchased a new position in Harman International Industries during the second quarter valued at approximately $115,000. Acadian Asset Management LLC purchased a new position in Harman International Industries during the third quarter valued at approximately $140,000. Tower Research Capital LLC TRC increased its position in Harman International Industries by 15,627.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,730 shares of the company’s stock valued at $124,000 after buying an additional 1,719 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its position in Harman International Industries by 9.4% in the third quarter. Daiwa Securities Group Inc. now owns 1,750 shares of the company’s stock valued at $148,000 after buying an additional 150 shares in the last quarter. Institutional investors and hedge funds own 94.04% of the company’s stock.
Harman International Industries Company Profile
Harman International Industries, Incorporated is engaged in the designing and engineering of connected products and solutions for automakers, consumers and enterprises, including connected car systems, audio and visual products, enterprise automation solutions and connected services. The Company’s segments include Connected Car, Lifestyle Audio, Professional Solutions, Connected Services and Other.
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