Traders Buy Shares of Harman International Industries Inc. (HAR) on Weakness
Investors purchased shares of Harman International Industries Inc. (NYSE:HAR) on weakness during trading on Wednesday. $35.58 million flowed into the stock on the tick-up and $15.86 million flowed out of the stock on the tick-down, for a money net flow of $19.72 million into the stock. Of all stocks tracked, Harman International Industries had the 22nd highest net in-flow for the day. Harman International Industries traded down ($0.24) for the day and closed at $70.43
Several research firms have recently issued reports on HAR. Zacks Investment Research raised Harman International Industries from a “sell” rating to a “hold” rating in a research note on Tuesday, April 26th. Goldman Sachs Group Inc. began coverage on Harman International Industries in a research note on Thursday, March 31st. They set a “buy” rating and a $110.00 price target for the company. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Harman International Industries in a research note on Tuesday, March 15th. Evercore ISI raised Harman International Industries from a “hold” rating to a “buy” rating and cut their price target for the stock from $135.00 to $115.00 in a research note on Monday, March 14th. Finally, Piper Jaffray Cos. began coverage on Harman International Industries in a research note on Thursday, June 9th. They set a “neutral” rating and a $84.00 price target for the company. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $100.80.
The stock has a market cap of $4.97 billion and a price-to-earnings ratio of 14.10. The firm’s 50-day moving average is $75.19 and its 200-day moving average is $79.39.
Harman International Industries (NYSE:HAR) last announced its quarterly earnings data on Thursday, April 28th. The company reported $1.36 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.44 by $0.08. During the same period last year, the business posted $1.22 EPS. The firm earned $1.60 billion during the quarter, compared to analyst estimates of $1.69 billion. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. On average, equities research analysts anticipate that Harman International Industries Inc. will post $6.19 earnings per share for the current fiscal year.
In other news, CMO Ralph Santana sold 3,650 shares of the company’s stock in a transaction on Friday, May 6th. The stock was sold at an average price of $72.17, for a total value of $263,420.50. Following the completion of the sale, the chief marketing officer now owns 3,650 shares in the company, valued at $263,420.50. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Several hedge funds have recently made changes to their positions in the stock. Korea Investment CORP raised its stake in shares of Harman International Industries by 2.4% in the fourth quarter. Korea Investment CORP now owns 12,600 shares of the company’s stock valued at $1,187,000 after buying an additional 300 shares during the period. Messner & Smith Theme Value Investment Management Ltd. CA purchased a new stake in shares of Harman International Industries during the fourth quarter valued at $1,202,000. Shell Asset Management Co. bought a new stake in shares of Harman International Industries during the fourth quarter valued at approximately $1,207,000. Aberdeen Asset Management PLC UK increased its stake in shares of Harman International Industries by 19.0% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 12,609 shares of the company’s stock valued at $1,324,000 after buying an additional 2,012 shares in the last quarter. Finally, ProShare Advisors LLC increased its stake in shares of Harman International Industries by 5.4% in the fourth quarter. ProShare Advisors LLC now owns 14,503 shares of the company’s stock valued at $1,366,000 after buying an additional 744 shares in the last quarter.
Harman International Industries, Incorporated, is engaged in the designing and engineering of connected products and solutions for automakers, consumers and enterprises, including audio systems, visual products, enterprise automation solutions and connected services. The Company operates through four segments.
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