Harman International Industries /DE/ (HAR) is Downgraded by Pacific Crest to Sector Weight

Harman International Industries /DE/ (HAR) was Downgraded by Pacific Crest to ” Sector Weight”. Earlier the firm had a rating of “Overweight ” on the company shares. Pacific Crest advised their investors in a research report released on Jul 22, 2016.

Many Wall Street Analysts have commented on Harman International Industries /DE/. Deutsche Bank Initiated Harman International Industries /DE/ on Jul 20, 2016 to “Buy”, Price Target of the shares are set at $94.Harman International Industries /DE/ was Initiated by Northcoast to “Buy” on Jun 14, 2016. Piper Jaffray Initiated Harman International Industries /DE/ on Jun 10, 2016 to “Neutral”, Price Target of the shares are set at $84.

On the company’s financial health, Harman International Industries /DE/ reported $1.36 EPS for the quarter, missing the analyst consensus estimate by $ -0.06 based on the information available during the earnings call on Apr 28, 2016. Analyst had a consensus of $1.42. The company had revenue of $1628.00 million for the quarter, compared to analysts expectations of $1680.86 million. The company’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.22 EPS.

Harman International Industries /DE/ opened for trading at $78.78 and hit $81.55 on the upside on Wednesday, eventually ending the session at $80.89, with a gain of 3.73% or 2.91 points. The heightened volatility saw the trading volume jump to 9,26,412 shares. Company has a market cap of $5,707 M.

In a different news, on May 10, 2016, Ralph Santana (Chief Marketing Officer) sold 3,650 shares at $72.17 per share price. According to the SEC, on Mar 14, 2016, John Stacey (EVP and Chief HR Officer) sold 8,000 shares at $81.33 per share price. On Feb 3, 2016, Michael Mauser (EVP, Pres. Lifestyle Audio) sold 11,254 shares at $73.08 per share price, according to the Form-4 filing with the securities and exchange commission.

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. The Infotainment segment offers infotainment systems for vehicle applications. The Lifestyle segment offers car audio systems for vehicle applications as well as a range of loudspeaker and electronics for home multimedia and mobile applications. The Professional segment provides audio lighting video and control and automation solutions for commercial enterprise and public space applications. The Services segment creates software solutions that integrate design mobility cloud and analytics. Its brands include AKG AMX Crown Harman/Kardon Infinity JBL JBL Professional Lexicon Mark Levinson Martin Revel Soundcraft and Studer.

Harman International Industries /DE/

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