Jolley Asset Management Lowers stake in Harman International Industries /DE/ (HAR)

Harman International Industries /DE/ (HAR) : Jolley Asset Management reduced its stake in Harman International Industries /DE/ by 18.58% during the most recent quarter end. The investment management company now holds a total of 42,523 shares of Harman International Industries /DE/ which is valued at $3,412,046 after selling 9,704 shares in Harman International Industries /DE/ , the firm said in a disclosure report filed with the SEC on Oct 17, 2016.Harman International Industries /DE/ makes up approximately 2.81% of Jolley Asset Management’s portfolio.

Other Hedge Funds, Including , Smith Graham Investment Advisors Lp reduced its stake in HAR by selling 780 shares or 1.43% in the most recent quarter. The Hedge Fund company now holds 53,810 shares of HAR which is valued at $4,317,714. Harman International Industries /DE/ makes up approx 0.56% of Smith Graham Investment Advisors Lp’s portfolio.Peddock Capital Advisors boosted its stake in HAR in the latest quarter, The investment management firm added 77 additional shares and now holds a total of 5,923 shares of Harman International Industries /DE/ which is valued at $475,262. Harman International Industries /DE/ makes up approx 0.31% of Peddock Capital Advisors’s portfolio.Advisory Services Network reduced its stake in HAR by selling 169 shares or 75.11% in the most recent quarter. The Hedge Fund company now holds 56 shares of HAR which is valued at $4,687.Bnp Paribas Arbitrage Sa boosted its stake in HAR in the latest quarter, The investment management firm added 3,461 additional shares and now holds a total of 22,179 shares of Harman International Industries /DE/ which is valued at $1,875,234. Harman International Industries /DE/ makes up approx 0.01% of Bnp Paribas Arbitrage Sa’s portfolio.

Harman International Industries /DE/ opened for trading at $80.26 and hit $81.25 on the upside on Friday, eventually ending the session at $80.24, with a gain of 1.10% or 0.87 points. The heightened volatility saw the trading volume jump to 5,76,571 shares. Company has a market cap of $5,599 M.

On the company’s financial health, Harman International Industries /DE/ reported $1.57 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $1.52. The company had revenue of $1881.00 million for the quarter, compared to analysts expectations of $1788.93 million. The company’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.37 EPS.

Many Wall Street Analysts have commented on Harman International Industries /DE/. Robert W. Baird Downgraded Harman International Industries /DE/ on Aug 5, 2016 to ” Neutral”, Price Target of the shares are set at $87.Company shares were Reiterated by Deutsche Bank on Aug 5, 2016 to “Buy”, Firm has raised the Price Target to $ 103 from a previous price target of $94 .Company shares were Reiterated by FBR Capital on Aug 5, 2016 to “Mkt Perform”, Firm has raised the Price Target to $ 90 from a previous price target of $85 .

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.

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