Today: The Harman International Industries Inc. (HAR) Earns “Buy” Rating from Goldman Sachs Group Inc.

The Harman International Industries Inc. (HAR) Earns “Buy” Rating from Goldman Sachs Group Inc.

Harman International Industries Inc. (NYSE:HAR)‘s stock had its “buy” rating restated by equities research analysts at Goldman Sachs Group Inc. in a research report issued to clients and investors on Saturday. They presently have a $94.00 price target on the stock, down from their prior price target of $100.00. Goldman Sachs Group Inc.’s price objective would indicate a potential upside of 12.31% from the company’s current price.

Other equities analysts have also recently issued research reports about the stock. Deutsche Bank AG started coverage on shares of Harman International Industries in a research report on Wednesday, July 20th. They set a “buy” rating and a $94.00 price objective on the stock. Northcoast Research started coverage on shares of Harman International Industries in a research report on Tuesday, June 14th. They set a “buy” rating and a $105.00 price objective on the stock. Piper Jaffray Cos. set a $88.00 price objective on shares of Harman International Industries and gave the stock a “hold” rating in a research report on Saturday, August 6th. Pacific Crest reissued a “hold” rating on shares of Harman International Industries in a research report on Friday, August 5th. Finally, FBR & Co reissued a “hold” rating on shares of Harman International Industries in a research report on Saturday, June 18th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $98.44.

Harman International Industries (NYSE:HAR) opened at 83.70 on Friday. The firm’s 50-day moving average price is $83.82 and its 200-day moving average price is $80.51. The firm has a market cap of $5.84 billion, a P/E ratio of 16.77 and a beta of 2.06. Harman International Industries has a 12 month low of $64.93 and a 12 month high of $112.68.

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Harman International Industries (NYSE:HAR) last released its quarterly earnings data on Thursday, August 4th. The company reported $1.57 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.52 by $0.05. The company had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Harman International Industries had a net margin of 5.23% and a return on equity of 18.54%. The business’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.37 EPS. On average, equities research analysts expect that Harman International Industries will post $6.85 EPS for the current fiscal year.

In related news, EVP Michael Mauser sold 11,219 shares of Harman International Industries stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $81.34, for a total value of $912,553.46. Following the completion of the transaction, the executive vice president now directly owns 26,066 shares in the company, valued at approximately $2,120,208.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Herbert K. Parker sold 5,006 shares of Harman International Industries stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $85.03, for a total transaction of $425,660.18. Following the completion of the transaction, the executive vice president now owns 17,018 shares of the company’s stock, valued at $1,447,040.54. The disclosure for this sale can be found here. Insiders own 0.95% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fuller & Thaler Asset Management Inc. acquired a new position in Harman International Industries during the second quarter worth $115,000. Tower Research Capital LLC TRC raised 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 worth $124,000 after buying an additional 1,719 shares in the last quarter. Westport Resources Management Inc. raised its position in Harman International Industries by 108.3% in the second quarter. Westport Resources Management Inc. now owns 1,875 shares of the company’s stock worth $135,000 after buying an additional 975 shares in the last quarter. Creative Planning raised its position in Harman International Industries by 86.9% in the second quarter. Creative Planning now owns 1,949 shares of the company’s stock worth $140,000 after buying an additional 906 shares in the last quarter. Finally, Stephens Inc. AR raised its position in Harman International Industries by 24.3% in the second quarter. Stephens Inc. AR now owns 2,326 shares of the company’s stock worth $167,000 after buying an additional 454 shares in the last quarter. Institutional investors and hedge funds own 95.84% of the company’s stock.

Harman International Industries Company Profile

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