The State of Wisconsin Investment Board Decreases Stake in Harman International Industries Inc. (HAR)

The State of Wisconsin Investment Board Decreases Stake in Harman International Industries Inc. (HAR)

State of Wisconsin Investment Board lowered its stake in Harman International Industries Inc. (NYSE:HAR) by 0.5% during the third quarter, Holdings Channel reports. The institutional investor owned 342,394 shares of the company’s stock after selling 1,800 shares during the period. State of Wisconsin Investment Board owned approximately 0.49% of Harman International Industries worth $28,915,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of HAR. Snow Capital Management LP bought a new stake in Harman International Industries during the second quarter valued at approximately $480,000. Kornitzer Capital Management Inc. KS boosted its stake in Harman International Industries by 21.1% in the second quarter. Kornitzer Capital Management Inc. KS now owns 406,555 shares of the company’s stock valued at $29,199,000 after buying an additional 70,885 shares in the last quarter. LGT Capital Partners LTD. bought a new stake in Harman International Industries during the third quarter valued at approximately $10,427,000. GW&K Investment Management LLC boosted its stake in Harman International Industries by 7.0% in the second quarter. GW&K Investment Management LLC now owns 218,348 shares of the company’s stock valued at $15,682,000 after buying an additional 14,281 shares in the last quarter. Finally, British Columbia Investment Management Corp boosted its stake in Harman International Industries by 117.6% in the third quarter. British Columbia Investment Management Corp now owns 63,749 shares of the company’s stock valued at $5,384,000 after buying an additional 34,456 shares in the last quarter. Institutional investors and hedge funds own 91.74% of the company’s stock.

Shares of Harman International Industries Inc. (NYSE:HAR) opened at 110.70 on Thursday. The stock has a 50 day moving average of $110.47 and a 200 day moving average of $91.09. The firm has a market cap of $7.72 billion, a P/E ratio of 21.13 and a beta of 1.67. Harman International Industries Inc. has a 52 week low of $64.93 and a 52 week high of $111.32.

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 Thomson Reuters’ consensus estimate of $1.53 by $0.34. Harman International Industries had a return on equity of 19.36% and a net margin of 5.37%. The business earned $1.76 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period in the previous year, the firm earned $1.48 EPS. Harman International Industries’s quarterly revenue was up 7.9% compared to the same quarter last year. Equities analysts forecast that Harman International Industries Inc. will post $7.08 earnings per share for the current year.

Several analysts recently commented on HAR shares. Zacks Investment Research cut shares of Harman International Industries from a “hold” rating to a “sell” rating in a report on Wednesday, October 26th. Deutsche Bank AG cut shares of Harman International Industries from a “buy” rating to a “hold” rating and raised their price target for the stock from $103.00 to $112.00 in a report on Wednesday, November 16th. Northcoast Research cut shares of Harman International Industries from a “buy” rating to a “neutral” rating in a report on Tuesday, November 15th. Goldman Sachs Group Inc. lowered shares of Harman International Industries from a “buy” rating to a “neutral” rating in a research report on Tuesday, November 15th. Finally, Barclays PLC lowered shares of Harman International Industries from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $104.00 to $111.00 in a research report on Tuesday, November 15th. Ten investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $102.43.

In related news, EVP Herbert K. Parker sold 8,744 shares of the business’s stock in a transaction that occurred on Monday, October 31st. The stock was sold at an average price of $79.48, for a total value of $694,973.12. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Phillip Eyler sold 2,628 shares of the business’s stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of $109.89, for a total value of $288,790.92. Following the completion of the transaction, the executive vice president now owns 2,387 shares of the company’s stock, valued at $262,307.43. The disclosure for this sale can be found here. 0.94% of the stock is owned by corporate insiders.

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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