Pacific Crest Downgrades Harman International Industries /DE/ to Sector Weight

Brokerage firm Pacific Crest Downgrades its rating on Harman International Industries /DE/(NYSE:HAR). The shares have been rated Sector Weight. Previously, the analysts had a Overweight rating on the shares. The rating by Pacific Crest was issued on Jul 22, 2016.

In a different note, Deutsche Bank said it Initiates Coverage on Harman International Industries /DE/, according to a research note issued on Jul 20, 2016. The shares have been rated ‘Buy’ by the firm. On Jun 29, 2016, RBC Capital said it Downgrades its rating on Harman International Industries /DE/. The shares have been rated ‘Sector Perform’ by the firm. Northcoast Research said it Initiates Coverage on Harman International Industries /DE/, according to a research note issued on Jun 14, 2016. The shares have been rated ‘Buy’ by the firm. Piper Jaffray said it Initiates Coverage on Harman International Industries /DE/, according to a research note issued on Jun 9, 2016. The shares have been rated ‘Neutral’ by the firm.

Harman International Industries /DE/ (HAR) shares turned negative on Thursdays trading session with the shares closing down -0.84 points or -1.03% at a volume of 6,94,234. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $81.45. The peak price level was also seen at $81.45 while the days lowest was $79.26. Finally the shares closed at $80.53. The 52-week high of the shares is $119.19 while the 52-week low is $64.93. According to the latest information available, the market cap of the company is $5,682 M.

Harman International Industries /DE/(HAR) last announced its earnings results on Apr 28, 2016 for Fiscal Year 2016 and Q3.Company reported revenue of $1.63B. Analysts had an estimated revenue of $1.69B. Earnings per share were $1.36. Analysts had estimated an EPS of $1.44.

Several Insider Transactions has been reported to the SEC. On May 10, 2016, Ralph Santana (Chief Marketing Officer) sold 3,650 shares at $72.17 per share price.Also, 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.

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