Harman International Industries Inc./DE/ Sees Large Volume Increase on Better-Than-Expected Earnings (HAR)
Shares of Harman International Industries Inc./DE/ (NYSE:HAR) saw unusually-high trading volume on Thursday following a better than expected earnings announcement, StockRatingsNetwork.com reports. Approximately 2,185,262 shares traded hands during trading, an increase of 109% from the previous session’s volume of 1,047,735 shares.The stock last traded at $108.65 and had previously closed at $109.61.
The company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.12. The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the previous year, the company posted $0.79 earnings per share. The company’s revenue for the quarter was up 32.2% on a year-over-year basis.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, May 27th. Stockholders of record on Monday, May 12th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.12%.
HAR has been the subject of a number of recent research reports. Analysts at Pacific Crest initiated coverage on shares of Harman International Industries Inc./DE/ in a research note on Tuesday. They set an “outperform” rating and a $139.00 price target on the stock. Separately, analysts at RBC Capital initiated coverage on shares of Harman International Industries Inc./DE/ in a research note on Tuesday, April 22nd. They set an “outperform” rating and a $140.00 price target on the stock. Finally, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Harman International Industries Inc./DE/ in a research note on Tuesday, April 22nd. They now have a $121.00 price target on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $113.97.
The stock’s 50-day moving average is $106.8 and its 200-day moving average is $92.38. The company has a market cap of $7.284 billion and a P/E ratio of 48.46.
Harman International Industries, Incorporated (NYSE:HAR) is engaged in the developing, manufacturing and marketing of audio products and electronic systems.
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