Harman International Industries Inc (NYSE:HAR) in Good Position

[Zacks] Harman International Industries Inc (NYSE:HAR)(TREND ANALYSISreported better-than-expected first quarter fiscal 2016 results. Non-GAAP (excluding restructuring, non-recurring charges and acquisition-related items) earnings per share came in at $1.48, beating the Zacks Consensus Estimate of $1.41 and increasing 13% from $1.31 reported in the year-ago quarter.

Revenues of $1630.9 million also came ahead of the Zacks Consensus Estimate of $1612.8 million and grew 14.1% year over year. Moreover, excluding the foreign currency translation effect, revenues grew 23% year over year.

On a non GAAP basis, gross margin grew 80 basis points (bps) to 30% while operating margin, too increased 80 bps to 9.7%. Non GAAP EBITDA margin was up 60 bps to 12.1%.

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Harman International Industries Inc (NYSE:HAR) stock is currently trading 27.06% below its 52-week-high, 28.86% above its 52-week-low. The 1-year stock price history is in the range of $84.41 – $149.12. Harman International Industries Inc (HAR) has a price to earnings ratio of 22.47 versus Consumer Goods sector average of 26.28. HAR stock price has underperformed the S&P 500 by 0.3%. The Audio/Video Products company is currently valued at $7.74 billion and its share price closed the last trading session at $108.77. The stock has a 50-day moving average of $101.79 and a 200-day moving average of $114.15.

Harman International Industries Inc (HAR) current short interest stands at 2.94 million shares. It has increased by 2% from the same period of last month. Around 5% of the company’s shares, which are float, are short sold. With a 10-days average volume of 0.97 million shares, the number of days required to cover the short positions stand at 3.1 days.

HAR reported last quarter earnings on October 29. The Audio/Video Products company announced earnings per share of $1.48 against a consensus Street estimate of $1.41, beating the average estimate by $0.07. This corresponds to an increase of $0.19 compared to the same quarter of the previous fiscal year.

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There are currently eleven analysts that cover Harman International Industries Inc stock. Of those eleven, eight have a Buy rating, two have a Hold rating and one has a Sell rating. On a consensus basis this yields to an Overweight rating. The consensus target price stands at $129.33.

A recent analyst activity consisted of Barclays reiterating their Overweight stance on August 10. Barclays increased their price target on HAR from $139 to $140. This corresponds to a 28.71% upside from the last closing price. On the date of report, the stock closed at $117.88.

Pacific Crest reiterated their Overweight stance on August 7, and decreased their price target from $155 to $150. This corresponds to a 37.91% upside from the last closing price. On the date of report, the stock closed at $115.73.

Another research firm was JP Morgan who resumed their coverage on the stock with Overweight rating on April 20. JP Morgan fixed their price target at $159. This translates to a 46.18% upside from the last closing price. On the date of report, the stock closed at $141.18.

Company snapshot

Harman International Industries, Incorporated designs, manufactures, and markets audio and electronic systems. The Company’s Automotive segment designs, manufactures and markets audio, electronic and infotainment systems for vehicle applications and its Consumer segment designs, manufactures and markets audio and electronic systems for home, mobile and multimedia applications.

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