State Street Corp raised its position in Harmonic Inc. (NASDAQ:HLIT) by 7.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,961,470 shares of the communications equipment provider’s stock after acquiring an additional 129,086 shares during the quarter. State Street Corp owned approximately 2.41% of Harmonic worth $10,303,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the business. Royce & Associates LP raised its position in shares of Harmonic by 3.1% in the second quarter. Royce & Associates LP now owns 1,170,499 shares of the communications equipment provider’s stock valued at $6,145,000 after purchasing an additional 35,000 shares during the period. Northern Trust Corp increased its position in Harmonic by 4.6% during the second quarter. Northern Trust Corp now owns 968,459 shares of the communications equipment provider’s stock worth $5,084,000 after acquiring an additional 42,215 shares during the period. Epoch Investment Partners Inc. increased its position in Harmonic by 1.0% during the second quarter. Epoch Investment Partners Inc. now owns 5,012,838 shares of the communications equipment provider’s stock worth $26,317,000 after acquiring an additional 52,062 shares during the period. Vanguard Group Inc. increased its position in Harmonic by 3.6% during the second quarter. Vanguard Group Inc. now owns 5,803,837 shares of the communications equipment provider’s stock worth $30,470,000 after acquiring an additional 203,002 shares during the period. Finally, Metropolitan Life Insurance Co. NY increased its position in Harmonic by 9.0% during the first quarter. Metropolitan Life Insurance Co. NY now owns 59,501 shares of the communications equipment provider’s stock worth $354,000 after acquiring an additional 4,889 shares during the period. Hedge funds and other institutional investors own 96.00% of the company’s stock.
A number of equities analysts recently commented on the stock. ValuEngine raised shares of Harmonic from a “sell” rating to a “hold” rating in a research report on Friday, December 1st. Zacks Investment Research upgraded shares of Harmonic from a “hold” rating to a “strong-buy” rating and set a $4.25 price objective on the stock in a research note on Friday, November 3rd. Dougherty & Co restated a “buy” rating and issued a $6.50 price target on shares of Harmonic in a research note on Monday, October 23rd. Northland Securities set a $6.00 price target on shares of Harmonic and gave the company a “buy” rating in a research note on Tuesday, October 17th. Finally, Jefferies Group restated a “hold” rating and issued a $3.50 price target on shares of Harmonic in a research note on Sunday, September 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $5.06.
Harmonic (NASDAQ:HLIT) last posted its earnings results on Monday, October 30th. The communications equipment provider reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.07. Harmonic had a negative net margin of 22.02% and a negative return on equity of 13.06%. The business had revenue of $92.00 million for the quarter, compared to the consensus estimate of $85.63 million. During the same period last year, the company earned ($0.01) EPS. The firm’s revenue was down 9.3% compared to the same quarter last year. research analysts forecast that Harmonic Inc. will post -0.51 earnings per share for the current year.
In other Harmonic news, SVP Bart Spriester sold 8,004 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $3.81, for a total transaction of $30,495.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Neven Haltmayer sold 8,311 shares of Harmonic stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $3.81, for a total transaction of $31,664.91. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,933 shares of company stock valued at $98,389. Company insiders own 5.53% of the company’s stock.
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Harmonic Company Profile
Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.
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