Harmonic Inc. (HLIT) Stake Raised by State Street Corp

State Street Corp raised its holdings in Harmonic Inc. (NASDAQ:HLIT) by 7.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,961,470 shares of the communications equipment provider’s stock after buying an additional 129,086 shares during the quarter. State Street Corp owned about 2.41% of Harmonic worth $10,303,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Voya Investment Management LLC grew its position in shares of Harmonic by 12.1% in the 2nd quarter. Voya Investment Management LLC now owns 43,910 shares of the communications equipment provider’s stock worth $231,000 after buying an additional 4,742 shares during the last quarter. Epoch Investment Partners Inc. grew its position in shares of Harmonic by 1.0% in the 2nd quarter. Epoch Investment Partners Inc. now owns 5,012,838 shares of the communications equipment provider’s stock worth $26,317,000 after buying an additional 52,062 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Harmonic by 0.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,629,442 shares of the communications equipment provider’s stock worth $34,805,000 after buying an additional 58,240 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Harmonic by 3.6% in the 2nd quarter. Vanguard Group Inc. now owns 5,803,837 shares of the communications equipment provider’s stock worth $30,470,000 after buying an additional 203,002 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of Harmonic by 4.6% in the 2nd quarter. Northern Trust Corp now owns 968,459 shares of the communications equipment provider’s stock worth $5,084,000 after buying an additional 42,215 shares during the last quarter. Hedge funds and other institutional investors own 94.17% of the company’s stock.

A number of equities research analysts have recently weighed in on the company. Zacks Investment Research upgraded Harmonic from a “hold” rating to a “strong-buy” rating and set a $4.25 price objective on the stock in a research report on Friday, November 3rd. Dougherty & Co restated a “buy” rating and issued a $6.50 target price on shares of Harmonic in a research note on Monday, October 23rd. Northland Securities set a $6.00 target price on Harmonic and gave the company a “buy” rating in a research note on Tuesday, October 17th. ValuEngine cut Harmonic from a “hold” rating to a “sell” rating in a research note on Monday, October 2nd. Finally, Jefferies Group LLC restated a “hold” rating and issued a $3.50 target price on shares of Harmonic in a research note on Sunday, September 10th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Harmonic has an average rating of “Hold” and an average price target of $5.06.

In other news, insider Neven Haltmayer sold 8,311 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $3.81, for a total value of $31,664.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 value of $30,495.24. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,933 shares of company stock valued at $98,389. 4.27% of the stock is currently owned by company insiders.

Harmonic Inc. (HLIT) opened at $4.55 on Monday. The company has a current ratio of 1.20, a quick ratio of 0.99 and a debt-to-equity ratio of 0.56. Harmonic Inc. has a one year low of $2.80 and a one year high of $6.18.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, October 30th. The communications equipment provider reported ($0.01) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.07. The company had revenue of $92.00 million during the quarter, compared to analysts’ expectations of $85.63 million. Harmonic had a negative return on equity of 13.06% and a negative net margin of 22.02%. The firm’s revenue for the quarter was down 9.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.01) EPS. analysts anticipate that Harmonic Inc. will post -0.51 EPS for the current fiscal year.

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About Harmonic

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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Institutional Ownership by Quarter for Harmonic (NASDAQ:HLIT)

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