Harmonic Inc. (HLIT) Position Lowered by Olstein Capital Management L.P.
Olstein Capital Management L.P. decreased its position in shares of Harmonic Inc. (NASDAQ:HLIT) by 47.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 452,100 shares of the company’s stock after selling 400,200 shares during the period. Olstein Capital Management L.P. owned about 0.58% of Harmonic worth $2,681,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. A.R.T. Advisors LLC purchased a new stake in Harmonic during the first quarter valued at $551,000. KBC Group NV increased its stake in Harmonic by 5.9% in the second quarter. KBC Group NV now owns 49,051 shares of the company’s stock valued at $140,000 after buying an additional 2,733 shares during the last quarter. Emerald Acquisition Ltd. purchased a new stake in Harmonic during the second quarter valued at $1,462,000. California Public Employees Retirement System increased its stake in Harmonic by 33.6% in the second quarter. California Public Employees Retirement System now owns 325,875 shares of the company’s stock valued at $929,000 after buying an additional 81,900 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. increased its stake in Harmonic by 6.1% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 2,535,128 shares of the company’s stock valued at $7,225,000 after buying an additional 145,525 shares during the last quarter. 95.27% of the stock is owned by hedge funds and other institutional investors.
Harmonic Inc. (NASDAQ:HLIT) traded up 1.08% on Tuesday, reaching $4.70. The company had a trading volume of 354,385 shares. Harmonic Inc. has a 52-week low of $2.51 and a 52-week high of $6.13. The company’s market capitalization is $368.23 million. The company’s 50-day moving average is $5.06 and its 200-day moving average is $4.05.
Harmonic (NASDAQ:HLIT) last announced its earnings results on Wednesday, November 9th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.03 by $0.04. Harmonic had a negative net margin of 18.23% and a negative return on equity of 6.80%. The company earned $101.40 million during the quarter, compared to analysts’ expectations of $107.24 million. The company’s quarterly revenue was up 22.1% on a year-over-year basis. Equities analysts anticipate that Harmonic Inc. will post ($0.03) EPS for the current fiscal year.
A number of equities analysts have commented on the stock. TheStreet upgraded shares of Harmonic from a “sell” rating to a “hold” rating in a report on Tuesday, August 30th. Jefferies Group restated a “hold” rating and set a $4.00 price target (up previously from $3.50) on shares of Harmonic in a research note on Monday, November 14th. Drexel Hamilton upgraded Harmonic from a “hold” rating to a “buy” rating and set a $6.00 price target on the stock in a research note on Wednesday, August 10th. Finally, Zacks Investment Research upgraded Harmonic from a “hold” rating to a “buy” rating and set a $4.75 target price on the stock in a research report on Monday, August 15th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Harmonic currently has a consensus rating of “Buy” and a consensus target price of $4.94.
In other news, Director Nikos Theodosopoulos bought 25,000 shares of the firm’s stock in a transaction on Tuesday, November 15th. The shares were bought at an average cost of $4.75 per share, for a total transaction of $118,750.00. Following the completion of the transaction, the director now owns 40,831 shares in the company, valued at $193,947.25. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.27% of the stock is owned by corporate insiders.
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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