Victory Capital Management Inc. Increases Holdings in Harmonic Inc. (HLIT)
Victory Capital Management Inc. raised its stake in Harmonic Inc. (NASDAQ:HLIT) by 4.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 277,335 shares of the communications equipment provider’s stock after acquiring an additional 12,660 shares during the period. Victory Capital Management Inc. owned approximately 0.34% of Harmonic worth $1,456,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in HLIT. Municipal Employees Retirement System of Michigan increased its holdings in Harmonic by 5.6% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 19,030 shares of the communications equipment provider’s stock valued at $100,000 after acquiring an additional 1,010 shares during the last quarter. Mason Street Advisors LLC increased its holdings in Harmonic by 9.0% in the 1st quarter. Mason Street Advisors LLC now owns 18,654 shares of the communications equipment provider’s stock valued at $111,000 after acquiring an additional 1,534 shares during the last quarter. Sei Investments Co. bought a new stake in Harmonic in the 2nd quarter valued at $142,000. Louisiana State Employees Retirement System increased its holdings in Harmonic by 0.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 32,800 shares of the communications equipment provider’s stock valued at $172,000 after acquiring an additional 300 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its holdings in Harmonic by 36.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 35,456 shares of the communications equipment provider’s stock valued at $186,000 after acquiring an additional 9,437 shares during the last quarter. Institutional investors own 99.08% of the company’s stock.
HLIT has been the topic of a number of research reports. TheStreet downgraded shares of Harmonic from a “c-” rating to a “d+” rating in a report on Wednesday, August 9th. ValuEngine downgraded shares of Harmonic from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Jefferies Group LLC restated a “hold” rating and issued a $3.50 target price on shares of Harmonic in a report on Sunday. Zacks Investment Research downgraded shares of Harmonic from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 18th. Finally, BidaskClub downgraded shares of Harmonic from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Three analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $5.50.
Shares of Harmonic Inc. (NASDAQ:HLIT) opened at 2.90 on Wednesday. The company’s market capitalization is $235.69 million. Harmonic Inc. has a 12-month low of $2.80 and a 12-month high of $6.18. The stock has a 50 day moving average of $3.56 and a 200-day moving average of $4.94.
Harmonic (NASDAQ:HLIT) last posted its quarterly earnings results on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.24) by $0.02. The firm had revenue of $82.30 million for the quarter, compared to the consensus estimate of $80.88 million. Harmonic had a negative net margin of 21.58% and a negative return on equity of 13.22%. Harmonic’s quarterly revenue was down 24.9% on a year-over-year basis. Equities research analysts forecast that Harmonic Inc. will post ($0.42) EPS for the current year.
In related news, insider Patrick Harshman sold 7,979 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $3.47, for a total transaction of $27,687.13. Following the completion of the sale, the insider now directly owns 570,733 shares in the company, valued at $1,980,443.51. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 5.53% of the stock is currently owned by company insiders.
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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