Rhumbline Advisers Purchases 1,382 Shares of Harmonic Inc. (NASDAQ:HLIT)

Rhumbline Advisers increased its position in Harmonic Inc. (NASDAQ:HLIT) by 0.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 320,516 shares of the communications equipment provider’s stock after purchasing an additional 1,382 shares during the quarter. Rhumbline Advisers owned approximately 0.29% of Harmonic worth $3,772,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Harmonic by 1.7% in the first quarter. Vanguard Group Inc. now owns 9,852,064 shares of the communications equipment provider’s stock worth $132,412,000 after purchasing an additional 166,018 shares in the last quarter. Wellington Management Group LLP grew its holdings in Harmonic by 12.7% during the fourth quarter. Wellington Management Group LLP now owns 8,796,165 shares of the communications equipment provider’s stock valued at $114,702,000 after purchasing an additional 990,425 shares during the period. Dimensional Fund Advisors LP increased its stake in Harmonic by 2.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,389,426 shares of the communications equipment provider’s stock valued at $44,198,000 after purchasing an additional 82,822 shares in the last quarter. Leeward Investments LLC MA increased its stake in Harmonic by 5.6% in the second quarter. Leeward Investments LLC MA now owns 1,975,966 shares of the communications equipment provider’s stock valued at $23,257,000 after purchasing an additional 105,162 shares in the last quarter. Finally, Westfield Capital Management Co. LP bought a new position in Harmonic during the fourth quarter worth about $19,257,000. Institutional investors and hedge funds own 99.38% of the company’s stock.

Insider Activity

In related news, SVP Neven Haltmayer sold 40,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total value of $576,400.00. Following the completion of the sale, the senior vice president now directly owns 122,211 shares in the company, valued at approximately $1,761,060.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.20% of the company’s stock.

Harmonic Stock Performance

Shares of HLIT stock opened at $13.45 on Tuesday. Harmonic Inc. has a one year low of $8.80 and a one year high of $15.31. The stock has a market cap of $1.51 billion, a P/E ratio of 22.35 and a beta of 0.87. The company has a fifty day moving average price of $13.33 and a two-hundred day moving average price of $12.30. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.87 and a quick ratio of 1.32.

Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, July 29th. The communications equipment provider reported $0.08 EPS for the quarter, topping the consensus estimate of $0.04 by $0.04. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The company had revenue of $138.70 million during the quarter, compared to the consensus estimate of $133.67 million. During the same period in the previous year, the company posted $0.07 EPS. The firm’s revenue for the quarter was down 11.1% compared to the same quarter last year. As a group, equities analysts predict that Harmonic Inc. will post 0.44 EPS for the current year.

Analyst Ratings Changes

HLIT has been the subject of several research reports. Needham & Company LLC reissued a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research report on Tuesday, July 30th. Rosenblatt Securities reaffirmed a “buy” rating and set a $18.00 price target on shares of Harmonic in a research report on Thursday, July 18th. Finally, Barclays raised their price target on shares of Harmonic from $14.00 to $20.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $18.50.

Harmonic Company Profile

Harmonic Inc, together with its subsidiaries, provides broadband solutions worldwide. The company operates through Broadband and Video segments. The Broadband segment sells broadband access solutions and related services, including cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers.