Harmonic Inc. (NASDAQ:HLIT) Shares Purchased by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC grew its position in shares of Harmonic Inc. (NASDAQ:HLIT) by 15.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 279,996 shares of the communications equipment provider’s stock after purchasing an additional 36,937 shares during the quarter. Mutual of America Capital Management LLC owned 0.25% of Harmonic worth $3,296,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Rhumbline Advisers grew its holdings in Harmonic by 0.4% during the second quarter. Rhumbline Advisers now owns 320,516 shares of the communications equipment provider’s stock worth $3,772,000 after acquiring an additional 1,382 shares during the period. Texas Permanent School Fund Corp lifted its stake in Harmonic by 1.5% during the first quarter. Texas Permanent School Fund Corp now owns 98,377 shares of the communications equipment provider’s stock valued at $1,322,000 after purchasing an additional 1,462 shares during the last quarter. ProShare Advisors LLC boosted its holdings in Harmonic by 7.4% during the first quarter. ProShare Advisors LLC now owns 22,256 shares of the communications equipment provider’s stock worth $299,000 after buying an additional 1,532 shares in the last quarter. Quadrant Capital Group LLC grew its position in Harmonic by 237.8% in the fourth quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock worth $34,000 after buying an additional 1,824 shares during the last quarter. Finally, CWM LLC increased its holdings in shares of Harmonic by 780.9% in the second quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock valued at $27,000 after buying an additional 1,999 shares in the last quarter. Institutional investors own 99.38% of the company’s stock.

Analysts Set New Price Targets

HLIT has been the subject of a number of recent analyst reports. Barclays increased their price target on Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Needham & Company LLC reissued a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research report on Tuesday, July 30th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $18.50.

Harmonic Stock Performance

HLIT stock opened at $14.24 on Tuesday. The stock has a market cap of $1.60 billion, a P/E ratio of 23.73 and a beta of 0.87. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.32 and a current ratio of 1.87. The firm has a 50 day simple moving average of $13.54 and a 200 day simple moving average of $12.33. Harmonic Inc. has a 52 week low of $8.80 and a 52 week high of $15.31.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings results on Monday, July 29th. The communications equipment provider reported $0.08 EPS for the quarter, beating the consensus estimate of $0.04 by $0.04. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. The business had revenue of $138.70 million for the quarter, compared to analysts’ expectations of $133.67 million. During the same period in the previous year, the company posted $0.07 EPS. Harmonic’s revenue was down 11.1% on a year-over-year basis. Research analysts anticipate that Harmonic Inc. will post 0.44 earnings per share for the current fiscal year.

Insider Activity at Harmonic

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

Harmonic 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.