Harmonic Inc. (NASDAQ:HLIT) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lowered its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 1.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,606 shares of the communications equipment provider’s stock after selling 1,058 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Harmonic were worth $825,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Assenagon Asset Management S.A. boosted its holdings in shares of Harmonic by 216.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 545,495 shares of the communications equipment provider’s stock valued at $6,420,000 after buying an additional 373,155 shares during the period. Baker Avenue Asset Management LP acquired a new position in Harmonic during the 3rd quarter valued at approximately $833,000. Lisanti Capital Growth LLC bought a new position in Harmonic during the 3rd quarter worth $2,915,000. Intech Investment Management LLC acquired a new stake in shares of Harmonic in the second quarter valued at approximately $444,000. Finally, Mutual of America Capital Management LLC raised its stake in Harmonic by 15.2% during the 2nd quarter. Mutual of America Capital Management LLC now owns 279,996 shares of the communications equipment provider’s stock valued at $3,296,000 after acquiring an additional 36,937 shares in the last quarter. Institutional investors own 99.38% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on HLIT. Northland Securities cut their target price on shares of Harmonic from $16.00 to $14.00 and set an “outperform” rating for the company in a research report on Tuesday, October 29th. Jefferies Financial Group downgraded Harmonic from a “buy” rating to a “hold” rating and cut their target price for the stock from $14.00 to $12.50 in a research report on Tuesday, October 29th. Rosenblatt Securities dropped their price objective on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Barclays lowered their price objective on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. Finally, Raymond James cut Harmonic from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the stock from $17.00 to $14.00 in a report on Tuesday, October 29th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.25.

Harmonic Stock Up 0.8 %

HLIT stock opened at $13.36 on Friday. The stock’s 50 day moving average is $12.92 and its 200-day moving average is $12.91. The company has a quick ratio of 1.62, a current ratio of 2.08 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $1.56 billion, a PE ratio of 18.30 and a beta of 0.92. Harmonic Inc. has a twelve month low of $9.10 and a twelve month high of $15.46.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings results on Monday, October 28th. The communications equipment provider reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.09. The company had revenue of $195.80 million during the quarter, compared to analyst estimates of $181.77 million. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. The firm’s revenue was up 53.9% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.05) EPS. Sell-side analysts expect that Harmonic Inc. will post 0.52 EPS for the current fiscal year.

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.