Bank of America Corp DE cut its stake in shares of Harmonic Inc (NASDAQ:HLIT) by 75.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 88,155 shares of the communications equipment provider’s stock after selling 264,647 shares during the period. Bank of America Corp DE’s holdings in Harmonic were worth $416,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of HLIT. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Harmonic during the 4th quarter valued at approximately $32,000. Oregon Public Employees Retirement Fund purchased a new stake in Harmonic during the 4th quarter valued at approximately $33,000. LS Investment Advisors LLC raised its stake in Harmonic by 493.6% during the 4th quarter. LS Investment Advisors LLC now owns 13,048 shares of the communications equipment provider’s stock valued at $62,000 after acquiring an additional 10,850 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of Harmonic by 11.3% during the 4th quarter. SG Americas Securities LLC now owns 19,690 shares of the communications equipment provider’s stock worth $93,000 after buying an additional 1,993 shares in the last quarter. Finally, Crossmark Global Holdings Inc. raised its stake in shares of Harmonic by 63.1% during the 4th quarter. Crossmark Global Holdings Inc. now owns 27,340 shares of the communications equipment provider’s stock worth $129,000 after buying an additional 10,580 shares in the last quarter. 85.06% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on HLIT. Zacks Investment Research raised Harmonic from a “hold” rating to a “buy” rating and set a $6.25 target price for the company in a research note on Wednesday, April 17th. BidaskClub downgraded Harmonic from a “buy” rating to a “hold” rating in a research note on Saturday, March 30th. Needham & Company LLC began coverage on Harmonic in a research note on Wednesday, February 13th. They set a “buy” rating and a $7.00 target price for the company. Finally, ValuEngine downgraded Harmonic from a “buy” rating to a “hold” rating in a research note on Tuesday, February 5th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Harmonic presently has a consensus rating of “Buy” and a consensus target price of $7.10.
Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, April 29th. The communications equipment provider reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. The business had revenue of $80.10 million during the quarter, compared to the consensus estimate of $85.52 million. Harmonic had a negative return on equity of 0.08% and a negative net margin of 4.74%. The company’s revenue for the quarter was down 11.1% on a year-over-year basis. During the same period in the prior year, the business posted ($0.01) EPS. On average, equities research analysts expect that Harmonic Inc will post -0.11 earnings per share for the current year.
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Harmonic Inc designs, manufactures, and sells video infrastructure products and system solutions worldwide. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.
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