Harmonic Inc. (HLIT) Position Lowered by Olstein Capital Management L.P.
Olstein Capital Management L.P. decreased its stake in Harmonic Inc. (NASDAQ:HLIT) by 47.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 452,100 shares of the company’s stock after selling 400,200 shares during the period. Olstein Capital Management L.P.’s holdings in Harmonic were worth $2,681,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in HLIT. BlackRock Investment Management LLC increased its position in shares of Harmonic by 7.1% in the second quarter. BlackRock Investment Management LLC now owns 368,515 shares of the company’s stock worth $1,050,000 after buying an additional 24,388 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Harmonic by 3.9% in the second quarter. Principal Financial Group Inc. now owns 557,658 shares of the company’s stock worth $1,590,000 after buying an additional 20,776 shares during the last quarter. Prudential Financial Inc. boosted its stake in shares of Harmonic by 1.5% in the second quarter. Prudential Financial Inc. now owns 181,364 shares of the company’s stock worth $517,000 after buying an additional 2,740 shares during the last quarter. Carleon Capital Partners LLC boosted its stake in shares of Harmonic by 4.8% in the second quarter. Carleon Capital Partners LLC now owns 119,473 shares of the company’s stock worth $340,000 after buying an additional 5,520 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Harmonic by 14.7% in the second quarter. JPMorgan Chase & Co. now owns 800,300 shares of the company’s stock worth $2,281,000 after buying an additional 102,739 shares during the last quarter. Institutional investors own 95.27% of the company’s stock.
Harmonic Inc. (NASDAQ:HLIT) traded up 1.08% during trading on Tuesday, reaching $4.70. The company’s stock had a trading volume of 354,385 shares. Harmonic Inc. has a 52 week low of $2.51 and a 52 week high of $6.13. The company’s market cap is $368.23 million. The company’s 50 day moving average price is $5.06 and its 200 day moving average price is $4.05.
Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Wednesday, November 9th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by $0.04. Harmonic had a negative net margin of 18.23% and a negative return on equity of 6.80%. The firm earned $101.40 million during the quarter, compared to analyst estimates of $107.24 million. Harmonic’s revenue for the quarter was up 22.1% on a year-over-year basis. On average, equities analysts anticipate that Harmonic Inc. will post ($0.03) earnings per share for the current fiscal year.
Several research firms recently commented on HLIT. Jefferies Group restated a “hold” rating and issued a $3.50 target price on shares of Harmonic in a research report on Wednesday, August 10th. Drexel Hamilton raised Harmonic from a “hold” rating to a “buy” rating and set a $6.00 price objective for the company in a research note on Wednesday, August 10th. Zacks Investment Research raised Harmonic from a “hold” rating to a “buy” rating and set a $4.75 price objective for the company in a research note on Monday, August 15th. Finally, TheStreet raised Harmonic from a “sell” rating to a “hold” rating in a research note on Tuesday, August 30th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $4.94.
In related news, Director Nikos Theodosopoulos bought 25,000 shares of Harmonic stock in a transaction that occurred on Tuesday, November 15th. The stock was purchased at an average cost of $4.75 per share, with a total value of $118,750.00. Following the purchase, the director now owns 40,831 shares in the company, valued at $193,947.25. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.27% of the stock is currently owned by corporate 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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