Pinnacle Associates Ltd. Decreases Holdings in Harmonic Inc. (HLIT)
Pinnacle Associates Ltd. lessened its holdings in Harmonic Inc. (NASDAQ:HLIT) by 36.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,555,537 shares of the communications equipment provider’s stock after selling 1,494,871 shares during the quarter. Pinnacle Associates Ltd. owned approximately 3.13% of Harmonic worth $7,794,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Royce & Associates LP boosted its holdings in Harmonic by 3.1% in the second quarter. Royce & Associates LP now owns 1,170,499 shares of the communications equipment provider’s stock worth $6,145,000 after purchasing an additional 35,000 shares during the period. Epoch Investment Partners Inc. boosted its holdings in Harmonic by 1.0% in the second quarter. Epoch Investment Partners Inc. now owns 5,012,838 shares of the communications equipment provider’s stock worth $26,317,000 after purchasing an additional 52,062 shares during the period. Northern Trust Corp boosted its holdings in Harmonic by 4.6% in the second quarter. Northern Trust Corp now owns 968,459 shares of the communications equipment provider’s stock worth $5,084,000 after purchasing an additional 42,215 shares during the period. Metropolitan Life Insurance Co. NY boosted its holdings in Harmonic by 9.0% in the first quarter. Metropolitan Life Insurance Co. NY now owns 59,501 shares of the communications equipment provider’s stock worth $354,000 after purchasing an additional 4,889 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Harmonic by 3.6% in the second quarter. Vanguard Group Inc. now owns 5,803,837 shares of the communications equipment provider’s stock worth $30,470,000 after purchasing an additional 203,002 shares during the period. 96.00% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Neven Haltmayer sold 8,311 shares of the business’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $3.81, for a total transaction of $31,664.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Bart Spriester sold 8,004 shares of Harmonic stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $3.81, for a total transaction of $30,495.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,933 shares of company stock valued at $98,389. Corporate insiders own 4.27% of the company’s stock.
Harmonic Inc. (NASDAQ:HLIT) opened at $4.00 on Friday. Harmonic Inc. has a 1-year low of $2.80 and a 1-year high of $6.18. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.99 and a current ratio of 1.20.
Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, October 30th. The communications equipment provider reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.07. Harmonic had a negative net margin of 22.02% and a negative return on equity of 13.06%. The company had revenue of $92.00 million during the quarter, compared to the consensus estimate of $85.63 million. During the same quarter in the previous year, the company posted ($0.01) earnings per share. The company’s revenue for the quarter was down 9.3% compared to the same quarter last year. equities analysts forecast that Harmonic Inc. will post -0.51 earnings per share for the current fiscal year.
A number of equities analysts have commented on the stock. ValuEngine raised shares of Harmonic from a “sell” rating to a “hold” rating in a report on Friday. Dougherty & Co reissued a “buy” rating and set a $6.50 price target on shares of Harmonic in a report on Monday, October 23rd. Zacks Investment Research raised shares of Harmonic from a “hold” rating to a “buy” rating and set a $3.75 price target for the company in a report on Wednesday, October 4th. Northland Securities set a $6.00 price target on shares of Harmonic and gave the company a “buy” rating in a report on Tuesday, October 17th. Finally, Jefferies Group reissued a “hold” rating and set a $3.50 price target on shares of Harmonic in a report on Sunday, September 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Harmonic presently has an average rating of “Hold” and a consensus target price of $5.06.
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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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