Bank of New York Mellon Corp Decreases Stock Position in Harmonic Inc. (NASDAQ:HLIT)

Bank of New York Mellon Corp lessened its stake in Harmonic Inc. (NASDAQ:HLIT - Free Report) by 3.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 718,451 shares of the communications equipment provider's stock after selling 25,779 shares during the period. Bank of New York Mellon Corp owned about 0.62% of Harmonic worth $9,505,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in HLIT. Los Angeles Capital Management LLC bought a new stake in shares of Harmonic during the 3rd quarter valued at about $842,000. Versor Investments LP bought a new stake in shares of Harmonic during the 3rd quarter valued at about $227,000. Royce & Associates LP boosted its position in shares of Harmonic by 12.6% during the 3rd quarter. Royce & Associates LP now owns 1,019,638 shares of the communications equipment provider's stock valued at $14,856,000 after purchasing an additional 113,929 shares in the last quarter. Intech Investment Management LLC boosted its position in shares of Harmonic by 412.4% during the 3rd quarter. Intech Investment Management LLC now owns 193,310 shares of the communications equipment provider's stock valued at $2,817,000 after purchasing an additional 155,580 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Harmonic by 3.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,036,729 shares of the communications equipment provider's stock worth $15,105,000 after buying an additional 34,405 shares during the period. Institutional investors own 99.38% of the company's stock.

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Harmonic Stock Down 1.4 %

Shares of HLIT stock traded down $0.15 during trading hours on Tuesday, reaching $10.39. The company had a trading volume of 782,590 shares, compared to its average volume of 1,280,405. Harmonic Inc. has a 12 month low of $8.42 and a 12 month high of $15.46. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.18 and a quick ratio of 1.80. The business has a fifty day simple moving average of $11.12 and a 200-day simple moving average of $12.52. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 31.49 and a beta of 0.87.

Harmonic (NASDAQ:HLIT - Get Free Report) last issued its quarterly earnings results on Monday, February 10th. The communications equipment provider reported $0.38 EPS for the quarter, topping analysts' consensus estimates of $0.37 by $0.01. Harmonic had a return on equity of 15.90% and a net margin of 5.78%. On average, research analysts expect that Harmonic Inc. will post 0.31 earnings per share for the current fiscal year.

Harmonic announced that its board has initiated a share buyback program on Monday, February 10th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the communications equipment provider to purchase up to 15.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Harmonic news, Director David Krall purchased 10,000 shares of the company's stock in a transaction that occurred on Thursday, February 13th. The shares were acquired at an average cost of $9.78 per share, for a total transaction of $97,800.00. Following the completion of the acquisition, the director now owns 163,490 shares of the company's stock, valued at $1,598,932.20. The trade was a 6.52 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel T. Whalen purchased 3,000 shares of the company's stock in a transaction that occurred on Monday, February 24th. The shares were acquired at an average price of $10.15 per share, for a total transaction of $30,450.00. Following the completion of the acquisition, the director now directly owns 8,840 shares of the company's stock, valued at $89,726. This trade represents a 51.37 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 32,780 shares of company stock worth $316,607. 2.36% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on HLIT shares. Jefferies Financial Group started coverage on Harmonic in a report on Friday, February 21st. They issued a "hold" rating on the stock. Northland Securities cut their price target on Harmonic from $14.00 to $12.50 and set an "outperform" rating on the stock in a report on Tuesday, February 11th. Barclays cut their price target on Harmonic from $14.00 to $10.00 and set an "equal weight" rating on the stock in a report on Tuesday, February 11th. Needham & Company LLC cut their price target on Harmonic from $18.00 to $14.00 and set a "buy" rating on the stock in a report on Tuesday, February 11th. Finally, StockNews.com lowered Harmonic from a "buy" rating to a "hold" rating in a report on Monday, March 10th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $12.50.

About Harmonic

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.