Dimensional Fund Advisors LP Cuts Stock Holdings in Harmonic Inc. (NASDAQ:HLIT)

Dimensional Fund Advisors LP lowered its stake in Harmonic Inc. (NASDAQ:HLIT - Free Report) by 4.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,239,442 shares of the communications equipment provider's stock after selling 159,455 shares during the quarter. Dimensional Fund Advisors LP owned 2.78% of Harmonic worth $42,858,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. First Trust Advisors LP acquired a new position in shares of Harmonic during the fourth quarter valued at about $2,899,000. Gamco Investors INC. ET AL boosted its holdings in Harmonic by 174.7% in the fourth quarter. Gamco Investors INC. ET AL now owns 69,983 shares of the communications equipment provider's stock worth $926,000 after acquiring an additional 44,510 shares in the last quarter. Gabelli Funds LLC bought a new position in Harmonic in the fourth quarter worth approximately $165,000. Jump Financial LLC acquired a new stake in Harmonic in the fourth quarter valued at approximately $467,000. Finally, Guggenheim Capital LLC bought a new stake in shares of Harmonic during the fourth quarter valued at approximately $328,000. 99.38% of the stock is owned by institutional investors.

Harmonic Stock Performance

Shares of HLIT stock traded down $0.04 on Wednesday, hitting $8.88. 648,180 shares of the stock were exchanged, compared to its average volume of 1,171,096. The firm's 50 day moving average is $9.50 and its two-hundred day moving average is $11.30. Harmonic Inc. has a one year low of $7.91 and a one year high of $15.46. The firm has a market capitalization of $1.01 billion, a PE ratio of 26.91 and a beta of 1.03. The company has a current ratio of 2.18, a quick ratio of 1.80 and a debt-to-equity ratio of 0.26.

Harmonic (NASDAQ:HLIT - Get Free Report) last issued its earnings results on Monday, April 28th. The communications equipment provider reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.05 by $0.06. Harmonic had a net margin of 5.78% and a return on equity of 15.90%. The firm had revenue of $133.14 million during the quarter, compared to analyst estimates of $127.51 million. The company's quarterly revenue was up 9.1% compared to the same quarter last year. Sell-side analysts expect that Harmonic Inc. will post 0.31 earnings per share for the current fiscal year.

Harmonic declared that its board has authorized a stock repurchase program on Monday, February 10th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the communications equipment provider to buy up to 15.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Insider Activity at Harmonic

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

Analyst Ratings Changes

Several analysts recently issued reports on HLIT shares. Northland Securities reduced their price target on shares of Harmonic from $14.00 to $12.50 and set an "outperform" rating for the company in a research report on Tuesday, February 11th. Needham & Company LLC reaffirmed a "buy" rating and issued a $14.00 price target on shares of Harmonic in a research report on Tuesday, April 29th. Barclays reissued an "underperform" rating on shares of Harmonic in a report on Tuesday, April 29th. Jefferies Financial Group began coverage on Harmonic in a research report on Friday, February 21st. They set a "hold" rating on the stock. Finally, StockNews.com upgraded Harmonic from a "hold" rating to a "buy" rating in a research note on Thursday, March 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $12.33.

Harmonic Company 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.