Harmonic Inc. (NASDAQ:HLIT) Shares Sold by Bank of America Corp DE

Bank of America Corp DE cut its stake in Harmonic Inc. (NASDAQ:HLIT - Free Report) by 63.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 180,770 shares of the communications equipment provider's stock after selling 310,202 shares during the period. Bank of America Corp DE owned about 0.16% of Harmonic worth $2,392,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Quarry LP acquired a new stake in Harmonic during the 4th quarter worth approximately $33,000. Russell Investments Group Ltd. increased its holdings in shares of Harmonic by 5,388.1% in the fourth quarter. Russell Investments Group Ltd. now owns 5,543 shares of the communications equipment provider's stock valued at $73,000 after purchasing an additional 5,442 shares during the period. AlphaQuest LLC raised its stake in shares of Harmonic by 14,765.9% during the fourth quarter. AlphaQuest LLC now owns 6,095 shares of the communications equipment provider's stock worth $81,000 after purchasing an additional 6,054 shares during the last quarter. KBC Group NV lifted its holdings in shares of Harmonic by 84.8% during the fourth quarter. KBC Group NV now owns 6,295 shares of the communications equipment provider's stock worth $83,000 after purchasing an additional 2,888 shares during the period. Finally, Cibc World Markets Corp acquired a new position in Harmonic in the 4th quarter valued at $137,000. Institutional investors and hedge funds own 99.38% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Jefferies Financial Group initiated coverage on shares of Harmonic in a research note on Friday, February 21st. They set a "hold" rating on the stock. Needham & Company LLC reiterated a "buy" rating and set a $14.00 target price on shares of Harmonic in a research report on Tuesday, April 29th. Barclays reissued an "underperform" rating on shares of Harmonic in a research note on Tuesday, April 29th. Rosenblatt Securities dropped their price objective on Harmonic from $12.00 to $11.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Finally, Wall Street Zen upgraded Harmonic from a "hold" rating to a "buy" rating in a research report on Thursday, March 27th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $12.33.

Harmonic Price Performance

HLIT traded down $0.03 during midday trading on Thursday, reaching $9.38. 175,562 shares of the company's stock were exchanged, compared to its average volume of 1,140,401. Harmonic Inc. has a 1-year low of $7.91 and a 1-year high of $15.46. The stock has a market capitalization of $1.06 billion, a PE ratio of 28.41 and a beta of 1.03. 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's 50-day moving average price is $9.08 and its 200 day moving average price is $10.82.

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

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

Harmonic 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.