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

Bank of New York Mellon Corp trimmed its holdings in shares of Harmonic Inc. (NASDAQ:HLIT - Free Report) by 5.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 680,665 shares of the communications equipment provider's stock after selling 37,786 shares during the period. Bank of New York Mellon Corp owned approximately 0.58% of Harmonic worth $6,528,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Quarry LP purchased a new position in shares of Harmonic in the 4th quarter worth $33,000. Russell Investments Group Ltd. grew its position in shares of Harmonic by 5,388.1% during 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 in the last quarter. Cresset Asset Management LLC purchased a new position in shares of Harmonic during the fourth quarter valued at about $133,000. Cibc World Markets Corp purchased a new position in shares of Harmonic during the fourth quarter valued at about $137,000. Finally, PharVision Advisers LLC purchased a new position in shares of Harmonic during the fourth quarter valued at about $138,000. 99.38% of the stock is currently owned by hedge funds and other institutional investors.

Harmonic Price Performance

Shares of Harmonic stock traded up $0.11 during trading hours on Friday, reaching $9.00. The stock had a trading volume of 951,201 shares, compared to its average volume of 1,326,344. Harmonic Inc. has a twelve month low of $7.91 and a twelve month high of $15.46. The company has a current ratio of 2.06, a quick ratio of 1.69 and a debt-to-equity ratio of 0.27. The stock's 50 day moving average is $9.25 and its 200 day moving average is $9.85. The firm has a market capitalization of $1.02 billion, a PE ratio of 20.00 and a beta of 1.05.

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. Harmonic had a net margin of 7.72% and a return on equity of 18.28%. The firm had revenue of $133.14 million during the quarter, compared to the consensus estimate of $127.51 million. The business's revenue for the quarter was up 9.1% on a year-over-year basis. Equities analysts expect that Harmonic Inc. will post 0.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

HLIT has been the subject of several recent analyst reports. Needham & Company LLC restated a "buy" rating and set a $14.00 target price on shares of Harmonic in a research report on Tuesday, April 29th. Rosenblatt Securities reaffirmed a "buy" rating and set a $11.00 price target on shares of Harmonic in a research note on Tuesday, June 17th. Barclays reissued an "underperform" rating on shares of Harmonic in a research note on Tuesday, April 29th. Wall Street Zen downgraded Harmonic from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th. Finally, Wolfe Research started coverage on Harmonic in a report on Tuesday, July 8th. They issued an "underperform" rating for the company. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Harmonic presently has a consensus rating of "Hold" and a consensus price target of $12.33.

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.