Bank of New York Mellon Corp Boosts Stake in Harmonic Inc. (NASDAQ:HLIT)

Bank of New York Mellon Corp grew its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 3.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 894,908 shares of the communications equipment provider’s stock after buying an additional 26,398 shares during the quarter. Bank of New York Mellon Corp owned 0.80% of Harmonic worth $14,471,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in HLIT. Wellington Management Group LLP raised its position in shares of Harmonic by 35.0% during the 1st quarter. Wellington Management Group LLP now owns 7,800,863 shares of the communications equipment provider’s stock valued at $113,815,000 after buying an additional 2,022,350 shares in the last quarter. Millennium Management LLC raised its position in Harmonic by 276.3% in the 2nd quarter. Millennium Management LLC now owns 1,837,589 shares of the communications equipment provider’s stock worth $15,932,000 after purchasing an additional 1,349,242 shares during the period. FMR LLC raised its position in Harmonic by 841.8% in the 1st quarter. FMR LLC now owns 1,411,463 shares of the communications equipment provider’s stock worth $20,593,000 after purchasing an additional 1,261,597 shares during the period. Hood River Capital Management LLC raised its position in Harmonic by 53.1% in the 1st quarter. Hood River Capital Management LLC now owns 3,589,989 shares of the communications equipment provider’s stock worth $52,378,000 after purchasing an additional 1,245,308 shares during the period. Finally, Trigran Investments Inc. raised its position in Harmonic by 14.6% in the 1st quarter. Trigran Investments Inc. now owns 8,466,639 shares of the communications equipment provider’s stock worth $123,528,000 after purchasing an additional 1,079,161 shares during the period. Hedge funds and other institutional investors own 99.38% of the company’s stock.

Harmonic Stock Performance

Shares of NASDAQ:HLIT opened at $11.15 on Wednesday. Harmonic Inc. has a 12 month low of $8.80 and a 12 month high of $18.43. The company has a current ratio of 1.20, a quick ratio of 0.82 and a debt-to-equity ratio of 0.03. The company has a 50-day moving average price of $10.03 and a 200-day moving average price of $13.06. The company has a market cap of $1.25 billion, a price-to-earnings ratio of 278.75 and a beta of 0.90.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on HLIT shares. TheStreet cut shares of Harmonic from a “b” rating to a “c+” rating in a research report on Monday, July 31st. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research report on Tuesday, October 31st. StockNews.com raised shares of Harmonic from a “sell” rating to a “hold” rating in a research note on Tuesday, October 31st. Rosenblatt Securities lowered their price objective on shares of Harmonic from $22.00 to $18.00 and set a “buy” rating for the company in a research note on Tuesday, August 1st. Finally, Raymond James lowered their price objective on shares of Harmonic from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research note on Tuesday, October 31st. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $17.33.

Harmonic Company Profile

Harmonic Inc, together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. The company operates in two segments, Video and Broadband. The Video segment sells video processing, production, and playout solutions and services to broadband operators, and satellite and telecommunications Pay-TV service providers, as well as to broadcast and media, including streaming media companies.