Dimensional Fund Advisors LP Buys 294,922 Shares of Harmonic Inc. (NASDAQ:HLIT)

Dimensional Fund Advisors LP grew its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 8.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,741,998 shares of the communications equipment provider’s stock after acquiring an additional 294,922 shares during the period. Dimensional Fund Advisors LP owned about 3.34% of Harmonic worth $44,043,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of HLIT. CWM LLC raised its stake in Harmonic by 780.9% in the second quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock worth $27,000 after buying an additional 1,999 shares in the last quarter. Innealta Capital LLC bought a new position in Harmonic in the second quarter worth approximately $47,000. SageView Advisory Group LLC bought a new position in Harmonic in the first quarter worth approximately $114,000. Verdence Capital Advisors LLC bought a new position in Harmonic in the second quarter worth approximately $140,000. Finally, Sierra Summit Advisors LLC bought a new position in Harmonic in the fourth quarter worth approximately $280,000. Institutional investors own 99.38% of the company’s stock.

Analyst Ratings Changes

HLIT has been the subject of a number of recent research reports. Barclays boosted their price objective on shares of Harmonic from $14.00 to $20.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a research note on Tuesday, July 30th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a research note on Thursday, July 18th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $18.50.

Insider Activity

In other news, SVP Neven Haltmayer sold 40,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $14.41, for a total transaction of $576,400.00. Following the sale, the senior vice president now directly owns 122,211 shares of the company’s stock, valued at $1,761,060.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.20% of the company’s stock.

Harmonic Price Performance

NASDAQ HLIT opened at $14.57 on Tuesday. The firm’s fifty day simple moving average is $13.74 and its two-hundred day simple moving average is $12.39. The company has a current ratio of 1.87, a quick ratio of 1.32 and a debt-to-equity ratio of 0.30. Harmonic Inc. has a 12-month low of $8.80 and a 12-month high of $15.31. The firm has a market capitalization of $1.63 billion, a P/E ratio of 24.28 and a beta of 0.87.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.04. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. The business had revenue of $138.70 million for the quarter, compared to analyst estimates of $133.67 million. During the same period in the previous year, the company earned $0.07 earnings per share. The business’s revenue for the quarter was down 11.1% on a year-over-year basis. Analysts forecast that Harmonic Inc. will post 0.44 EPS for the current fiscal year.

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.