Bank of America Corp DE Sells 310,202 Shares of Harmonic Inc. (NASDAQ:HLIT)

Bank of America Corp DE reduced its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 63.2% during the 4th quarter, according to its most recent Form 13F filing 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 quarter. Bank of America Corp DE owned about 0.16% of Harmonic worth $2,392,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Algert Global LLC lifted its holdings in Harmonic by 1,583.7% in the fourth quarter. Algert Global LLC now owns 435,852 shares of the communications equipment provider’s stock valued at $5,766,000 after buying an additional 409,966 shares during the period. AYAL Capital Advisors Ltd acquired a new stake in shares of Harmonic during the fourth quarter worth $3,957,000. Schonfeld Strategic Advisors LLC raised its holdings in shares of Harmonic by 133.9% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 66,230 shares of the communications equipment provider’s stock worth $876,000 after acquiring an additional 37,914 shares during the period. AQR Capital Management LLC raised its holdings in shares of Harmonic by 4.9% during the fourth quarter. AQR Capital Management LLC now owns 355,773 shares of the communications equipment provider’s stock worth $4,707,000 after acquiring an additional 16,726 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Harmonic by 13.3% during the fourth quarter. Northern Trust Corp now owns 1,252,837 shares of the communications equipment provider’s stock worth $16,575,000 after acquiring an additional 147,274 shares during the period. 99.38% of the stock is owned by institutional investors.

Harmonic Trading Up 0.3%

Shares of Harmonic stock opened at $9.05 on Tuesday. Harmonic Inc. has a 1 year low of $7.91 and a 1 year high of $15.46. The company has a current ratio of 2.18, a quick ratio of 1.80 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $1.02 billion, a PE ratio of 27.43 and a beta of 1.03. The firm’s 50 day moving average is $9.09 and its 200 day moving average is $10.84.

Harmonic (NASDAQ:HLIT) last posted 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 for the quarter, compared to analyst estimates of $127.51 million. The firm’s revenue was up 9.1% compared to the same quarter last year. Equities research analysts forecast that Harmonic Inc. will post 0.31 earnings per share for the current fiscal year.

Harmonic announced that its board has authorized a share buyback program on Monday, February 10th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the communications equipment provider to purchase up to 15.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

HLIT has been the subject of a number of analyst reports. Wall Street Zen raised shares of Harmonic from a “hold” rating to a “buy” rating in a research report on Thursday, March 27th. Needham & Company LLC restated a “buy” rating and set a $14.00 target price on shares of Harmonic in a research note on Tuesday, April 29th. Rosenblatt Securities dropped their price objective on shares of Harmonic from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, April 29th. Northland Securities dropped their price objective on shares of Harmonic from $14.00 to $12.50 and set an “outperform” rating for the company in a research note on Tuesday, February 11th. Finally, Barclays restated an “underperform” rating on shares of Harmonic in a research report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average 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.