Allianz Asset Management GmbH Acquires New Shares in Harmonic Inc. (NASDAQ:HLIT)

Allianz Asset Management GmbH bought a new stake in shares of Harmonic Inc. (NASDAQ:HLIT) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 19,700 shares of the communications equipment provider’s stock, valued at approximately $189,000.

Several other institutional investors have also recently made changes to their positions in the stock. Millennium Management LLC grew its position in shares of Harmonic by 9,004.4% in the fourth quarter. Millennium Management LLC now owns 4,719,837 shares of the communications equipment provider’s stock valued at $62,443,000 after purchasing an additional 4,667,996 shares in the last quarter. Invesco Ltd. boosted its stake in Harmonic by 20.0% in the 4th quarter. Invesco Ltd. now owns 7,788,714 shares of the communications equipment provider’s stock worth $103,045,000 after purchasing an additional 1,300,128 shares during the period. Tudor Investment Corp ET AL grew its holdings in Harmonic by 198.2% during the 4th quarter. Tudor Investment Corp ET AL now owns 797,176 shares of the communications equipment provider’s stock valued at $10,547,000 after buying an additional 529,833 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Harmonic by 175.9% during the fourth quarter. JPMorgan Chase & Co. now owns 681,425 shares of the communications equipment provider’s stock valued at $9,015,000 after buying an additional 434,481 shares during the period. Finally, Algert Global LLC lifted its holdings in shares of Harmonic by 1,583.7% in the fourth quarter. Algert Global LLC now owns 435,852 shares of the communications equipment provider’s stock worth $5,766,000 after buying an additional 409,966 shares in the last quarter. Hedge funds and other institutional investors own 99.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on HLIT. Wolfe Research began coverage on shares of Harmonic in a research report on Tuesday, July 8th. They issued an “underperform” rating for the company. Barclays cut their price target on shares of Harmonic from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Tuesday, July 29th. Needham & Company LLC decreased their price target on shares of Harmonic from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, July 29th. Rosenblatt Securities reissued a “buy” rating and set a $11.00 price objective on shares of Harmonic in a research note on Tuesday, July 29th. Finally, Wall Street Zen cut Harmonic from a “buy” rating to a “hold” rating in a research report on Saturday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Harmonic has an average rating of “Hold” and an average price target of $11.67.

Harmonic Stock Performance

NASDAQ HLIT opened at $8.63 on Tuesday. Harmonic Inc. has a 52-week low of $7.80 and a 52-week high of $15.46. The company has a fifty day moving average of $9.20 and a 200-day moving average of $9.67. The company has a market capitalization of $976.03 million, a P/E ratio of 14.63 and a beta of 1.00. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.58 and a current ratio of 1.99.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Monday, July 28th. The communications equipment provider reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.06. The firm had revenue of $138.03 million during the quarter, compared to analysts’ expectations of $134.90 million. Harmonic had a return on equity of 17.83% and a net margin of 9.96%. The company’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.08 EPS. As a group, equities research analysts predict that Harmonic Inc. will post 0.31 EPS for the current fiscal year.

About Harmonic

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.