Texas Permanent School Fund Corp grew its stake in shares of Harmonic Inc. (NASDAQ:HLIT – Free Report) by 39.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 98,533 shares of the communications equipment provider’s stock after buying an additional 27,650 shares during the period. Texas Permanent School Fund Corp’s holdings in Harmonic were worth $1,438,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors also recently bought and sold shares of the business. Triasima Portfolio Management inc. increased its position in Harmonic by 34.9% in the first quarter. Triasima Portfolio Management inc. now owns 503,614 shares of the communications equipment provider’s stock worth $7,348,000 after purchasing an additional 130,225 shares during the last quarter. Ameritas Advisory Services LLC bought a new stake in Harmonic in the first quarter worth $470,000. New York State Teachers Retirement System increased its position in Harmonic by 0.5% in the first quarter. New York State Teachers Retirement System now owns 239,685 shares of the communications equipment provider’s stock worth $3,497,000 after purchasing an additional 1,204 shares during the last quarter. Arizona State Retirement System increased its position in Harmonic by 3.1% in the first quarter. Arizona State Retirement System now owns 30,550 shares of the communications equipment provider’s stock worth $446,000 after purchasing an additional 905 shares during the last quarter. Finally, Mackenzie Financial Corp bought a new stake in Harmonic in the first quarter worth $500,000. Institutional investors own 97.89% of the company’s stock.
Analysts Set New Price Targets
Several research analysts have commented on the stock. StockNews.com assumed coverage on shares of Harmonic in a research note on Thursday, May 18th. They set a “hold” rating for the company. Barclays lifted their price objective on shares of Harmonic from $20.00 to $23.00 in a research note on Tuesday, May 9th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 price objective on shares of Harmonic in a research note on Friday, July 21st. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $20.50.
Harmonic Stock Down 0.1 %
Shares of HLIT opened at $14.92 on Tuesday. Harmonic Inc. has a 12-month low of $10.60 and a 12-month high of $18.43. The firm has a fifty day moving average price of $16.67 and a 200-day moving average price of $15.09. The firm has a market capitalization of $1.66 billion, a P/E ratio of 48.13 and a beta of 0.88. The company has a current ratio of 1.11, a quick ratio of 0.67 and a debt-to-equity ratio of 0.03.
Harmonic (NASDAQ:HLIT – Get Free Report) last released its quarterly earnings data on Monday, May 8th. The communications equipment provider reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02. Harmonic had a net margin of 5.48% and a return on equity of 13.52%. The company had revenue of $157.65 million during the quarter, compared to analyst estimates of $157.90 million. Equities research analysts expect that Harmonic Inc. will post 0.48 earnings per share for the current year.
Harmonic 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.
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