Harmonic Inc. (NASDAQ:HLIT) announced its quarterly earnings data on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.24) by $0.02, Morningstar.com reports. Harmonic had a negative return on equity of 13.22% and a negative net margin of 21.58%. The firm had revenue of $82.30 million for the quarter, compared to analysts’ expectations of $80.88 million. Harmonic’s revenue for the quarter was down 24.9% compared to the same quarter last year. Harmonic updated its FY17 guidance to (0.50)-(0.33) EPS and its Q3 guidance to (0.03)-(0.11) EPS.
Shares of Harmonic (NASDAQ HLIT) opened at 3.35 on Friday. Harmonic has a 1-year low of $3.25 and a 1-year high of $6.18. The company’s market capitalization is $272.26 million. The company has a 50 day moving average price of $4.28 and a 200 day moving average price of $5.18.
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A number of research analysts have recently issued reports on HLIT shares. Zacks Investment Research cut Harmonic from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 18th. BidaskClub cut Harmonic from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Jefferies Group LLC reaffirmed a “hold” rating and set a $4.00 price objective (down from $4.75) on shares of Harmonic in a research note on Tuesday, May 2nd. ValuEngine cut Harmonic from a “hold” rating to a “sell” rating in a research note on Friday, August 4th. Finally, TheStreet cut Harmonic from a “c-” rating to a “d+” rating in a research note on Wednesday, August 9th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. Harmonic has an average rating of “Hold” and an average price target of $5.67.
In other news, insider Patrick Harshman sold 7,979 shares of the stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $3.47, for a total transaction of $27,687.13. Following the transaction, the insider now directly owns 570,733 shares in the company, valued at $1,980,443.51. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.27% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Municipal Employees Retirement System of Michigan increased its stake in shares of Harmonic by 5.6% in the second quarter. Municipal Employees Retirement System of Michigan now owns 19,030 shares of the communications equipment provider’s stock valued at $100,000 after buying an additional 1,010 shares during the period. Mason Street Advisors LLC increased its stake in shares of Harmonic by 9.0% in the first quarter. Mason Street Advisors LLC now owns 18,654 shares of the communications equipment provider’s stock valued at $111,000 after buying an additional 1,534 shares during the period. Sei Investments Co. purchased a new stake in shares of Harmonic during the second quarter valued at $142,000. Louisiana State Employees Retirement System increased its stake in shares of Harmonic by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 32,800 shares of the communications equipment provider’s stock valued at $172,000 after buying an additional 300 shares during the period. Finally, BNP Paribas Arbitrage SA increased its stake in shares of Harmonic by 36.3% in the second quarter. BNP Paribas Arbitrage SA now owns 35,456 shares of the communications equipment provider’s stock valued at $186,000 after buying an additional 9,437 shares during the period. Hedge funds and other institutional investors own 97.27% of the company’s stock.
Harmonic Company Profile
Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.
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