OppenheimerFunds Inc. Lowers Position in Harmonic Inc (HLIT)

OppenheimerFunds Inc. trimmed its position in shares of Harmonic Inc (NASDAQ:HLIT) by 36.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 56,802 shares of the communications equipment provider’s stock after selling 32,801 shares during the period. OppenheimerFunds Inc.’s holdings in Harmonic were worth $238,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Royce & Associates LP boosted its holdings in Harmonic by 10.0% during the fourth quarter. Royce & Associates LP now owns 1,325,599 shares of the communications equipment provider’s stock valued at $5,568,000 after purchasing an additional 120,100 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in Harmonic by 1,620.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 30,971 shares of the communications equipment provider’s stock valued at $130,000 after purchasing an additional 29,171 shares in the last quarter. BlackRock Inc. boosted its holdings in Harmonic by 2.7% during the fourth quarter. BlackRock Inc. now owns 10,498,915 shares of the communications equipment provider’s stock valued at $44,095,000 after purchasing an additional 271,392 shares in the last quarter. Rhumbline Advisers boosted its holdings in Harmonic by 14.5% during the fourth quarter. Rhumbline Advisers now owns 192,202 shares of the communications equipment provider’s stock valued at $807,000 after purchasing an additional 24,302 shares in the last quarter. Finally, Arizona State Retirement System boosted its holdings in Harmonic by 224.9% during the fourth quarter. Arizona State Retirement System now owns 137,181 shares of the communications equipment provider’s stock valued at $576,000 after purchasing an additional 94,963 shares in the last quarter. Hedge funds and other institutional investors own 91.77% of the company’s stock.

HLIT has been the topic of a number of recent research reports. BidaskClub raised Harmonic from a “sell” rating to a “hold” rating in a report on Wednesday. Zacks Investment Research downgraded Harmonic from a “hold” rating to a “sell” rating in a report on Thursday, March 15th. Finally, ValuEngine raised Harmonic from a “sell” rating to a “hold” rating in a report on Friday, December 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. Harmonic presently has a consensus rating of “Hold” and an average price target of $5.06.

In other Harmonic news, insider Neven Haltmayer sold 10,198 shares of the company’s stock in a transaction on Friday, March 9th. The stock was sold at an average price of $3.53, for a total transaction of $35,998.94. Following the transaction, the insider now owns 94,609 shares of the company’s stock, valued at approximately $333,969.77. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Patrick Harshman sold 35,581 shares of the company’s stock in a transaction on Friday, March 9th. The stock was sold at an average price of $3.53, for a total value of $125,600.93. Following the transaction, the chief executive officer now directly owns 708,160 shares in the company, valued at approximately $2,499,804.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 56,234 shares of company stock worth $198,506. Company insiders own 4.27% of the company’s stock.

Harmonic stock opened at $3.80 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.03 and a current ratio of 1.21. Harmonic Inc has a 1-year low of $2.80 and a 1-year high of $6.05.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Wednesday, February 28th. The communications equipment provider reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.03). Harmonic had a negative return on equity of 17.41% and a negative net margin of 23.16%. The firm had revenue of $100.97 million for the quarter, compared to analyst estimates of $96.47 million. equities research analysts anticipate that Harmonic Inc will post -0.06 EPS for the current year.

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Harmonic Company Profile

Harmonic Inc designs, manufactures, and sells video infrastructure products and system solutions worldwide. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.

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Institutional Ownership by Quarter for Harmonic (NASDAQ:HLIT)

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