Intech Investment Management LLC Has $5.84 Million Position in Harmonic Inc. (NASDAQ:HLIT)

Intech Investment Management LLC boosted its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 128.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 441,356 shares of the communications equipment provider’s stock after purchasing an additional 248,046 shares during the quarter. Intech Investment Management LLC owned about 0.38% of Harmonic worth $5,839,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. grew its stake in Harmonic by 85.1% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,208,829 shares of the communications equipment provider’s stock valued at $17,613,000 after buying an additional 555,737 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Harmonic during the fourth quarter valued at about $4,292,000. Wasatch Advisors LP grew its position in shares of Harmonic by 15.3% in the third quarter. Wasatch Advisors LP now owns 1,659,823 shares of the communications equipment provider’s stock valued at $24,184,000 after purchasing an additional 219,685 shares during the last quarter. Leuthold Group LLC bought a new position in shares of Harmonic in the fourth quarter worth about $2,299,000. Finally, Barclays PLC lifted its position in shares of Harmonic by 414.6% during the 3rd quarter. Barclays PLC now owns 201,976 shares of the communications equipment provider’s stock worth $2,944,000 after purchasing an additional 162,727 shares during the last quarter. Institutional investors and hedge funds own 99.38% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Needham & Company LLC lowered their target price on Harmonic from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday, February 11th. Rosenblatt Securities lowered their price objective on shares of Harmonic from $16.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, February 11th. Jefferies Financial Group assumed coverage on shares of Harmonic in a research note on Friday, February 21st. They set a “hold” rating for the company. Northland Securities decreased their price target on shares of Harmonic from $14.00 to $12.50 and set an “outperform” rating on the stock in a research report on Tuesday, February 11th. Finally, StockNews.com downgraded shares of Harmonic from a “buy” rating to a “hold” rating in a report on Wednesday. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $12.50.

Harmonic Stock Down 1.4 %

HLIT opened at $10.39 on Wednesday. The company has a market capitalization of $1.22 billion, a P/E ratio of 31.49 and a beta of 0.87. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.18 and a quick ratio of 1.80. The firm’s fifty day moving average price is $11.06 and its two-hundred day moving average price is $12.49. Harmonic Inc. has a fifty-two week low of $8.42 and a fifty-two week high of $15.46.

Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, February 10th. The communications equipment provider reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.01. Harmonic had a net margin of 5.78% and a return on equity of 15.90%. On average, analysts anticipate that Harmonic Inc. will post 0.31 EPS for the current year.

Harmonic declared that its board has initiated a share repurchase plan on Monday, February 10th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the communications equipment provider to reacquire up to 15.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Harmonic

In other news, CFO Walter Jankovic bought 12,000 shares of Harmonic stock in a transaction dated Wednesday, February 12th. The shares were bought at an average price of $9.44 per share, for a total transaction of $113,280.00. Following the purchase, the chief financial officer now owns 46,129 shares of the company’s stock, valued at approximately $435,457.76. This trade represents a 35.16 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David Krall bought 10,000 shares of the stock in a transaction dated Thursday, February 13th. The stock was purchased at an average cost of $9.78 per share, for a total transaction of $97,800.00. Following the acquisition, the director now owns 163,490 shares in the company, valued at $1,598,932.20. The trade was a 6.52 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 32,780 shares of company stock valued at $316,607. 2.36% of the stock is currently owned by corporate insiders.

Harmonic 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.