RGM Capital LLC reduced its position in shares of Harmonic Inc. (NASDAQ:HLIT) by 2.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,671,386 shares of the communications equipment provider’s stock after selling 200,000 shares during the period. Harmonic makes up about 4.1% of RGM Capital LLC’s holdings, making the stock its 11th largest position. RGM Capital LLC owned about 8.29% of Harmonic worth $39,695,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Mason Street Advisors LLC increased its stake in 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 last quarter. Louisiana State Employees Retirement System increased its stake in Harmonic by 3.2% in the first quarter. Louisiana State Employees Retirement System now owns 32,500 shares of the communications equipment provider’s stock valued at $193,000 after buying an additional 1,000 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in Harmonic by 6.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 41,980 shares of the communications equipment provider’s stock valued at $210,000 after buying an additional 2,690 shares during the last quarter. Arizona State Retirement System increased its stake in Harmonic by 3.0% in the first quarter. Arizona State Retirement System now owns 41,518 shares of the communications equipment provider’s stock valued at $247,000 after buying an additional 1,200 shares during the last quarter. Finally, Thrivent Financial For Lutherans increased its stake in Harmonic by 7.7% in the first quarter. Thrivent Financial For Lutherans now owns 45,230 shares of the communications equipment provider’s stock valued at $269,000 after buying an additional 3,250 shares during the last quarter. 98.27% of the stock is owned by institutional investors.
Shares of Harmonic Inc. (HLIT) traded down 1.83% during midday trading on Tuesday, reaching $5.35. The company’s stock had a trading volume of 338,746 shares. The firm’s market cap is $430.84 million. The company has a 50-day moving average price of $5.24 and a 200-day moving average price of $5.39. Harmonic Inc. has a 12 month low of $2.62 and a 12 month high of $6.18.
Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Monday, May 1st. The communications equipment provider reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.05) by $0.09. The company had revenue of $82.90 million during the quarter, compared to analysts’ expectations of $92.62 million. Harmonic had a negative return on equity of 7.29% and a negative net margin of 17.50%. The company’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.11) earnings per share. Equities analysts expect that Harmonic Inc. will post $0.06 earnings per share for the current year.
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A number of brokerages have recently weighed in on HLIT. Zacks Investment Research downgraded Harmonic from a “hold” rating to a “sell” rating in a report on Tuesday, March 7th. Drexel Hamilton downgraded Harmonic from a “buy” rating to a “hold” rating in a report on Tuesday, March 14th. Finally, Jefferies Group LLC increased their price objective on Harmonic from $4.00 to $4.75 and gave the stock a “hold” rating in a report on Wednesday, March 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $5.44.
In other Harmonic news, CFO Harold L. Covert sold 13,172 shares of the stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $5.14, for a total value of $67,704.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 5.53% 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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