Harmonic Inc. (NASDAQ:HLIT) Stock Position Lessened by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans reduced its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 1.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 90,070 shares of the communications equipment provider’s stock after selling 1,280 shares during the period. Thrivent Financial for Lutherans’ holdings in Harmonic were worth $1,192,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of HLIT. Point72 Asset Management L.P. raised its position in shares of Harmonic by 85.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,208,829 shares of the communications equipment provider’s stock worth $17,613,000 after buying an additional 555,737 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Harmonic during the fourth quarter worth approximately $4,292,000. Leuthold Group LLC bought a new stake in Harmonic during the fourth quarter worth approximately $2,299,000. Barclays PLC lifted its position in Harmonic by 414.6% in the third 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 period. Finally, FMR LLC boosted its stake in Harmonic by 2,191.7% during the 3rd quarter. FMR LLC now owns 152,401 shares of the communications equipment provider’s stock valued at $2,220,000 after purchasing an additional 145,751 shares in the last quarter. Institutional investors and hedge funds own 99.38% of the company’s stock.

Harmonic Price Performance

HLIT stock opened at $9.59 on Tuesday. Harmonic Inc. has a one year low of $8.42 and a one year high of $15.46. The firm has a 50-day moving average of $10.60 and a two-hundred day moving average of $12.25. The firm has a market capitalization of $1.12 billion, a PE ratio of 29.06 and a beta of 0.87. The company has a current ratio of 2.18, a quick ratio of 1.80 and a debt-to-equity ratio of 0.26.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Monday, February 10th. The communications equipment provider reported $0.38 EPS for the quarter, topping analysts’ consensus estimates 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 forecast that Harmonic Inc. will post 0.31 earnings per share for the current year.

Harmonic declared that its board has approved a stock repurchase plan on Monday, February 10th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the communications equipment provider to purchase up to 15.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

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

Analyst Ratings Changes

A number of analysts have recently commented on the company. Rosenblatt Securities dropped their price objective on 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 began coverage on shares of Harmonic in a research report on Friday, February 21st. They issued a “hold” rating on the stock. Barclays reduced their price objective on shares of Harmonic from $14.00 to $10.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 11th. StockNews.com upgraded shares of Harmonic from a “hold” rating to a “buy” rating in a report on Thursday, March 27th. Finally, Northland Securities reduced their target price on shares of Harmonic from $14.00 to $12.50 and set an “outperform” rating for the company in a report on Tuesday, February 11th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Harmonic has a consensus rating of “Moderate Buy” and an average price target of $12.50.

About Harmonic

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.