Schwab Charles Investment Management Inc. Has $4.84 Million Stake in Harmonic Inc. (HLIT)

Schwab Charles Investment Management Inc. increased its stake in Harmonic Inc. (NASDAQ:HLIT) by 10.5% during the first quarter, Holdings Channel reports. The institutional investor owned 813,106 shares of the communications equipment provider’s stock after buying an additional 77,305 shares during the period. Schwab Charles Investment Management Inc.’s holdings in Harmonic were worth $4,838,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Harmonic by 3.0% in the first quarter. Vanguard Group Inc. now owns 5,600,835 shares of the communications equipment provider’s stock valued at $33,325,000 after buying an additional 163,290 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Harmonic by 118.7% in the first quarter. Wellington Management Group LLP now owns 3,742,068 shares of the communications equipment provider’s stock valued at $22,265,000 after buying an additional 2,031,135 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Harmonic by 3.2% in the first quarter. Wells Fargo & Company MN now owns 2,288,316 shares of the communications equipment provider’s stock valued at $13,615,000 after buying an additional 70,879 shares in the last quarter. State Street Corp increased its stake in shares of Harmonic by 6.2% in the fourth quarter. State Street Corp now owns 1,790,466 shares of the communications equipment provider’s stock valued at $8,954,000 after buying an additional 103,988 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Harmonic by 4.2% in the first quarter. Bank of New York Mellon Corp now owns 889,684 shares of the communications equipment provider’s stock valued at $5,293,000 after buying an additional 35,632 shares in the last quarter. 97.95% of the stock is currently owned by institutional investors.

Harmonic Inc. (NASDAQ:HLIT) traded up 1.39% during midday trading on Friday, hitting $3.65. The stock had a trading volume of 789,005 shares. Harmonic Inc. has a 12 month low of $3.50 and a 12 month high of $6.18. The stock has a 50 day moving average of $4.55 and a 200 day moving average of $5.25. The stock’s market cap is $296.64 million.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.02. Harmonic had a negative net margin of 21.58% and a negative return on equity of 13.22%. The business had revenue of $82.30 million for the quarter, compared to analyst estimates of $80.88 million. The firm’s revenue for the quarter was down 24.9% on a year-over-year basis. Analysts expect that Harmonic Inc. will post ($0.42) EPS for the current fiscal year.

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HLIT has been the topic of several analyst reports. Jefferies Group LLC reaffirmed a “hold” rating and set a $4.00 price target (up from $3.50) on shares of Harmonic in a research report on Tuesday, August 1st. Zacks Investment Research upgraded Harmonic from a “sell” rating to a “hold” rating in a research report on Wednesday, May 3rd. TheStreet cut Harmonic from a “c-” rating to a “d+” rating in a research report on Wednesday. BidaskClub cut Harmonic from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Finally, ValuEngine cut Harmonic from a “hold” rating to a “sell” rating in a research report on Friday, August 4th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. Harmonic currently has an average rating of “Hold” and a consensus price target of $5.44.

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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Institutional Ownership by Quarter for Harmonic (NASDAQ:HLIT)

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