Invesco Ltd. Has $103.05 Million Stock Position in Harmonic Inc. (NASDAQ:HLIT)

Invesco Ltd. raised its holdings in Harmonic Inc. (NASDAQ:HLIT) by 20.0% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 7,788,714 shares of the communications equipment provider’s stock after acquiring an additional 1,300,128 shares during the quarter. Invesco Ltd. owned 0.07% of Harmonic worth $103,045,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of HLIT. Polymer Capital Management US LLC acquired a new position in shares of Harmonic during the 4th quarter valued at $260,000. Russell Investments Group Ltd. raised its holdings in shares of Harmonic by 5,388.1% during the fourth quarter. Russell Investments Group Ltd. now owns 5,543 shares of the communications equipment provider’s stock valued at $73,000 after purchasing an additional 5,442 shares during the period. Envestnet Asset Management Inc. bought a new position in shares of Harmonic during the 4th quarter worth about $227,000. Wells Fargo & Company MN grew its stake in shares of Harmonic by 54.6% in the 4th quarter. Wells Fargo & Company MN now owns 66,419 shares of the communications equipment provider’s stock valued at $879,000 after buying an additional 23,460 shares during the period. Finally, Trexquant Investment LP bought a new stake in Harmonic in the 4th quarter valued at about $1,557,000. 99.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Harmonic news, Director Daniel T. Whalen bought 3,000 shares of the stock in a transaction dated Monday, February 24th. The shares were bought at an average cost of $10.15 per share, for a total transaction of $30,450.00. Following the purchase, the director now directly owns 8,840 shares of the company’s stock, valued at approximately $89,726. This trade represents a 51.37 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Krall purchased 10,000 shares of Harmonic stock in a transaction that occurred on Thursday, February 13th. The shares were bought at an average price of $9.78 per share, with a total value of $97,800.00. Following the transaction, the director now owns 163,490 shares of the company’s stock, valued at $1,598,932.20. This trade represents a 6.52 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 32,780 shares of company stock worth $316,607. 2.36% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Rosenblatt Securities reduced their price objective on Harmonic from $16.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. Jefferies Financial Group started coverage on shares of Harmonic in a research report on Friday, February 21st. They issued a “hold” rating for the company. Barclays lowered their price objective on shares of Harmonic from $14.00 to $10.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 11th. Northland Securities reduced their price objective 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. Finally, Needham & Company LLC lowered their target price on shares of Harmonic from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday, February 11th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Harmonic presently has an average rating of “Moderate Buy” and an average price target of $12.50.

Harmonic Stock Performance

NASDAQ HLIT opened at $8.95 on Monday. 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 company has a fifty day moving average price of $9.98 and a 200-day moving average price of $11.87. Harmonic Inc. has a 1 year low of $7.91 and a 1 year high of $15.46. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of 27.12 and a beta of 0.92.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings data on Monday, February 10th. The communications equipment provider reported $0.38 earnings per share (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%. As a group, equities research analysts predict that Harmonic Inc. will post 0.31 EPS for the current fiscal year.

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

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.