Invesco Ltd. Buys 292,584 Shares of Harmonic Inc. (NASDAQ:HLIT)

Invesco Ltd. raised its stake in Harmonic Inc. (NASDAQ:HLIT) by 3.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,081,298 shares of the communications equipment provider’s stock after acquiring an additional 292,584 shares during the quarter. Invesco Ltd. owned approximately 7.15% of Harmonic worth $77,500,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Harmonic in the first quarter worth about $1,497,000. Swiss National Bank lifted its holdings in shares of Harmonic by 4.4% in the first quarter. Swiss National Bank now owns 225,715 shares of the communications equipment provider’s stock worth $2,165,000 after acquiring an additional 9,500 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Harmonic by 6.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,128,795 shares of the communications equipment provider’s stock worth $10,825,000 after acquiring an additional 71,225 shares during the last quarter. Vanguard Group Inc. raised its holdings in Harmonic by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 11,474,771 shares of the communications equipment provider’s stock valued at $110,043,000 after buying an additional 411,443 shares during the last quarter. Finally, Natixis Advisors LLC bought a new position in Harmonic in the 1st quarter valued at approximately $228,000. Institutional investors own 99.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on HLIT. Barclays reduced their target price on shares of Harmonic from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 29th. Rosenblatt Securities reissued a “buy” rating and set a $11.00 target price on shares of Harmonic in a report on Tuesday, July 29th. Needham & Company LLC reduced their target price on shares of Harmonic from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, July 29th. Wall Street Zen lowered shares of Harmonic from a “buy” rating to a “hold” rating in a report on Saturday, August 2nd. Finally, Wolfe Research began coverage on shares of Harmonic in a report on Tuesday, July 8th. They set an “underperform” rating on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $11.67.

Harmonic Stock Performance

Shares of Harmonic stock opened at $8.97 on Friday. The business has a 50-day moving average price of $9.14 and a two-hundred day moving average price of $9.50. Harmonic Inc. has a 1-year low of $7.80 and a 1-year high of $15.46. The company has a current ratio of 1.99, a quick ratio of 1.58 and a debt-to-equity ratio of 0.27. The company has a market cap of $1.02 billion, a P/E ratio of 15.20 and a beta of 1.00.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, July 28th. The communications equipment provider reported $0.09 EPS for the quarter, topping the consensus estimate of $0.03 by $0.06. The business had revenue of $138.03 million during the quarter, compared to analysts’ expectations of $134.90 million. Harmonic had a return on equity of 17.83% and a net margin of 9.96%. The firm’s revenue was down .5% on a year-over-year basis. During the same quarter last year, the firm posted $0.08 earnings per share. As a group, analysts anticipate that Harmonic Inc. will post 0.31 EPS for the current year.

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.