Mutual of America Capital Management LLC Has $5.42 Million Stock Holdings in Harmonic Inc. (NASDAQ:HLIT)

Mutual of America Capital Management LLC raised its holdings in Harmonic Inc. (NASDAQ:HLIT) by 48.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 409,799 shares of the communications equipment provider’s stock after acquiring an additional 133,885 shares during the quarter. Mutual of America Capital Management LLC owned about 0.35% of Harmonic worth $5,422,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in HLIT. Wealth Enhancement Advisory Services LLC lifted its stake in Harmonic by 18.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 35,365 shares of the communications equipment provider’s stock valued at $515,000 after acquiring an additional 5,414 shares during the last quarter. Baker Avenue Asset Management LP acquired a new stake in Harmonic in the third quarter valued at approximately $833,000. Los Angeles Capital Management LLC acquired a new stake in Harmonic in the third quarter valued at approximately $842,000. Lisanti Capital Growth LLC acquired a new stake in Harmonic in the third quarter valued at approximately $2,915,000. Finally, Versor Investments LP acquired a new stake in Harmonic in the third quarter valued at approximately $227,000. 99.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently weighed in on HLIT. Jefferies Financial Group began coverage on shares of Harmonic in a research note on Friday, February 21st. They issued a “hold” rating for the company. Needham & Company LLC reduced their price objective on shares of Harmonic from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. Rosenblatt Securities reduced their price objective on shares of Harmonic from $16.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. StockNews.com upgraded shares of Harmonic from a “hold” rating to a “buy” rating in a research note on Wednesday, February 12th. Finally, 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 note on Tuesday, February 11th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Harmonic presently has an average rating of “Moderate Buy” and an average price target of $12.50.

Harmonic Trading Up 0.5 %

Shares of HLIT stock opened at $10.36 on Tuesday. Harmonic Inc. has a 1 year low of $8.42 and a 1 year high of $15.46. The firm’s fifty day simple moving average is $11.78 and its 200 day simple moving average is $12.81. The firm has a market capitalization of $1.21 billion, a P/E ratio of 31.39 and a beta of 0.89. 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 announced its earnings results 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, sell-side analysts predict that Harmonic Inc. will post 0.31 EPS for the current year.

Harmonic announced that its Board of Directors has initiated a stock buyback plan on Monday, February 10th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the communications equipment provider to reacquire up to 15.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Harmonic news, Director Daniel T. Whalen purchased 3,000 shares of the stock in a transaction on Monday, February 24th. The shares were purchased at an average price of $10.15 per share, with a total value of $30,450.00. Following the acquisition, the director now directly owns 8,840 shares of the company’s stock, valued at $89,726. This represents a 51.37 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Walter Jankovic purchased 12,000 shares of the stock in a transaction on Wednesday, February 12th. The stock was acquired at an average cost of $9.44 per share, for a total transaction of $113,280.00. Following the acquisition, the chief financial officer now directly owns 46,129 shares in the company, valued at approximately $435,457.76. This trade represents a 35.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 32,780 shares of company stock valued at $316,607. 2.36% of the stock is owned by company insiders.

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.