Harmonic Inc (NASDAQ:HLIT) – Jefferies Financial Group raised their FY2018 earnings per share (EPS) estimates for shares of Harmonic in a research report issued to clients and investors on Tuesday, October 30th. Jefferies Financial Group analyst G. Notter now anticipates that the communications equipment provider will earn ($0.10) per share for the year, up from their prior forecast of ($0.20). Jefferies Financial Group also issued estimates for Harmonic’s Q4 2018 earnings at ($0.01) EPS, Q1 2019 earnings at ($0.07) EPS, Q3 2019 earnings at $0.00 EPS, Q4 2019 earnings at $0.04 EPS and FY2019 earnings at ($0.06) EPS.
Harmonic (NASDAQ:HLIT) last announced its earnings results on Monday, October 29th. The communications equipment provider reported $0.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.03. Harmonic had a negative net margin of 9.26% and a negative return on equity of 5.97%. The business had revenue of $101.40 million for the quarter, compared to analyst estimates of $99.46 million. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. Harmonic’s revenue was up 10.7% compared to the same quarter last year.
Several other equities research analysts have also issued reports on the stock. Zacks Investment Research raised shares of Harmonic from a “hold” rating to a “buy” rating and set a $6.25 price target on the stock in a report on Saturday. ValuEngine lowered shares of Harmonic from a “strong-buy” rating to a “buy” rating in a report on Thursday. BidaskClub raised shares of Harmonic from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 30th. Loop Capital assumed coverage on shares of Harmonic in a report on Thursday, September 20th. They issued a “buy” rating and a $8.25 price target on the stock. Finally, Northland Securities set a $7.00 price target on shares of Harmonic and gave the company a “buy” rating in a report on Thursday, August 2nd. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $7.17.
Shares of HLIT stock opened at $6.16 on Friday. The firm has a market cap of $529.95 million, a P/E ratio of -11.41 and a beta of 0.67. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.12 and a current ratio of 1.36. Harmonic has a 1 year low of $2.90 and a 1 year high of $6.23.
Institutional investors have recently made changes to their positions in the business. Divisar Capital Management LLC increased its holdings in Harmonic by 33.4% in the 2nd quarter. Divisar Capital Management LLC now owns 3,371,972 shares of the communications equipment provider’s stock valued at $14,331,000 after buying an additional 844,508 shares during the period. BlackRock Inc. increased its holdings in Harmonic by 1.1% in the 1st quarter. BlackRock Inc. now owns 10,614,738 shares of the communications equipment provider’s stock valued at $40,337,000 after buying an additional 115,823 shares during the period. Manatuck Hill Partners LLC bought a new stake in Harmonic in the 2nd quarter valued at $128,000. Metropolitan Life Insurance Co. NY boosted its stake in shares of Harmonic by 112.4% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 36,235 shares of the communications equipment provider’s stock valued at $154,000 after purchasing an additional 19,174 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Harmonic by 2.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,451,699 shares of the communications equipment provider’s stock valued at $27,419,000 after purchasing an additional 158,449 shares in the last quarter. 86.33% of the stock is currently owned by hedge funds and other institutional investors.
Harmonic Inc designs, manufactures, and sells video infrastructure products and system solutions worldwide. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.
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