Mesirow Financial Investment Management Inc. Has $327,000 Stock Position in Harmonic Inc. (NASDAQ:HLIT)

Mesirow Financial Investment Management Inc. reduced its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 23.2% during the 1st quarter, HoldingsChannel.com reports. The firm owned 24,323 shares of the communications equipment provider’s stock after selling 7,329 shares during the period. Harmonic makes up 1.6% of Mesirow Financial Investment Management Inc.’s investment portfolio, making the stock its 20th biggest position. Mesirow Financial Investment Management Inc.’s holdings in Harmonic were worth $327,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Wasatch Advisors LP grew its holdings in shares of Harmonic by 4.4% during the 1st quarter. Wasatch Advisors LP now owns 1,355,274 shares of the communications equipment provider’s stock worth $18,215,000 after purchasing an additional 57,002 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Harmonic by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 9,686,046 shares of the communications equipment provider’s stock worth $126,306,000 after buying an additional 289,443 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Harmonic by 12.7% during the 4th quarter. Wellington Management Group LLP now owns 8,796,165 shares of the communications equipment provider’s stock worth $114,702,000 after buying an additional 990,425 shares during the last quarter. Sierra Summit Advisors LLC bought a new stake in shares of Harmonic during the 4th quarter worth $280,000. Finally, Wolf Hill Capital Management LP bought a new stake in shares of Harmonic during the 4th quarter worth $16,879,000. 99.38% of the stock is owned by institutional investors and hedge funds.

Harmonic Trading Up 0.3 %

Shares of HLIT traded up $0.04 during mid-day trading on Wednesday, reaching $11.95. 686,281 shares of the company were exchanged, compared to its average volume of 1,742,044. Harmonic Inc. has a 52 week low of $8.80 and a 52 week high of $16.39. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.78 and a current ratio of 1.09. The stock has a market capitalization of $1.34 billion, a PE ratio of 19.85 and a beta of 0.89. The business has a 50 day simple moving average of $11.33 and a two-hundred day simple moving average of $12.05.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings data on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). Harmonic had a return on equity of 1.35% and a net margin of 12.37%. The company had revenue of $122.06 million for the quarter, compared to the consensus estimate of $121.70 million. During the same quarter last year, the business earned $0.06 earnings per share. Harmonic’s revenue was down 22.6% compared to the same quarter last year. On average, analysts predict that Harmonic Inc. will post 0.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Ian Graham sold 52,730 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $10.95, for a total transaction of $577,393.50. Following the completion of the sale, the senior vice president now owns 63,616 shares of the company’s stock, valued at $696,595.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research report on Monday, June 17th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $17.20.

Harmonic Company 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.