Harmonic (NASDAQ:HLIT) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Harmonic (NASDAQ:HLIT) announced its quarterly earnings results on Monday. The communications equipment provider reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.03, Morningstar.com reports. The company had revenue of $84.87 million during the quarter, compared to the consensus estimate of $85.07 million. Harmonic had a negative net margin of 4.74% and a negative return on equity of 0.08%. The company’s revenue for the quarter was down 14.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.05 earnings per share.

NASDAQ HLIT opened at $7.31 on Wednesday. The firm has a market capitalization of $689.05 million, a P/E ratio of 243.67 and a beta of 0.90. Harmonic has a twelve month low of $4.25 and a twelve month high of $8.09. The firm has a fifty day moving average of $6.50. The company has a quick ratio of 1.13, a current ratio of 1.35 and a debt-to-equity ratio of 0.58.

A number of hedge funds and other institutional investors have recently bought and sold shares of HLIT. Aperio Group LLC bought a new stake in Harmonic during the second quarter valued at $29,000. BNP Paribas Arbitrage SA boosted its position in Harmonic by 113.1% during the first quarter. BNP Paribas Arbitrage SA now owns 18,481 shares of the communications equipment provider’s stock valued at $100,000 after acquiring an additional 9,807 shares during the last quarter. Metropolitan Life Insurance Co. NY boosted its position in Harmonic by 293.9% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 24,239 shares of the communications equipment provider’s stock valued at $114,000 after acquiring an additional 18,086 shares during the last quarter. Municipal Employees Retirement System of Michigan bought a new stake in Harmonic during the fourth quarter valued at $117,000. Finally, Menta Capital LLC boosted its position in Harmonic by 38.0% during the first quarter. Menta Capital LLC now owns 25,775 shares of the communications equipment provider’s stock valued at $140,000 after acquiring an additional 7,100 shares during the last quarter. Institutional investors and hedge funds own 88.69% of the company’s stock.

A number of analysts recently weighed in on HLIT shares. Zacks Investment Research upgraded HB Fuller from a “sell” rating to a “hold” rating in a report on Wednesday, July 3rd. Northland Securities upgraded Akoustis Technologies from a “market perform” rating to an “outperform” rating in a report on Wednesday, July 10th. BidaskClub downgraded Weyco Group from a “sell” rating to a “strong sell” rating in a report on Saturday, July 13th. ValuEngine upgraded Zillow Group from a “hold” rating to a “buy” rating in a report on Thursday, July 11th. Finally, Raymond James restated a “neutral” rating and issued a $5.00 price objective on shares of in a report on Tuesday. Six investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $8.42.

About Harmonic

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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Earnings History for Harmonic (NASDAQ:HLIT)

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