TIAA CREF Investment Management LLC Has $1.31 Million Position in Harmonic Inc. (HLIT)

TIAA CREF Investment Management LLC reduced its position in shares of Harmonic Inc. (NASDAQ:HLIT) by 1.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 220,198 shares of the communications equipment provider’s stock after selling 4,204 shares during the period. TIAA CREF Investment Management LLC’s holdings in Harmonic were worth $1,310,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the stock. Mason Street Advisors LLC raised its position in Harmonic by 9.0% in the first quarter. Mason Street Advisors LLC now owns 18,654 shares of the communications equipment provider’s stock worth $111,000 after buying an additional 1,534 shares in the last quarter. Louisiana State Employees Retirement System raised its position in Harmonic by 3.2% in the first quarter. Louisiana State Employees Retirement System now owns 32,500 shares of the communications equipment provider’s stock worth $193,000 after buying an additional 1,000 shares in the last quarter. Arizona State Retirement System raised its position in Harmonic by 3.0% in the first quarter. Arizona State Retirement System now owns 41,518 shares of the communications equipment provider’s stock worth $247,000 after buying an additional 1,200 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its position in Harmonic by 1.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 54,612 shares of the communications equipment provider’s stock worth $273,000 after buying an additional 929 shares in the last quarter. Finally, OppenheimerFunds Inc. raised its position in Harmonic by 20.1% in the first quarter. OppenheimerFunds Inc. now owns 53,215 shares of the communications equipment provider’s stock worth $317,000 after buying an additional 8,912 shares in the last quarter. 97.27% of the stock is owned by institutional investors and hedge funds.

Shares of Harmonic Inc. (NASDAQ:HLIT) traded up 1.43% on Tuesday, hitting $3.55. 32,795 shares of the stock traded hands. The stock has a 50-day moving average price of $4.49 and a 200 day moving average price of $5.23. Harmonic Inc. has a 12-month low of $3.50 and a 12-month high of $6.18. The stock’s market cap is $288.52 million.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings data on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.02. The firm had revenue of $82.30 million for the quarter, compared to analyst estimates of $80.88 million. Harmonic had a negative net margin of 21.58% and a negative return on equity of 13.22%. The company’s revenue was down 24.9% on a year-over-year basis. On average, analysts anticipate that Harmonic Inc. will post ($0.42) earnings per share for the current fiscal year.

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A number of research firms have recently weighed in on HLIT. Zacks Investment Research lowered shares of Harmonic from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 18th. ValuEngine lowered shares of Harmonic from a “hold” rating to a “sell” rating in a research report on Friday, August 4th. Jefferies Group LLC reaffirmed a “hold” rating and set a $4.00 price target (down previously from $4.75) on shares of Harmonic in a research report on Tuesday, May 2nd. BidaskClub lowered shares of Harmonic from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Finally, TheStreet lowered shares of Harmonic from a “c-” rating to a “d+” rating in a research report on Wednesday, August 9th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $5.44.

Harmonic Company Profile

Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.

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Institutional Ownership by Quarter for Harmonic (NASDAQ:HLIT)

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