Zacks: Analysts Anticipate Harmonic Inc. (HLIT) to Post -$0.08 Earnings Per Share

Wall Street analysts expect that Harmonic Inc. (NASDAQ:HLIT) will announce ($0.08) earnings per share for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Harmonic’s earnings. The highest EPS estimate is ($0.06) and the lowest is ($0.09). Harmonic reported earnings per share of ($0.01) during the same quarter last year, which would indicate a negative year over year growth rate of 700%. The company is scheduled to issue its next quarterly earnings report after the market closes on Monday, October 30th.

On average, analysts expect that Harmonic will report full-year earnings of ($0.41) per share for the current fiscal year, with EPS estimates ranging from ($0.43) to ($0.39). For the next fiscal year, analysts forecast that the firm will report earnings of $0.16 per share, with EPS estimates ranging from ($0.02) to $0.30. Zacks Investment Research’s EPS averages are an average based on a survey of research analysts that cover Harmonic.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.02. The business 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.

Several equities research analysts have weighed in on the stock. BidaskClub cut shares of Harmonic from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. ValuEngine cut shares of Harmonic from a “hold” rating to a “sell” rating in a research report on Monday, October 2nd. Zacks Investment Research raised shares of Harmonic from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Dougherty & Co reissued a “buy” rating and set a $6.50 price target on shares of Harmonic in a research report on Monday, October 23rd. Finally, Jefferies Group LLC reissued a “hold” rating and set a $4.00 price target (up previously from $3.50) on shares of Harmonic in a research report on Tuesday, August 1st. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $5.15.

Harmonic (NASDAQ HLIT) opened at 2.85 on Friday. Harmonic has a 12-month low of $2.80 and a 12-month high of $6.18. The firm’s market cap is $231.63 million. The company has a 50-day moving average of $3.03 and a 200 day moving average of $4.29.

In other news, insider Patrick Harshman sold 7,979 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $3.47, for a total value of $27,687.13. Following the completion of the sale, the insider now directly owns 570,733 shares of the company’s stock, valued at approximately $1,980,443.51. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 4.27% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Louisiana State Employees Retirement System lifted its position in shares of Harmonic by 0.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 32,800 shares of the communications equipment provider’s stock worth $172,000 after purchasing an additional 300 shares during the period. Arizona State Retirement System lifted its position in shares of Harmonic by 1.2% in the 2nd quarter. Arizona State Retirement System now owns 42,018 shares of the communications equipment provider’s stock worth $221,000 after purchasing an additional 500 shares during the period. Municipal Employees Retirement System of Michigan lifted its position in shares of Harmonic by 5.6% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 19,030 shares of the communications equipment provider’s stock worth $100,000 after purchasing an additional 1,010 shares during the period. Texas Permanent School Fund lifted its position in shares of Harmonic by 1.8% in the 2nd quarter. Texas Permanent School Fund now owns 58,796 shares of the communications equipment provider’s stock worth $309,000 after purchasing an additional 1,040 shares during the period. Finally, Prudential Financial Inc. lifted its position in shares of Harmonic by 1.0% in the 1st quarter. Prudential Financial Inc. now owns 132,054 shares of the communications equipment provider’s stock worth $786,000 after purchasing an additional 1,360 shares during the period. 99.08% of the stock is owned by hedge funds and other institutional investors.

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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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