Bank of New York Mellon Corp Sells 6,272,555 Shares of Infinera Corp. (INFN)
Bank of New York Mellon Corp lessened its holdings in shares of Infinera Corp. (NASDAQ:INFN) by 45.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,532,441 shares of the communications equipment provider’s stock after selling 6,272,555 shares during the period. Bank of New York Mellon Corp’s holdings in Infinera were worth $54,987,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Russell Investments Group Ltd. increased its position in Infinera by 30.0% in the second quarter. Russell Investments Group Ltd. now owns 120,223 shares of the communications equipment provider’s stock worth $1,194,000 after purchasing an additional 27,732 shares during the period. Schwab Charles Investment Management Inc. increased its position in Infinera by 18.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 849,634 shares of the communications equipment provider’s stock worth $8,437,000 after purchasing an additional 132,777 shares during the period. BlackRock Inc. boosted its holdings in Infinera by 12.5% during the second quarter. BlackRock Inc. now owns 10,961,436 shares of the communications equipment provider’s stock worth $108,849,000 after buying an additional 1,222,230 shares during the last quarter. Bank of America Corp DE boosted its holdings in Infinera by 25.5% during the second quarter. Bank of America Corp DE now owns 682,184 shares of the communications equipment provider’s stock worth $6,774,000 after buying an additional 138,405 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new position in Infinera during the second quarter worth about $1,038,000. Institutional investors own 75.24% of the company’s stock.
In other Infinera news, VP Robert J. Jandro acquired 40,000 shares of the business’s stock in a transaction dated Friday, November 30th. The shares were acquired at an average price of $4.24 per share, for a total transaction of $169,600.00. Following the acquisition, the vice president now directly owns 179,061 shares of the company’s stock, valued at approximately $759,218.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO David W. Heard acquired 20,000 shares of the business’s stock in a transaction dated Friday, November 9th. The shares were acquired at an average price of $4.74 per share, for a total transaction of $94,800.00. Following the acquisition, the chief operating officer now directly owns 44,532 shares in the company, valued at $211,081.68. The disclosure for this purchase can be found here. Insiders have bought a total of 150,000 shares of company stock worth $675,900 in the last quarter. 3.00% of the stock is currently owned by company insiders.
Infinera (NASDAQ:INFN) last released its quarterly earnings data on Tuesday, November 6th. The communications equipment provider reported ($0.04) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.04). Infinera had a negative return on equity of 11.58% and a negative net margin of 19.18%. The business had revenue of $200.41 million for the quarter, compared to analysts’ expectations of $210.57 million. During the same quarter in the previous year, the business posted ($0.11) EPS. Infinera’s revenue for the quarter was up 4.1% on a year-over-year basis. As a group, equities analysts expect that Infinera Corp. will post -0.69 EPS for the current fiscal year.
INFN has been the topic of a number of recent analyst reports. BidaskClub cut Infinera from a “sell” rating to a “strong sell” rating in a report on Friday, September 14th. Morgan Stanley initiated coverage on Infinera in a report on Tuesday, September 25th. They set an “overweight” rating and a $9.50 target price on the stock. MKM Partners cut Infinera from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $10.00 to $5.50 in a report on Monday, October 1st. Zacks Investment Research cut Infinera from a “hold” rating to a “sell” rating in a report on Thursday, October 18th. Finally, Stifel Nicolaus initiated coverage on Infinera in a report on Monday, October 22nd. They set a “hold” rating and a $8.00 target price on the stock. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $8.80.
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Infinera Corporation provides optical transport networking solutions, equipment, and software and services worldwide. The company's product portfolio consists of Infinera DTN-X Family of terabit-class transport network platforms, including the XTC Series, XTS Series, and XT Series; Infinera DTN-X XTC series multi-terabit packet optical transport platforms that integrate digital OTN switching and optical WDM transmission; and Infinera DTN-X XT series for terrestrial applications and XTS series for subsea applications.
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