Bank of New York Mellon Corp increased its stake in shares of Infinera Corp. (NASDAQ:INFN) by 10.1% in the 2nd quarter, Holdings Channel reports. The firm owned 13,804,996 shares of the communications equipment provider’s stock after purchasing an additional 1,265,072 shares during the period. Bank of New York Mellon Corp owned 0.09% of Infinera worth $137,084,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in INFN. Millennium Management LLC raised its position in shares of Infinera by 1,021.4% during the 1st quarter. Millennium Management LLC now owns 1,099,867 shares of the communications equipment provider’s stock worth $11,945,000 after purchasing an additional 1,001,790 shares during the last quarter. Legal & General Group Plc raised its position in shares of Infinera by 21.1% during the 1st quarter. Legal & General Group Plc now owns 69,314 shares of the communications equipment provider’s stock worth $753,000 after purchasing an additional 12,098 shares during the last quarter. Royal Bank of Canada raised its position in shares of Infinera by 1,721.2% during the 1st quarter. Royal Bank of Canada now owns 186,835 shares of the communications equipment provider’s stock worth $2,029,000 after purchasing an additional 176,576 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of Infinera by 0.6% during the 2nd quarter. Fisher Asset Management LLC now owns 5,966,448 shares of the communications equipment provider’s stock worth $59,247,000 after purchasing an additional 37,172 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of Infinera during the 2nd quarter worth about $242,000. Hedge funds and other institutional investors own 82.94% of the company’s stock.
Several research firms recently weighed in on INFN. BidaskClub downgraded shares of Infinera from a “hold” rating to a “sell” rating in a research report on Wednesday, July 25th. B. Riley reduced their price target on shares of Infinera from $9.50 to $6.50 and set a “neutral” rating for the company in a research report on Monday. Zacks Investment Research upgraded shares of Infinera from a “sell” rating to a “hold” rating in a research report on Tuesday. ValuEngine upgraded shares of Infinera from a “sell” rating to a “hold” rating in a research report on Wednesday, August 15th. Finally, Northland Securities upgraded shares of Infinera from a “market perform” rating to an “outperform” rating and set a $12.00 price target for the company in a research report on Tuesday, July 24th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $10.47.
Shares of NASDAQ INFN opened at $6.27 on Tuesday. Infinera Corp. has a 12-month low of $5.24 and a 12-month high of $12.39. The stock has a market cap of $934.77 million, a P/E ratio of -7.55 and a beta of 0.52.
Infinera (NASDAQ:INFN) last announced its quarterly earnings data on Tuesday, August 7th. The communications equipment provider reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.03. Infinera had a negative net margin of 19.95% and a negative return on equity of 13.09%. The company had revenue of $208.23 million during the quarter, compared to analysts’ expectations of $208.96 million. During the same quarter in the prior year, the company earned ($0.15) EPS. As a group, equities analysts expect that Infinera Corp. will post -0.56 earnings per share for the current year.
COPYRIGHT VIOLATION NOTICE: “Infinera Corp. (INFN) Shares Bought by Bank of New York Mellon Corp” was first reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are viewing this report on another site, it was illegally copied and reposted in violation of United States and international copyright and trademark law. The legal version of this report can be read at https://www.dispatchtribunal.com/2018/11/06/infinera-corp-infn-shares-bought-by-bank-of-new-york-mellon-corp.html.
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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