Bank of New York Mellon Corp Sells 118,113 Shares of Infinera Co. (NASDAQ:INFN)

Bank of New York Mellon Corp cut its position in Infinera Co. (NASDAQ:INFN) by 17.9% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 542,914 shares of the communications equipment provider’s stock after selling 118,113 shares during the quarter. Bank of New York Mellon Corp’s holdings in Infinera were worth $3,567,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Palumbo Wealth Management LLC grew its holdings in Infinera by 41.5% during the 4th quarter. Palumbo Wealth Management LLC now owns 33,883 shares of the communications equipment provider’s stock worth $223,000 after acquiring an additional 9,929 shares during the last quarter. Rhumbline Advisers grew its holdings in Infinera by 1.9% during the 4th quarter. Rhumbline Advisers now owns 292,741 shares of the communications equipment provider’s stock worth $1,923,000 after acquiring an additional 5,445 shares during the last quarter. ABC Arbitrage SA bought a new stake in Infinera during the 4th quarter worth approximately $2,306,000. SG Americas Securities LLC grew its holdings in Infinera by 17.7% during the 4th quarter. SG Americas Securities LLC now owns 96,983 shares of the communications equipment provider’s stock worth $637,000 after acquiring an additional 14,595 shares during the last quarter. Finally, Harbor Capital Advisors Inc. grew its holdings in Infinera by 20.0% during the 4th quarter. Harbor Capital Advisors Inc. now owns 50,074 shares of the communications equipment provider’s stock worth $329,000 after acquiring an additional 8,363 shares during the last quarter. 97.54% of the stock is currently owned by institutional investors and hedge funds.

Infinera Price Performance

INFN stock opened at $6.64 on Thursday. The firm has a 50 day moving average of $6.63 and a 200-day moving average of $6.63. The company has a current ratio of 1.58, a quick ratio of 0.97 and a debt-to-equity ratio of 4.98. Infinera Co. has a 12 month low of $4.49 and a 12 month high of $6.92. The firm has a market capitalization of $1.57 billion, a P/E ratio of -13.83 and a beta of 1.63.

Infinera (NASDAQ:INFN) last posted its quarterly earnings results on Thursday, March 6th. The communications equipment provider reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.13 by ($0.15). The business had revenue of $414.39 million for the quarter, compared to analysts’ expectations of $409.08 million. Infinera had a negative return on equity of 45.12% and a negative net margin of 7.62%. As a group, sell-side analysts predict that Infinera Co. will post -0.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, StockNews.com assumed coverage on shares of Infinera in a report on Thursday. They set a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $7.09.

Infinera Profile

Infinera Corporation provides optical transport networking equipment, software, and services worldwide. The company's product portfolio includes Infinera Groove series for modular and sled-based platforms to support a various transport network applications; Infinera 7300 series, an SDN-ready coherent optical transport system; Infinera FlexILS open optical line system that connects various Infinera and third-party terminal equipment platforms over long-distance fiber optic cable providing switching, multiplexing, amplification, and management channels; and Infinera 7090 and 7100 series for transport platforms.