Manatuck Hill Partners LLC Buys Shares of 300,000 Infinera Corporation (INFN)
Manatuck Hill Partners LLC bought a new stake in shares of Infinera Corporation (NASDAQ:INFN) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 300,000 shares of the communications equipment provider’s stock, valued at approximately $3,201,000. Infinera Corporation comprises approximately 1.6% of Manatuck Hill Partners LLC’s portfolio, making the stock its 19th largest holding. Manatuck Hill Partners LLC owned 0.20% of Infinera Corporation as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently bought and sold shares of INFN. Symmetry Peak Management LLC acquired a new stake in Infinera Corporation in the first quarter valued at approximately $256,000. Bank of New York Mellon Corp increased its position in shares of Infinera Corporation by 33.4% during the second quarter. Bank of New York Mellon Corp now owns 7,793,110 shares of the communications equipment provider’s stock worth $83,151,000 after purchasing an additional 1,949,576 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Infinera Corporation by 4.6% during the first quarter. Vanguard Group Inc. now owns 11,415,540 shares of the communications equipment provider’s stock worth $116,781,000 after purchasing an additional 498,787 shares in the last quarter. Teachers Advisors LLC increased its position in shares of Infinera Corporation by 510.1% during the first quarter. Teachers Advisors LLC now owns 1,416,917 shares of the communications equipment provider’s stock worth $14,495,000 after purchasing an additional 1,184,678 shares in the last quarter. Finally, Eagle Asset Management Inc. increased its position in shares of Infinera Corporation by 8.6% during the second quarter. Eagle Asset Management Inc. now owns 4,353,295 shares of the communications equipment provider’s stock worth $46,449,000 after purchasing an additional 346,427 shares in the last quarter. 86.67% of the stock is owned by institutional investors.
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In other Infinera Corporation news, President David F. Welch sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $12.00, for a total transaction of $60,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President David F. Welch sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $9.29, for a total value of $185,800.00. The disclosure for this sale can be found here. Company insiders own 2.90% of the company’s stock.
Infinera Corporation (NASDAQ INFN) traded up 1.24% during trading on Monday, reaching $8.98. 327,068 shares of the company’s stock were exchanged. Infinera Corporation has a 52 week low of $7.23 and a 52 week high of $12.50. The stock’s market capitalization is $1.33 billion. The stock has a 50-day moving average of $8.84 and a 200-day moving average of $10.10.
Infinera Corporation (NASDAQ:INFN) last announced its earnings results on Thursday, August 3rd. The communications equipment provider reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.01). Infinera Corporation had a negative net margin of 18.18% and a negative return on equity of 12.39%. The business had revenue of $176.28 million during the quarter, compared to analysts’ expectations of $181.16 million. During the same period in the previous year, the company posted $0.21 earnings per share. Infinera Corporation’s quarterly revenue was down 31.9% on a year-over-year basis. On average, equities research analysts anticipate that Infinera Corporation will post ($0.56) EPS for the current year.
INFN has been the subject of several analyst reports. Citigroup Inc. increased their price objective on Infinera Corporation from $8.50 to $10.00 and gave the company a “sell” rating in a report on Friday, July 21st. Stifel Nicolaus restated a “hold” rating and set a $10.00 target price on shares of Infinera Corporation in a research note on Friday, July 21st. MKM Partners reaffirmed a “buy” rating and set a $14.00 target price on shares of Infinera Corporation in a research report on Friday, July 21st. Needham & Company LLC upped their target price on Infinera Corporation from $13.50 to $14.50 and gave the company a “strong-buy” rating in a research report on Monday, June 19th. Finally, B. Riley reiterated a “buy” rating and issued a $14.00 price target on shares of Infinera Corporation in a research note on Friday, August 4th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $11.82.
Infinera Corporation Company Profile
Infinera Corporation provides optical transport networking equipment, software and services to telecommunications service providers, Internet content providers (ICPs), cable providers, wholesale and enterprise carriers, research and education institutions, enterprise customers and government entities across the globe.
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