The Manufacturers Life Insurance Company Sells 27,782 Shares of Infinera Co. (NASDAQ:INFN)

The Manufacturers Life Insurance Company reduced its stake in shares of Infinera Co. (NASDAQ:INFN) by 27.0% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 75,087 shares of the communications equipment provider’s stock after selling 27,782 shares during the period. The Manufacturers Life Insurance Company’s holdings in Infinera were worth $507,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. EverSource Wealth Advisors LLC bought a new stake in Infinera during the second quarter worth $104,000. Headlands Technologies LLC bought a new stake in shares of Infinera in the 2nd quarter worth $112,000. Algert Global LLC bought a new stake in shares of Infinera in the 2nd quarter worth $128,000. Palumbo Wealth Management LLC raised its holdings in shares of Infinera by 8.4% in the third quarter. Palumbo Wealth Management LLC now owns 23,954 shares of the communications equipment provider’s stock valued at $162,000 after purchasing an additional 1,850 shares during the last quarter. Finally, Creative Planning lifted its position in shares of Infinera by 87.3% during the third quarter. Creative Planning now owns 30,443 shares of the communications equipment provider’s stock valued at $205,000 after purchasing an additional 14,193 shares in the last quarter. 97.54% of the stock is owned by hedge funds and other institutional investors.

Infinera Price Performance

Infinera stock opened at $6.59 on Friday. The company has a current ratio of 1.58, a quick ratio of 0.97 and a debt-to-equity ratio of 4.98. The business’s 50 day simple moving average is $6.67 and its 200 day simple moving average is $6.24. Infinera Co. has a 12 month low of $4.18 and a 12 month high of $6.92. The company has a market cap of $1.56 billion, a price-to-earnings ratio of -13.73 and a beta of 1.67.

Infinera (NASDAQ:INFN) last issued its quarterly earnings results on Tuesday, November 5th. The communications equipment provider reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.07). The firm had revenue of $354.40 million for the quarter, compared to analysts’ expectations of $401.96 million. Infinera had a negative net margin of 7.62% and a negative return on equity of 45.12%. Sell-side analysts forecast that Infinera Co. will post -0.25 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on INFN. B. Riley downgraded shares of Infinera from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 6th. StockNews.com raised Infinera from a “sell” rating to a “hold” rating in a research report on Thursday, November 7th. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $6.65 price target on shares of Infinera in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $7.09.

Infinera Company 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.