Principal Financial Group Inc. Cuts Stock Position in Infinera Co. (NASDAQ:INFN)

Principal Financial Group Inc. trimmed its position in shares of Infinera Co. (NASDAQ:INFN) by 30.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,684 shares of the communications equipment provider’s stock after selling 8,230 shares during the period. Principal Financial Group Inc.’s holdings in Infinera were worth $126,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Citigroup Inc. grew its holdings in shares of Infinera by 2,104.8% during the 3rd quarter. Citigroup Inc. now owns 2,915,001 shares of the communications equipment provider’s stock valued at $19,676,000 after purchasing an additional 2,782,789 shares during the last quarter. Alpine Associates Management Inc. bought a new position in shares of Infinera during the third quarter valued at about $13,761,000. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in shares of Infinera by 22.4% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 11,057,935 shares of the communications equipment provider’s stock valued at $67,343,000 after acquiring an additional 2,025,658 shares during the last quarter. Sand Grove Capital Management LLP bought a new position in Infinera during the 3rd quarter worth approximately $12,517,000. Finally, Water Island Capital LLC purchased a new stake in shares of Infinera during the second quarter valued at approximately $9,196,000. Institutional investors own 97.54% of the company’s stock.

Infinera Stock Performance

Shares of NASDAQ INFN opened at $6.61 on Wednesday. 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 firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of -13.77 and a beta of 1.64. Infinera Co. has a 12-month low of $4.18 and a 12-month high of $6.92. The firm has a 50 day moving average of $6.62 and a 200 day moving average of $6.39.

Infinera (NASDAQ:INFN) last posted 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). Infinera had a negative net margin of 7.62% and a negative return on equity of 45.12%. The business had revenue of $354.40 million for the quarter, compared to the consensus estimate of $401.96 million. On average, research analysts anticipate that Infinera Co. will post -0.25 earnings per share for the current year.

Wall Street Analyst Weigh In

INFN has been the topic of several recent analyst reports. Rosenblatt Securities reissued a “neutral” rating and issued a $6.65 target price on shares of Infinera in a research note on Wednesday, November 6th. StockNews.com upgraded shares of Infinera from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. Finally, B. Riley cut Infinera from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $7.09.

About Infinera

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.