Finisar Corporation (FNSR) Position Boosted by Amalgamated Bank
Amalgamated Bank lifted its holdings in Finisar Corporation (NASDAQ:FNSR) by 2.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,912 shares of the technology company’s stock after purchasing an additional 396 shares during the period. Amalgamated Bank’s holdings in Finisar Corporation were worth $361,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. State Street Corp increased its stake in shares of Finisar Corporation by 3.6% in the 1st quarter. State Street Corp now owns 2,077,716 shares of the technology company’s stock valued at $56,802,000 after purchasing an additional 71,736 shares in the last quarter. Taylor Asset Management Inc. increased its stake in shares of Finisar Corporation by 13.2% in the 2nd quarter. Taylor Asset Management Inc. now owns 1,044,300 shares of the technology company’s stock valued at $27,131,000 after purchasing an additional 121,800 shares in the last quarter. Symphony Asset Management LLC increased its stake in shares of Finisar Corporation by 86.6% in the 2nd quarter. Symphony Asset Management LLC now owns 118,500 shares of the technology company’s stock valued at $3,079,000 after purchasing an additional 55,000 shares in the last quarter. VIEX Capital Advisors LLC purchased a new position in shares of Finisar Corporation in the 1st quarter valued at about $2,460,000. Finally, Paloma Partners Management Co purchased a new position in shares of Finisar Corporation in the 1st quarter valued at about $314,000. Hedge funds and other institutional investors own 86.32% of the company’s stock.
In other news, Chairman Jerry S. Rawls sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $27.58, for a total transaction of $689,500.00. Following the completion of the transaction, the chairman now directly owns 815,188 shares of the company’s stock, valued at approximately $22,482,885.04. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Todd Swanson sold 6,202 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $24.34, for a total transaction of $150,956.68. Following the transaction, the executive vice president now directly owns 217,005 shares of the company’s stock, valued at $5,281,901.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,127 shares of company stock valued at $1,150,641. Corporate insiders own 1.02% of the company’s stock.
Shares of Finisar Corporation (FNSR) opened at 22.34 on Monday. The stock has a market capitalization of $2.54 billion, a price-to-earnings ratio of 10.51 and a beta of 1.31. Finisar Corporation has a 52-week low of $20.16 and a 52-week high of $36.85. The stock has a 50 day moving average price of $22.60 and a 200-day moving average price of $24.82.
Finisar Corporation (NASDAQ:FNSR) last issued its quarterly earnings data on Thursday, September 7th. The technology company reported $0.40 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.40. Finisar Corporation had a net margin of 16.92% and a return on equity of 13.11%. The business had revenue of $341.80 million during the quarter, compared to analysts’ expectations of $341.22 million. During the same period last year, the company posted $0.38 EPS. The company’s revenue was up .1% on a year-over-year basis. On average, equities research analysts predict that Finisar Corporation will post $1.49 EPS for the current fiscal year.
Several equities analysts recently weighed in on FNSR shares. Zacks Investment Research lowered Finisar Corporation from a “hold” rating to a “sell” rating in a research note on Monday, September 4th. Northland Securities set a $40.00 price objective on Finisar Corporation and gave the stock a “buy” rating in a research note on Tuesday, August 29th. Piper Jaffray Companies reiterated a “buy” rating and set a $30.00 price objective (down from $32.00) on shares of Finisar Corporation in a research note on Tuesday, September 5th. BidaskClub lowered Finisar Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Finally, ValuEngine lowered Finisar Corporation from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $32.60.
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About Finisar Corporation
Finisar Corporation (Finisar) is a provider of optical subsystems and components that are used in data communication and telecommunication applications. The Company’s optical subsystems consist of transmitters, receivers, transceivers, transponders and active optical cables, which provide the fundamental optical-electrical or optoelectronic interface for interconnecting the electronic equipment used in these networks, including the switches, routers, and servers used in wireline networks.
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