Amalgamated Bank trimmed its position in shares of Ciena Co. (NYSE:CIEN - Free Report) by 15.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 68,533 shares of the communications equipment provider's stock after selling 12,699 shares during the period. Amalgamated Bank's holdings in Ciena were worth $4,221,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CIEN. Hoese & Co LLP bought a new position in shares of Ciena during the third quarter valued at approximately $25,000. UMB Bank n.a. increased its stake in Ciena by 424.4% in the third quarter. UMB Bank n.a. now owns 451 shares of the communications equipment provider's stock worth $28,000 after purchasing an additional 365 shares during the period. Headlands Technologies LLC bought a new stake in shares of Ciena during the first quarter worth $40,000. Canton Hathaway LLC purchased a new stake in shares of Ciena during the second quarter valued at $40,000. Finally, Covestor Ltd grew its holdings in shares of Ciena by 339.5% in the first quarter. Covestor Ltd now owns 1,213 shares of the communications equipment provider's stock worth $60,000 after purchasing an additional 937 shares during the last quarter. 91.99% of the stock is owned by hedge funds and other institutional investors.
In other Ciena news, SVP David M. Rothenstein sold 3,500 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $56.24, for a total transaction of $196,840.00. Following the sale, the senior vice president now directly owns 205,421 shares of the company's stock, valued at approximately $11,552,877.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Ciena news, SVP David M. Rothenstein sold 3,500 shares of the company's stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $56.24, for a total value of $196,840.00. Following the sale, the senior vice president now owns 205,421 shares in the company, valued at approximately $11,552,877.04. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Jason Phipps sold 2,200 shares of the business's stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $61.49, for a total transaction of $135,278.00. Following the completion of the transaction, the senior vice president now owns 91,149 shares of the company's stock, valued at approximately $5,604,752.01. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,200 shares of company stock valued at $568,123 in the last ninety days. Insiders own 0.83% of the company's stock.
NYSE CIEN opened at $71.89 on Friday. The company has a market cap of $10.38 billion, a price-to-earnings ratio of 76.48, a PEG ratio of 5.14 and a beta of 0.94. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.06 and a quick ratio of 2.99. The stock's fifty day moving average price is $62.21 and its 200 day moving average price is $53.72. Ciena Co. has a 1 year low of $42.20 and a 1 year high of $72.36.
Ciena (NYSE:CIEN - Get Free Report) last released its earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.26 by $0.09. Ciena had a return on equity of 5.98% and a net margin of 3.44%. The firm had revenue of $942.30 million during the quarter, compared to the consensus estimate of $928.31 million. During the same quarter in the previous year, the company posted $0.36 earnings per share. The company's revenue was down 11.8% compared to the same quarter last year. As a group, equities research analysts forecast that Ciena Co. will post 1.13 earnings per share for the current year.
Ciena declared that its board has authorized a stock repurchase program on Wednesday, October 2nd that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the communications equipment provider to reacquire up to 10.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.
CIEN has been the topic of a number of recent research reports. Citigroup raised Ciena from a "sell" rating to a "buy" rating and increased their price target for the stock from $44.00 to $68.00 in a research report on Monday, September 23rd. BNP Paribas lowered Ciena from an "outperform" rating to a "neutral" rating and upped their target price for the stock from $59.00 to $67.00 in a report on Wednesday, October 9th. Rosenblatt Securities lifted their price target on Ciena from $54.00 to $60.00 and gave the company a "neutral" rating in a report on Thursday, September 5th. Bank of America restated a "neutral" rating and set a $59.00 price objective on shares of Ciena in a research note on Thursday, September 5th. Finally, Evercore ISI lowered Ciena from an "outperform" rating to an "in-line" rating and set a $65.00 target price on the stock. in a research note on Tuesday, October 15th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Ciena presently has a consensus rating of "Hold" and an average price target of $63.08.
Check Out Our Latest Stock Analysis on CIEN
Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.
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