Providence Capital Advisors LLC acquired a new stake in shares of Ciena Co. (NYSE:CIEN) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 52,207 shares of the communications equipment provider’s stock, valued at approximately $2,147,000.
Other institutional investors also recently modified their holdings of the company. APG Asset Management N.V. boosted its holdings in shares of Ciena by 141.1% in the second quarter. APG Asset Management N.V. now owns 1,118,600 shares of the communications equipment provider’s stock worth $40,400,000 after buying an additional 654,600 shares during the last quarter. MUFG Securities EMEA plc bought a new position in Ciena in the 2nd quarter worth approximately $7,983,000. Grantham Mayo Van Otterloo & Co. LLC grew its holdings in Ciena by 9.2% during the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 922,400 shares of the communications equipment provider’s stock valued at $37,938,000 after buying an additional 77,600 shares in the last quarter. Impax Asset Management Group plc grew its holdings in Ciena by 12.7% during the 2nd quarter. Impax Asset Management Group plc now owns 128,629 shares of the communications equipment provider’s stock valued at $5,291,000 after buying an additional 14,500 shares in the last quarter. Finally, H2O AM LLP raised its position in shares of Ciena by 31.8% during the second quarter. H2O AM LLP now owns 259,075 shares of the communications equipment provider’s stock valued at $10,680,000 after buying an additional 62,475 shares during the last quarter. Institutional investors own 88.39% of the company’s stock.
Shares of Ciena stock traded up $0.68 during trading hours on Wednesday, reaching $40.33. The company’s stock had a trading volume of 171,263 shares, compared to its average volume of 2,690,529. The firm has a 50 day moving average price of $42.12 and a 200-day moving average price of $40.20. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.90 and a quick ratio of 2.45. The stock has a market cap of $6.20 billion, a P/E ratio of 36.08, a P/E/G ratio of 1.28 and a beta of 1.13. Ciena Co. has a one year low of $28.23 and a one year high of $46.78.
Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, September 5th. The communications equipment provider reported $0.71 EPS for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.21. The firm had revenue of $960.60 million during the quarter, compared to the consensus estimate of $930.64 million. Ciena had a net margin of 6.77% and a return on equity of 13.64%. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.48 EPS. As a group, sell-side analysts forecast that Ciena Co. will post 1.76 EPS for the current fiscal year.
Several research firms have recently commented on CIEN. Evercore ISI initiated coverage on shares of Ciena in a report on Wednesday. They issued an “outperform” rating and a $48.00 target price on the stock. Rosenblatt Securities raised shares of Ciena from a “neutral” rating to a “buy” rating and raised their target price for the company from $45.00 to $47.00 in a research note on Thursday, August 29th. MKM Partners reduced their price target on shares of Ciena to $51.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Nomura decreased their price target on shares of Ciena from $52.00 to $47.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Finally, Raymond James increased their price objective on shares of Ciena from $48.00 to $53.00 and gave the company an “outperform” rating in a report on Friday, June 7th. Nine investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $48.52.
In related news, SVP Scott Mcfeely sold 1,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $41.11, for a total transaction of $41,110.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Jean I. Liu sold 3,716 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $75.00, for a total transaction of $278,700.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 93,746 shares of company stock worth $4,086,389. Corporate insiders own 1.20% of the company’s stock.
Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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