Amalgamated Bank Has $4.22 Million Position in Ciena Co. (NYSE:CIEN)

Amalgamated Bank cut its holdings in Ciena Co. (NYSE:CIEN) by 15.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 68,533 shares of the communications equipment provider’s stock after selling 12,699 shares during the quarter. Amalgamated Bank’s holdings in Ciena were worth $4,221,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of CIEN. Hoese & Co LLP acquired a new position in shares of Ciena in the third quarter valued at approximately $25,000. UMB Bank n.a. lifted its holdings in shares of Ciena by 424.4% in the third quarter. UMB Bank n.a. now owns 451 shares of the communications equipment provider’s stock valued at $28,000 after purchasing an additional 365 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Ciena during the first quarter worth about $40,000. Canton Hathaway LLC acquired a new position in shares of Ciena during the second quarter worth about $40,000. Finally, Covestor Ltd raised its position in Ciena by 339.5% in the 1st quarter. Covestor Ltd now owns 1,213 shares of the communications equipment provider’s stock valued at $60,000 after buying an additional 937 shares during the last quarter. 91.99% of the stock is owned by institutional investors.

Insider Activity at Ciena

In other Ciena news, SVP David M. Rothenstein sold 3,500 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $67.43, for a total transaction of $236,005.00. Following the transaction, the senior vice president now owns 199,997 shares in the company, valued at $13,485,797.71. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Ciena news, SVP Jason Phipps sold 2,200 shares of the business’s stock in a transaction that occurred 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 sale, the senior vice president now directly owns 91,149 shares of the company’s stock, valued at $5,604,752.01. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP David M. Rothenstein sold 3,500 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $67.43, for a total transaction of $236,005.00. Following the transaction, the senior vice president now directly owns 199,997 shares of the company’s stock, valued at $13,485,797.71. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,200 shares of company stock worth $568,123. Corporate insiders own 0.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CIEN. Barclays boosted their price objective on shares of Ciena from $55.00 to $67.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Rosenblatt Securities increased their price objective on shares of Ciena from $54.00 to $60.00 and gave the stock a “neutral” rating in a research note on Thursday, September 5th. Stifel Nicolaus lifted their target price on Ciena from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. downgraded Ciena from an “overweight” rating to a “neutral” rating and set a $65.00 price target for the company. in a research note on Monday, October 7th. Finally, BNP Paribas cut Ciena from an “outperform” rating to a “neutral” rating and upped their price objective for the stock from $59.00 to $67.00 in a research note on Wednesday, October 9th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $63.08.

Ciena Stock Up 2.2 %

Shares of CIEN opened at $71.89 on Friday. The firm’s 50-day simple moving average is $62.21 and its 200 day simple moving average is $53.72. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.99 and a current ratio of 4.06. The firm has a market cap of $10.38 billion, a P/E ratio of 76.48, a price-to-earnings-growth ratio of 5.14 and a beta of 0.94. Ciena Co. has a 52 week low of $42.20 and a 52 week high of $72.36.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.09. The business had revenue of $942.30 million during the quarter, compared to the consensus estimate of $928.31 million. Ciena had a return on equity of 5.98% and a net margin of 3.44%. The firm’s quarterly revenue was down 11.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.36 EPS. On average, analysts forecast that Ciena Co. will post 1.13 earnings per share for the current year.

Ciena declared that its Board of Directors has approved a stock buyback program on Wednesday, October 2nd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the communications equipment provider to repurchase up to 10.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Ciena Company Profile

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.