Tectonic Advisors LLC Takes $3.56 Million Position in Ciena Co. (NYSE:CIEN)

Tectonic Advisors LLC bought a new stake in shares of Ciena Co. (NYSE:CIEN) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 57,842 shares of the communications equipment provider’s stock, valued at approximately $3,562,000.

Several other hedge funds have also recently made changes to their positions in CIEN. SG Americas Securities LLC grew its holdings in Ciena by 1,171.4% during the 2nd quarter. SG Americas Securities LLC now owns 44,854 shares of the communications equipment provider’s stock valued at $2,161,000 after purchasing an additional 41,326 shares during the last quarter. First Hawaiian Bank bought a new position in Ciena in the 2nd quarter worth about $661,000. Susquehanna Fundamental Investments LLC bought a new position in Ciena in the 2nd quarter worth about $5,039,000. Bank of New York Mellon Corp grew its stake in Ciena by 13.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,499,035 shares of the communications equipment provider’s stock worth $72,223,000 after acquiring an additional 181,358 shares in the last quarter. Finally, Deepwater Asset Management LLC bought a new position in Ciena in the 1st quarter worth about $1,587,000. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Ciena Stock Down 0.3 %

NYSE:CIEN opened at $66.05 on Friday. The firm has a market capitalization of $9.49 billion, a P/E ratio of 63.51, a PEG ratio of 8.83 and a beta of 0.94. Ciena Co. has a 1-year low of $39.94 and a 1-year high of $69.91. The company’s fifty day moving average price is $59.96 and its 200-day moving average price is $52.16. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.06 and a quick ratio of 2.99.

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

Ciena declared that its Board of Directors has authorized a share repurchase plan on Wednesday, October 2nd that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the communications equipment provider to buy up to 10.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have commented on CIEN shares. BNP Paribas downgraded shares of 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 research note on Wednesday, October 9th. Barclays increased their price objective on shares of Ciena from $55.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Northland Securities reiterated a “market perform” rating and set a $46.00 price objective on shares of Ciena in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. downgraded shares of Ciena from an “overweight” rating to a “neutral” rating and set a $65.00 price objective on the stock. in a research note on Monday, October 7th. Finally, Evercore ISI downgraded shares of Ciena from an “outperform” rating to an “in-line” rating and set a $65.00 price objective on the stock. in a research note on Tuesday, October 15th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Ciena currently has an average rating of “Moderate Buy” and an average target price of $63.08.

Insider Transactions at Ciena

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

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.