Engineers Gate Manager LP Buys Shares of 167,226 Ciena Co. (CIEN)

Engineers Gate Manager LP bought a new stake in Ciena Co. (NYSE:CIEN) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 167,226 shares of the communications equipment provider’s stock, valued at approximately $5,224,000.

Several other hedge funds have also recently modified their holdings of the company. American International Group Inc. raised its holdings in Ciena by 0.5% in the 2nd quarter. American International Group Inc. now owns 379,392 shares of the communications equipment provider’s stock valued at $10,058,000 after acquiring an additional 1,962 shares during the period. Arizona State Retirement System raised its holdings in Ciena by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 99,579 shares of the communications equipment provider’s stock valued at $2,640,000 after acquiring an additional 1,971 shares during the period. US Bancorp DE raised its holdings in Ciena by 19.3% in the 3rd quarter. US Bancorp DE now owns 13,562 shares of the communications equipment provider’s stock valued at $424,000 after acquiring an additional 2,197 shares during the period. MetLife Investment Advisors LLC raised its holdings in Ciena by 1.7% in the 2nd quarter. MetLife Investment Advisors LLC now owns 155,448 shares of the communications equipment provider’s stock valued at $4,121,000 after acquiring an additional 2,614 shares during the period. Finally, Rothschild Asset Management Inc. raised its holdings in Ciena by 0.3% in the 2nd quarter. Rothschild Asset Management Inc. now owns 1,128,334 shares of the communications equipment provider’s stock valued at $29,912,000 after acquiring an additional 3,009 shares during the period.

NYSE CIEN opened at $32.02 on Friday. The company has a current ratio of 1.97, a quick ratio of 1.76 and a debt-to-equity ratio of 0.33. The company has a market cap of $4.57 billion, a P/E ratio of 30.50, a PEG ratio of 1.40 and a beta of 1.21. Ciena Co. has a 1 year low of $19.40 and a 1 year high of $32.33.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, August 30th. The communications equipment provider reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.12. The business had revenue of $818.82 million for the quarter, compared to analyst estimates of $792.28 million. Ciena had a net margin of 25.56% and a return on equity of 8.56%. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter last year, the business posted $0.51 EPS. Equities analysts expect that Ciena Co. will post 1.1 EPS for the current year.

Several research firms have weighed in on CIEN. Stifel Nicolaus began coverage on shares of Ciena in a report on Tuesday, October 23rd. They issued a “buy” rating and a $35.00 price target on the stock. Northland Securities cut shares of Ciena from an “outperform” rating to a “market perform” rating in a report on Monday, October 1st. UBS Group cut shares of Ciena from a “buy” rating to a “neutral” rating and increased their price target for the company from $29.50 to $33.00 in a report on Wednesday, September 26th. Morgan Stanley cut shares of Ciena from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $30.00 to $32.00 in a report on Thursday, September 13th. Finally, Zacks Investment Research raised shares of Ciena from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a report on Wednesday, September 5th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and sixteen have given a buy rating to the stock. Ciena currently has a consensus rating of “Buy” and an average price target of $32.74.

In related news, VP David M. Rothenstein sold 2,000 shares of the stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $26.00, for a total transaction of $52,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Stephen B. Alexander sold 2,500 shares of the stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $26.00, for a total transaction of $65,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 75,212 shares of company stock worth $2,233,222 in the last quarter. 1.38% of the stock is currently owned by company insiders.

About Ciena

Ciena Corporation provides hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of voice, video, and data 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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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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