Tectonic Advisors LLC Makes New $3.56 Million Investment in Ciena Co. (NYSE:CIEN)

Tectonic Advisors LLC acquired a new position in shares of Ciena Co. (NYSE:CIEN) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 57,842 shares of the communications equipment provider’s stock, valued at approximately $3,562,000.

Other institutional investors have also modified their holdings of the company. Panagora Asset Management Inc. raised its position in Ciena by 4.6% in the 2nd quarter. Panagora Asset Management Inc. now owns 5,404 shares of the communications equipment provider’s stock valued at $260,000 after purchasing an additional 239 shares during the last quarter. Private Advisor Group LLC grew its stake in Ciena by 5.4% in the 3rd quarter. Private Advisor Group LLC now owns 6,169 shares of the communications equipment provider’s stock valued at $380,000 after acquiring an additional 318 shares during the last quarter. UMB Bank n.a. grew its stake in Ciena by 424.4% in the 3rd quarter. UMB Bank n.a. now owns 451 shares of the communications equipment provider’s stock valued at $28,000 after acquiring an additional 365 shares during the last quarter. Hoese & Co LLP acquired a new stake in shares of Ciena during the 3rd quarter worth about $25,000. Finally, Central Pacific Bank Trust Division boosted its stake in shares of Ciena by 4.1% during the 3rd quarter. Central Pacific Bank Trust Division now owns 11,792 shares of the communications equipment provider’s stock worth $726,000 after purchasing an additional 460 shares during the last quarter. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Analysts Set New Price Targets

CIEN has been the topic of several recent analyst reports. Barclays increased their price objective on shares of Ciena from $55.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. BNP Paribas cut shares of Ciena from an “outperform” rating to a “neutral” rating and lifted their price target for the company from $59.00 to $67.00 in a research report on Wednesday, October 9th. Citigroup raised shares of Ciena from a “sell” rating to a “buy” rating and boosted their target price for the stock from $44.00 to $68.00 in a research report on Monday, September 23rd. Morgan Stanley lifted their price target on shares of Ciena from $60.00 to $63.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. Finally, Northland Securities restated a “market perform” rating and issued a $46.00 price target on shares of Ciena in a research note on Tuesday, September 3rd. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $63.08.

Insider Activity

In related news, SVP Jason Phipps sold 2,200 shares of Ciena stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $61.49, for a total value of $135,278.00. Following the sale, the senior vice president now owns 91,149 shares of the company’s stock, valued at approximately $5,604,752.01. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 stock was sold at an average price of $61.49, for a total transaction of $135,278.00. Following the transaction, the senior vice president now 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP David M. Rothenstein sold 3,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was 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 in the company, valued at $13,485,797.71. The trade was 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 worth $568,123 in the last 90 days. Corporate insiders own 0.83% of the company’s stock.

Ciena Price Performance

Ciena stock opened at $66.05 on Friday. The business’s 50-day simple moving average is $59.96 and its 200 day simple moving average is $52.16. The stock has a market cap of $9.49 billion, a price-to-earnings ratio of 63.51, a P/E/G ratio of 8.83 and a beta of 0.94. Ciena Co. has a 12-month low of $39.94 and a 12-month high of $69.91. The company has a quick ratio of 2.99, a current ratio of 4.06 and a debt-to-equity ratio of 0.53.

Ciena (NYSE:CIEN) last posted 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. Ciena had a return on equity of 5.98% and a net margin of 3.44%. The business had revenue of $942.30 million for the quarter, compared to analysts’ expectations of $928.31 million. During the same quarter last year, the business earned $0.36 earnings per share. The firm’s quarterly revenue was down 11.8% compared to the same quarter last year. As a group, research analysts anticipate that Ciena Co. will post 1.13 earnings per share for the current year.

Ciena announced that its board has initiated a stock buyback plan on Wednesday, October 2nd that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the communications equipment provider to purchase up to 10.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Ciena 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.