Amalgamated Bank Has $3.91 Million Stake in Ciena Co. (NYSE:CIEN)

Amalgamated Bank increased its position in Ciena Co. (NYSE:CIEN) by 2.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 81,232 shares of the communications equipment provider’s stock after purchasing an additional 1,869 shares during the period. Amalgamated Bank owned approximately 0.06% of Ciena worth $3,914,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of CIEN. SG Americas Securities LLC grew its holdings in shares of Ciena by 1,171.4% during the second quarter. SG Americas Securities LLC now owns 44,854 shares of the communications equipment provider’s stock valued at $2,161,000 after buying an additional 41,326 shares during the last quarter. First Hawaiian Bank bought a new position in Ciena in the 2nd quarter valued at about $661,000. Bank of New York Mellon Corp boosted its stake in Ciena by 13.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,499,035 shares of the communications equipment provider’s stock valued at $72,223,000 after purchasing an additional 181,358 shares during the last quarter. Capital Fund Management S.A. increased its holdings in Ciena by 67.3% during the 4th quarter. Capital Fund Management S.A. now owns 225,172 shares of the communications equipment provider’s stock worth $10,135,000 after purchasing an additional 90,610 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Ciena in the fourth quarter worth approximately $73,476,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Insider Buying and Selling at Ciena

In other news, SVP Jason Phipps sold 2,712 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $48.29, for a total value of $130,962.48. Following the completion of the transaction, the senior vice president now directly owns 96,000 shares of the company’s stock, valued at $4,635,840. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Jason Phipps sold 2,712 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $48.29, for a total transaction of $130,962.48. Following the completion of the transaction, the senior vice president now owns 96,000 shares of the company’s stock, valued at $4,635,840. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP David M. Rothenstein sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $56.24, for a total transaction of $196,840.00. Following the sale, the senior vice president now directly owns 205,421 shares in the company, valued at approximately $11,552,877.04. The disclosure for this sale can be found here. Insiders have sold 9,712 shares of company stock valued at $498,637 in the last 90 days. 0.83% of the stock is currently owned by company insiders.

Ciena Stock Up 1.3 %

CIEN stock opened at $58.73 on Monday. The stock has a fifty day moving average of $52.66 and a 200-day moving average of $49.68. Ciena Co. has a fifty-two week low of $39.94 and a fifty-two week high of $63.24. The company has a market capitalization of $8.44 billion, a price-to-earnings ratio of 56.47, a PEG ratio of 6.86 and a beta of 0.94. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.99 and a current ratio of 4.06.

Ciena (NYSE:CIEN) last posted its earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.09. The firm had revenue of $942.30 million during the quarter, compared to the consensus estimate of $928.31 million. Ciena had a net margin of 3.44% and a return on equity of 5.98%. The company’s revenue was down 11.8% on a year-over-year basis. During the same quarter last year, the company earned $0.36 earnings per share. As a group, equities research analysts predict that Ciena Co. will post 1.15 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CIEN. Barclays upped their price target on Ciena from $55.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Raymond James downgraded shares of Ciena from a “strong-buy” rating to an “outperform” rating and lowered their target price for the company from $59.00 to $54.00 in a report on Thursday, June 6th. Stifel Nicolaus raised their price target on shares of Ciena from $62.00 to $68.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Morgan Stanley upped their price objective on shares of Ciena from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Finally, Bank of America reissued a “neutral” rating and set a $59.00 target price on shares of Ciena in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Ciena presently has a consensus rating of “Moderate Buy” and an average price target of $59.15.

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.