Front Street Capital Management Inc. Lowers Stock Holdings in Ciena Co. (NYSE:CIEN)

Front Street Capital Management Inc. trimmed its position in shares of Ciena Co. (NYSE:CIEN) by 1.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 112,717 shares of the communications equipment provider’s stock after selling 1,415 shares during the quarter. Ciena accounts for approximately 1.0% of Front Street Capital Management Inc.’s investment portfolio, making the stock its 25th biggest position. Front Street Capital Management Inc. owned 0.08% of Ciena worth $5,431,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Kapitalo Investimentos Ltda purchased a new position in shares of Ciena in the 4th quarter valued at about $30,000. Register Financial Advisors LLC purchased a new position in Ciena during the 1st quarter worth $33,000. Headlands Technologies LLC acquired a new stake in shares of Ciena in the 1st quarter worth $40,000. Canton Hathaway LLC purchased a new stake in shares of Ciena in the second quarter valued at about $40,000. Finally, Covestor Ltd increased its stake in shares of Ciena by 339.5% during the first quarter. Covestor Ltd now owns 1,213 shares of the communications equipment provider’s stock worth $60,000 after acquiring an additional 937 shares during the period. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP David M. Rothenstein sold 3,500 shares of Ciena stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $48.81, for a total transaction of $170,835.00. Following the sale, the senior vice president now owns 212,421 shares in the company, valued at $10,368,269.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Ciena news, SVP David M. Rothenstein sold 3,500 shares of Ciena stock in a transaction on Monday, July 15th. The shares were sold at an average price of $48.81, for a total value of $170,835.00. Following the completion of the transaction, the senior vice president now owns 212,421 shares of the company’s stock, valued at $10,368,269.01. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Jason Phipps sold 2,712 shares of Ciena stock in a transaction on Monday, July 1st. The stock was 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 directly owns 96,000 shares of the company’s stock, valued at approximately $4,635,840. The disclosure for this sale can be found here. Insiders have sold 9,712 shares of company stock worth $498,637 over the last 90 days. Company insiders own 0.83% of the company’s stock.

Wall Street Analyst Weigh In

CIEN has been the topic of a number of analyst reports. Raymond James downgraded Ciena from a “strong-buy” rating to an “outperform” rating and decreased their price target for the company from $59.00 to $54.00 in a research note on Thursday, June 6th. Citigroup upgraded shares of Ciena from a “sell” rating to a “buy” rating and boosted their price objective for the stock from $44.00 to $68.00 in a research report on Monday. Rosenblatt Securities increased their target price on Ciena from $54.00 to $60.00 and gave the company a “neutral” rating in a report on Thursday, September 5th. Northland Securities reaffirmed a “market perform” rating and set a $46.00 price target on shares of Ciena in a research note on Tuesday, September 3rd. Finally, Bank of America reaffirmed a “neutral” rating and set a $59.00 price target on shares of Ciena in a research note on Thursday, September 5th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $61.00.

Ciena Trading Up 5.0 %

NYSE CIEN opened at $61.68 on Tuesday. Ciena Co. has a one year low of $39.94 and a one year high of $63.24. The company’s 50 day moving average price is $52.91 and its 200 day moving average price is $49.74. 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 capitalization of $8.86 billion, a price-to-earnings ratio of 59.30, a PEG ratio of 6.86 and a beta of 0.94.

Ciena (NYSE:CIEN) last posted 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. The firm had revenue of $942.30 million for the quarter, compared to analyst estimates of $928.31 million. Ciena had a net margin of 3.44% and a return on equity of 5.98%. Ciena’s revenue for the quarter was down 11.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.36 earnings per share. On average, sell-side analysts predict that Ciena Co. will post 1.15 EPS for the current year.

About Ciena

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.