LSV Asset Management Purchases New Holdings in Ciena Co. (CIEN)
LSV Asset Management purchased a new stake in Ciena Co. (NYSE:CIEN) during the 4th quarter, HoldingsChannel.com reports. The fund purchased 159,400 shares of the communications equipment provider’s stock, valued at approximately $3,336,000.
Other large investors have also added to or reduced their stakes in the company. Wedge Capital Management L L P NC raised its holdings in shares of Ciena by 8.8% during the 4th quarter. Wedge Capital Management L L P NC now owns 37,657 shares of the communications equipment provider’s stock valued at $788,000 after buying an additional 3,052 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Ciena by 47.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,488 shares of the communications equipment provider’s stock valued at $157,000 after buying an additional 2,403 shares in the last quarter. John G Ullman & Associates Inc. raised its holdings in shares of Ciena by 1.8% during the 4th quarter. John G Ullman & Associates Inc. now owns 230,133 shares of the communications equipment provider’s stock valued at $4,817,000 after buying an additional 4,100 shares in the last quarter. Commerzbank Aktiengesellschaft FI raised its holdings in shares of Ciena by 60.6% during the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 69,577 shares of the communications equipment provider’s stock valued at $1,456,000 after buying an additional 26,248 shares in the last quarter. Finally, FNY Partners Fund LP purchased a new position in shares of Ciena during the 4th quarter valued at about $638,000.
Shares of Ciena Co. (CIEN) opened at $22.67 on Wednesday. The firm has a market capitalization of $3,216.99, a P/E ratio of 15.99, a PEG ratio of 1.43 and a beta of 1.67. Ciena Co. has a 1 year low of $19.40 and a 1 year high of $27.98. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.93 and a quick ratio of 1.68.
Ciena announced that its board has authorized a stock buyback plan on Thursday, December 7th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to purchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
In other news, CFO James E. Moylan, Jr. sold 2,000 shares of Ciena stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $21.46, for a total value of $42,920.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Gary B. Smith sold 113,735 shares of Ciena stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $21.22, for a total value of $2,413,456.70. The disclosure for this sale can be found here. Over the last quarter, insiders sold 219,743 shares of company stock worth $4,693,621. Corporate insiders own 1.45% of the company’s stock.
A number of equities analysts recently weighed in on the company. Zacks Investment Research raised Ciena from a “sell” rating to a “hold” rating in a report on Monday. Raymond James Financial set a $33.00 price target on Ciena and gave the stock a “buy” rating in a research report on Thursday, December 7th. B. Riley reduced their price target on Ciena from $30.50 to $28.00 and set a “buy” rating on the stock in a research report on Tuesday, December 5th. Piper Jaffray Companies lowered Ciena from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $20.76 to $22.00 in a research report on Friday, December 8th. Finally, Needham & Company LLC reduced their price target on Ciena from $26.00 to $24.00 and set a “buy” rating on the stock in a research report on Friday, December 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty have assigned a buy rating to the company. Ciena has an average rating of “Buy” and a consensus price target of $28.48.
Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.
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