Lumbard & Kellner LLC Grows Stock Holdings in Ciena Co. (NYSE:CIEN)

Lumbard & Kellner LLC lifted its stake in shares of Ciena Co. (NYSE:CIEN) by 0.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 65,799 shares of the communications equipment provider’s stock after buying an additional 612 shares during the quarter. Lumbard & Kellner LLC’s holdings in Ciena were worth $3,170,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Kapitalo Investimentos Ltda purchased a new position in shares of Ciena during the fourth quarter valued at about $30,000. Register Financial Advisors LLC purchased a new position in shares of Ciena during the first quarter valued at about $33,000. Headlands Technologies LLC purchased a new position in shares of Ciena during the first quarter valued at about $40,000. Canton Hathaway LLC bought a new stake in Ciena during the second quarter worth about $40,000. Finally, Covestor Ltd boosted its stake in 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 in the last quarter. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Insider Activity at Ciena

In related news, SVP David M. Rothenstein sold 3,500 shares of the 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 transaction, the senior vice president now owns 212,421 shares in the company, valued at $10,368,269.01. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Ciena news, SVP David M. Rothenstein sold 3,500 shares of the company’s 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 completion of the sale, the senior vice president now directly owns 212,421 shares of the company’s stock, valued at $10,368,269.01. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Jason Phipps sold 2,712 shares of the company’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 sale, the senior vice president now directly owns 96,000 shares of the company’s stock, valued at $4,635,840. The disclosure for this sale can be found here. 0.83% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on CIEN shares. Barclays boosted their price objective on shares of Ciena from $55.00 to $67.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Bank of America reissued a “neutral” rating and set a $59.00 price objective on shares of Ciena in a research note on Thursday, September 5th. Raymond James lowered shares of Ciena from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the stock from $59.00 to $54.00 in a research note on Thursday, June 6th. Morgan Stanley boosted their price objective on shares of Ciena from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Finally, Northland Securities reissued a “market perform” rating and set a $46.00 price objective on shares of Ciena in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Ciena currently has an average rating of “Moderate Buy” and an average target price of $59.15.

Ciena Stock Up 0.3 %

Shares of Ciena stock opened at $56.45 on Wednesday. The company has a market cap of $8.11 billion, a price-to-earnings ratio of 54.28, a price-to-earnings-growth ratio of 6.86 and a beta of 0.94. The company’s 50 day moving average is $51.88 and its 200 day moving average is $49.80. Ciena Co. has a twelve month low of $39.94 and a twelve month high of $63.24. 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 issued its quarterly earnings data on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.09. The company had revenue of $942.30 million for 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 firm’s revenue for the quarter was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.36 earnings per share. Research analysts anticipate 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.