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

Share on StockTwits

Front Street Capital Management Inc. boosted its position in shares of Ciena Co. (NYSE:CIEN) by 23.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 105,977 shares of the communications equipment provider’s stock after acquiring an additional 20,022 shares during the period. Ciena accounts for 1.1% of Front Street Capital Management Inc.’s holdings, making the stock its 22nd biggest position. Front Street Capital Management Inc. owned 0.07% of Ciena worth $4,359,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of CIEN. Flagship Harbor Advisors LLC increased its stake in Ciena by 98.5% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 645 shares of the communications equipment provider’s stock valued at $26,000 after purchasing an additional 320 shares in the last quarter. Tobam acquired a new stake in shares of Ciena in the second quarter worth $33,000. Coastal Capital Group Inc. acquired a new stake in shares of Ciena in the second quarter worth $41,000. FinTrust Capital Advisors LLC acquired a new stake in shares of Ciena in the first quarter worth $57,000. Finally, Clearbridge Investments LLC grew its position in Ciena by 83.9% during the first quarter. Clearbridge Investments LLC now owns 2,321 shares of the communications equipment provider’s stock valued at $87,000 after buying an additional 1,059 shares during the period. 88.13% of the stock is owned by institutional investors.

In other Ciena news, Director Judith M. Obrien sold 17,071 shares of Ciena stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $39.45, for a total transaction of $673,450.95. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Jean I. Liu sold 3,716 shares of Ciena stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $75.00, for a total transaction of $278,700.00. The disclosure for this sale can be found here. Insiders have sold 92,246 shares of company stock worth $4,006,764 over the last ninety days. 1.20% of the stock is owned by insiders.

CIEN stock traded up $0.36 during trading on Thursday, reaching $40.66. 35,700 shares of the stock were exchanged, compared to its average volume of 2,952,142. The company has a current ratio of 2.90, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32. The business has a 50 day moving average price of $41.39 and a 200-day moving average price of $40.09. Ciena Co. has a 1 year low of $28.23 and a 1 year high of $46.78. The firm has a market capitalization of $6.39 billion, a price-to-earnings ratio of 36.26, a P/E/G ratio of 1.27 and a beta of 1.13.

Ciena (NYSE:CIEN) last issued its earnings results on Thursday, September 5th. The communications equipment provider reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.21. Ciena had a net margin of 6.77% and a return on equity of 13.64%. The company had revenue of $960.60 million for the quarter, compared to the consensus estimate of $930.64 million. During the same period in the previous year, the firm earned $0.48 earnings per share. Ciena’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, research analysts anticipate that Ciena Co. will post 1.88 EPS for the current year.

Several research firms recently commented on CIEN. Northland Securities restated a “buy” rating and set a $42.00 price target on shares of Ciena in a research report on Wednesday, June 5th. Piper Jaffray Companies set a $46.00 price target on shares of Ciena and gave the company a “hold” rating in a research report on Friday, September 6th. Jefferies Financial Group increased their price objective on shares of Ciena from $50.00 to $55.00 and gave the company a “buy” rating in a report on Friday, June 7th. UBS Group decreased their price objective on shares of Ciena from $46.00 to $43.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Finally, TheStreet raised shares of Ciena from a “c+” rating to a “b” rating in a report on Tuesday, June 25th. Nine investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. Ciena presently has a consensus rating of “Buy” and a consensus target price of $48.52.

Ciena Profile

Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

Read More: What are catch-up contributions?

Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

Receive News & Ratings for Ciena Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ciena and related companies with MarketBeat.com's FREE daily email newsletter.