Mackenzie Financial Corp Acquires 41,580 Shares of Ciena Co. (NYSE:CIEN)

Mackenzie Financial Corp boosted its holdings in shares of Ciena Co. (NYSE:CIEN) by 490.2% in the second quarter, according to its most recent filing with the SEC. The firm owned 50,062 shares of the communications equipment provider’s stock after acquiring an additional 41,580 shares during the period. Mackenzie Financial Corp’s holdings in Ciena were worth $2,412,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Kapitalo Investimentos Ltda bought a new stake in Ciena in the fourth quarter valued at about $30,000. Register Financial Advisors LLC acquired a new stake in shares of Ciena in the 1st quarter valued at approximately $33,000. Headlands Technologies LLC bought a new position in Ciena during the 1st quarter worth approximately $40,000. Canton Hathaway LLC acquired a new position in Ciena during the second quarter valued at approximately $40,000. Finally, Covestor Ltd increased its stake in Ciena by 339.5% in the first quarter. Covestor Ltd now owns 1,213 shares of the communications equipment provider’s stock valued at $60,000 after purchasing an additional 937 shares in the last quarter. Institutional investors own 91.99% of the company’s stock.

Insider Buying and Selling

In other Ciena news, SVP David M. Rothenstein sold 3,500 shares of the 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 sale, the senior vice president now owns 212,421 shares in the company, valued at $10,368,269.01. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Ciena news, SVP Jason Phipps sold 2,200 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $61.49, for a total transaction of $135,278.00. Following the completion of the sale, the senior vice president now owns 91,149 shares of the company’s stock, valued at approximately $5,604,752.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP David M. Rothenstein sold 3,500 shares of the company’s stock in a transaction 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 transaction, the senior vice president now owns 212,421 shares in the company, valued at $10,368,269.01. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,200 shares of company stock worth $502,953. Insiders own 0.83% of the company’s stock.

Analyst Ratings Changes

CIEN has been the topic of a number of recent analyst reports. B. Riley reduced their price target on shares of Ciena from $68.00 to $66.00 and set a “buy” rating on the stock in a research report on Friday, June 7th. Barclays increased 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. Morgan Stanley lifted their price objective on Ciena from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Needham & Company LLC reiterated a “buy” rating and issued a $65.00 price objective on shares of Ciena in a research report on Thursday, September 5th. Finally, Rosenblatt Securities raised their target price on shares of Ciena from $54.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, September 5th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Ciena presently has an average rating of “Moderate Buy” and a consensus price target of $61.00.

Ciena Trading Up 7.4 %

Shares of NYSE:CIEN opened at $66.01 on Thursday. The company’s 50-day moving average price is $54.57 and its two-hundred day moving average price is $50.28. Ciena Co. has a one year low of $39.94 and a one year high of $66.30. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.06 and a quick ratio of 2.99. The stock has a market capitalization of $9.49 billion, a PE ratio of 63.47, a price-to-earnings-growth ratio of 7.93 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 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.09. Ciena had a return on equity of 5.98% and a net margin of 3.44%. The firm had revenue of $942.30 million during the quarter, compared to the consensus estimate of $928.31 million. During the same period last year, the company earned $0.36 earnings per share. The business’s revenue was down 11.8% compared to the same quarter last year. On average, equities analysts forecast that Ciena Co. will post 1.15 EPS for the current fiscal year.

Ciena declared that its Board of Directors has approved a share buyback plan on Wednesday, October 2nd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the communications equipment provider to reacquire up to 10.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Ciena Company 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.