Mackenzie Financial Corp Invests $260,000 in Ciena Co. (NYSE:CIEN)

Mackenzie Financial Corp bought a new position in shares of Ciena Co. (NYSE:CIEN) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 5,769 shares of the communications equipment provider’s stock, valued at approximately $260,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Mitsubishi UFJ Trust & Banking Corp acquired a new position in Ciena during the third quarter valued at $101,000. Smithfield Trust Co raised its position in Ciena by 74.5% during the third quarter. Smithfield Trust Co now owns 2,999 shares of the communications equipment provider’s stock valued at $142,000 after buying an additional 1,280 shares during the period. Operose Advisors LLC raised its position in Ciena by 19.0% during the third quarter. Operose Advisors LLC now owns 3,214 shares of the communications equipment provider’s stock valued at $152,000 after buying an additional 514 shares during the period. PFG Private Wealth Management LLC acquired a new position in Ciena during the third quarter valued at $161,000. Finally, Claret Asset Management Corp acquired a new position in Ciena during the third quarter valued at $203,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on Ciena from $56.00 to $67.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 5th. BNP Paribas began coverage on Ciena in a research report on Thursday, April 11th. They issued an “outperform” rating and a $57.00 target price on the stock. StockNews.com raised Ciena from a “sell” rating to a “hold” rating in a report on Friday, March 8th. Needham & Company LLC increased their price objective on Ciena from $60.00 to $65.00 and gave the company a “buy” rating in a report on Monday, March 4th. Finally, Citigroup began coverage on Ciena in a report on Friday, April 12th. They set a “sell” rating and a $44.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $58.79.

Ciena Stock Up 2.0 %

NYSE CIEN opened at $46.61 on Monday. The stock has a fifty day moving average of $50.68 and a 200-day moving average of $48.22. The stock has a market capitalization of $6.74 billion, a P/E ratio of 30.27, a price-to-earnings-growth ratio of 2.13 and a beta of 0.99. Ciena Co. has a 52 week low of $39.94 and a 52 week high of $63.24. The company has a debt-to-equity ratio of 0.53, a quick ratio of 3.12 and a current ratio of 4.29.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, March 7th. The communications equipment provider reported $0.66 EPS for the quarter, beating the consensus estimate of $0.48 by $0.18. Ciena had a return on equity of 9.92% and a net margin of 5.22%. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same period last year, the firm earned $0.48 EPS. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, equities research analysts forecast that Ciena Co. will post 1.46 EPS for the current year.

Insider Buying and Selling at Ciena

In other Ciena news, CEO Gary B. Smith sold 8,332 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $60.20, for a total value of $501,586.40. Following the completion of the transaction, the chief executive officer now directly owns 407,342 shares of the company’s stock, valued at $24,521,988.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, SVP Joseph Cumello sold 3,156 shares of the company’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $45.74, for a total transaction of $144,355.44. Following the sale, the senior vice president now owns 51,171 shares in the company, valued at $2,340,561.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gary B. Smith sold 8,332 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $60.20, for a total value of $501,586.40. Following the sale, the chief executive officer now owns 407,342 shares in the company, valued at approximately $24,521,988.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 107,189 shares of company stock valued at $5,754,880. Company insiders own 0.83% of the company’s stock.

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.