Metropolitan Life Insurance Co NY Trims Stake in Ciena Co. (NYSE:CIEN)

Metropolitan Life Insurance Co NY reduced its position in shares of Ciena Co. (NYSE:CIEN) by 47.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 43,280 shares of the communications equipment provider’s stock after selling 38,669 shares during the quarter. Metropolitan Life Insurance Co NY’s holdings in Ciena were worth $1,698,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Squarepoint Ops LLC boosted its position in Ciena by 101.4% during the 3rd quarter. Squarepoint Ops LLC now owns 529,084 shares of the communications equipment provider’s stock valued at $20,756,000 after acquiring an additional 266,353 shares in the last quarter. Penserra Capital Management LLC boosted its position in Ciena by 25.0% during the 3rd quarter. Penserra Capital Management LLC now owns 32,120 shares of the communications equipment provider’s stock valued at $1,260,000 after acquiring an additional 6,423 shares in the last quarter. Parametric Portfolio Associates LLC boosted its position in Ciena by 9.4% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 331,365 shares of the communications equipment provider’s stock valued at $12,999,000 after acquiring an additional 28,528 shares in the last quarter. California State Teachers Retirement System boosted its position in Ciena by 0.3% during the 3rd quarter. California State Teachers Retirement System now owns 246,947 shares of the communications equipment provider’s stock valued at $9,688,000 after acquiring an additional 667 shares in the last quarter. Finally, State Street Corp boosted its position in Ciena by 6.1% during the 3rd quarter. State Street Corp now owns 3,771,741 shares of the communications equipment provider’s stock valued at $147,965,000 after acquiring an additional 215,427 shares in the last quarter. 91.13% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages have issued reports on CIEN. Barclays increased their target price on Ciena from $50.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Morgan Stanley increased their target price on Ciena from $41.00 to $43.00 and gave the company an “equal weight” rating in a research report on Friday, September 6th. Cowen reaffirmed a “buy” rating and set a $54.00 target price on shares of Ciena in a research report on Monday. UBS Group dropped their target price on Ciena from $46.00 to $43.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Finally, MKM Partners set a $51.00 target price on Ciena and gave the company a “buy” rating in a research report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Ciena presently has an average rating of “Buy” and an average price target of $48.48.

Ciena stock opened at $36.60 on Thursday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.90 and a quick ratio of 2.45. The stock has a market capitalization of $5.87 billion, a price-to-earnings ratio of 32.68, a PEG ratio of 0.97 and a beta of 1.06. Ciena Co. has a 1-year low of $30.67 and a 1-year high of $46.78. The business has a fifty day moving average price of $37.38 and a 200-day moving average price of $39.96.

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

In related news, CEO Gary B. Smith sold 3,750 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $37.65, for a total value of $141,187.50. Also, Director Judith M. Obrien sold 17,071 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $39.45, for a total value of $673,450.95. The disclosure for this sale can be found here. Insiders sold a total of 51,313 shares of company stock valued at $1,977,005 in the last three months. Insiders own 1.20% of the company’s stock.

Ciena Company 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.

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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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