Channing Capital Management LLC Has $7.53 Million Position in Ciena Co. (NYSE:CIEN)

Channing Capital Management LLC reduced its position in shares of Ciena Co. (NYSE:CIEN - Free Report) by 10.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 167,207 shares of the communications equipment provider's stock after selling 20,371 shares during the quarter. Channing Capital Management LLC owned about 0.12% of Ciena worth $7,526,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. SG Americas Securities LLC increased its holdings in shares of Ciena by 166.5% in the 3rd quarter. SG Americas Securities LLC now owns 8,987 shares of the communications equipment provider's stock valued at $425,000 after acquiring an additional 5,615 shares during the period. Xponance Inc. increased its holdings in shares of Ciena by 6.5% in the 3rd quarter. Xponance Inc. now owns 19,293 shares of the communications equipment provider's stock valued at $912,000 after acquiring an additional 1,179 shares during the period. Raymond James & Associates increased its holdings in shares of Ciena by 50.0% in the 3rd quarter. Raymond James & Associates now owns 122,665 shares of the communications equipment provider's stock valued at $5,797,000 after acquiring an additional 40,864 shares during the period. Stratos Wealth Partners LTD. purchased a new position in shares of Ciena in the 3rd quarter valued at $328,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Ciena by 15.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,920 shares of the communications equipment provider's stock valued at $1,319,000 after acquiring an additional 3,672 shares during the period. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Ciena

In other Ciena news, CEO Gary B. Smith sold 8,332 shares of the business's stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $56.86, for a total transaction of $473,757.52. Following the completion of the sale, the chief executive officer now directly owns 415,674 shares in the company, valued at approximately $23,635,223.64. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, SVP Brodie Gage sold 533 shares of the business's stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $49.61, for a total transaction of $26,442.13. Following the transaction, the senior vice president now directly owns 41,372 shares in the company, valued at approximately $2,052,464.92. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Gary B. Smith sold 8,332 shares of the business's stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $56.86, for a total value of $473,757.52. Following the transaction, the chief executive officer now owns 415,674 shares in the company, valued at $23,635,223.64. The disclosure for this sale can be found here. Insiders sold a total of 36,351 shares of company stock worth $1,921,835 in the last 90 days. Corporate insiders own 0.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CIEN shares. Evercore ISI raised their price objective on Ciena from $57.00 to $63.00 and gave the stock an "outperform" rating in a research report on Friday, February 23rd. BNP Paribas began coverage on Ciena in a research report on Thursday, April 11th. They issued an "outperform" rating and a $57.00 price objective for the company. JPMorgan Chase & Co. lifted their price target on Ciena from $56.00 to $67.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 5th. Citigroup began coverage on Ciena in a research report on Friday, April 12th. They set a "sell" rating and a $44.00 price target for the company. Finally, Needham & Company LLC lifted their price target on Ciena from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday, March 4th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $58.79.

Ciena Price Performance

Shares of Ciena stock traded up $1.18 on Monday, hitting $48.95. The company's stock had a trading volume of 1,362,244 shares, compared to its average volume of 1,958,796. 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 Co. has a 1 year low of $39.94 and a 1 year high of $63.24. The firm has a fifty day moving average price of $49.85 and a 200-day moving average price of $48.36. The company has a market capitalization of $7.08 billion, a price-to-earnings ratio of 31.77, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00.

Ciena (NYSE:CIEN - Get Free Report) last announced its quarterly earnings results on Thursday, March 7th. The communications equipment provider reported $0.66 earnings per share 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 firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the previous year, the business earned $0.48 EPS. Ciena's revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Ciena Co. will post 1.46 earnings per share for the current fiscal year.

Ciena 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.