Mutual of America Capital Management LLC Sells 5,840 Shares of Ciena Corporation $CIEN

Mutual of America Capital Management LLC trimmed its holdings in shares of Ciena Corporation (NYSE:CIEN) by 7.6% in the second quarter, HoldingsChannel reports. The institutional investor owned 70,689 shares of the communications equipment provider’s stock after selling 5,840 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Ciena were worth $5,749,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Bessemer Group Inc. raised its stake in shares of Ciena by 50.0% during the first quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider’s stock worth $32,000 after buying an additional 178 shares during the last quarter. Bayforest Capital Ltd raised its stake in shares of Ciena by 34.7% during the first quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider’s stock worth $38,000 after buying an additional 164 shares during the last quarter. National Bank of Canada FI raised its stake in shares of Ciena by 15.4% during the first quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider’s stock worth $69,000 after buying an additional 153 shares during the last quarter. UMB Bank n.a. raised its stake in shares of Ciena by 27.3% during the second quarter. UMB Bank n.a. now owns 1,556 shares of the communications equipment provider’s stock worth $127,000 after buying an additional 334 shares during the last quarter. Finally, Quarry LP raised its stake in shares of Ciena by 65.6% during the first quarter. Quarry LP now owns 1,593 shares of the communications equipment provider’s stock worth $96,000 after buying an additional 631 shares during the last quarter. 91.99% of the stock is owned by institutional investors.

Insider Buying and Selling at Ciena

In related news, Director Bruce L. Claflin sold 8,461 shares of the stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $140.12, for a total transaction of $1,185,555.32. Following the completion of the transaction, the director owned 54,624 shares in the company, valued at approximately $7,653,914.88. This represents a 13.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Brodie Gage sold 350 shares of the stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $169.36, for a total transaction of $59,276.00. Following the transaction, the senior vice president owned 40,653 shares of the company’s stock, valued at $6,884,992.08. The trade was a 0.85% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 45,374 shares of company stock worth $5,936,444. Company insiders own 0.93% of the company’s stock.

Wall Street Analysts Forecast Growth

CIEN has been the subject of a number of analyst reports. Evercore ISI boosted their price objective on shares of Ciena from $95.00 to $120.00 and gave the company an “in-line” rating in a report on Thursday, September 4th. Wolfe Research upgraded shares of Ciena to a “strong-buy” rating in a report on Tuesday, July 8th. Barclays boosted their price objective on shares of Ciena from $102.00 to $138.00 and gave the company an “overweight” rating in a report on Friday, September 5th. JPMorgan Chase & Co. boosted their price objective on shares of Ciena from $105.00 to $140.00 and gave the company an “overweight” rating in a report on Friday, September 5th. Finally, UBS Group boosted their price objective on shares of Ciena from $78.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, September 5th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $137.53.

Ciena Stock Down 2.1%

Ciena stock opened at $169.54 on Wednesday. The stock has a market capitalization of $23.92 billion, a PE ratio of 174.78, a price-to-earnings-growth ratio of 2.40 and a beta of 1.15. Ciena Corporation has a twelve month low of $49.21 and a twelve month high of $177.79. The company has a quick ratio of 2.52, a current ratio of 3.28 and a debt-to-equity ratio of 0.55. The company has a 50 day moving average of $128.72 and a 200-day moving average of $94.86.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, April 6th. The communications equipment provider reported $0.47 EPS for the quarter. Ciena had a net margin of 3.10% and a return on equity of 6.62%. The business had revenue of $844.44 million during the quarter. On average, equities research analysts anticipate that Ciena Corporation will post 1.6 EPS for the current fiscal year.

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.