Hudson Valley Investment Advisors Inc. ADV Has $8.42 Million Stock Holdings in Ciena Co. (NYSE:CIEN)

Hudson Valley Investment Advisors Inc. ADV decreased its holdings in shares of Ciena Co. (NYSE:CIEN - Free Report) by 13.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 99,230 shares of the communications equipment provider's stock after selling 15,402 shares during the quarter. Hudson Valley Investment Advisors Inc. ADV owned about 0.07% of Ciena worth $8,416,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in CIEN. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in shares of Ciena by 119.9% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,397,560 shares of the communications equipment provider's stock valued at $260,054,000 after acquiring an additional 2,943,146 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in Ciena by 7,767.2% in the 2nd quarter. Pacer Advisors Inc. now owns 1,966,414 shares of the communications equipment provider's stock worth $94,742,000 after buying an additional 1,941,419 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in Ciena in the 3rd quarter worth $57,861,000. AQR Capital Management LLC lifted its holdings in Ciena by 428.2% in the 2nd quarter. AQR Capital Management LLC now owns 886,354 shares of the communications equipment provider's stock worth $42,705,000 after buying an additional 718,551 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. acquired a new position in Ciena in the 3rd quarter worth $40,416,000. Institutional investors and hedge funds own 91.99% of the company's stock.

Ciena Stock Performance

NYSE CIEN traded up $0.16 on Friday, hitting $82.39. The stock had a trading volume of 1,843,333 shares, compared to its average volume of 1,908,455. Ciena Co. has a one year low of $43.30 and a one year high of $91.82. The company has a quick ratio of 2.99, a current ratio of 4.06 and a debt-to-equity ratio of 0.53. The stock has a market cap of $11.71 billion, a price-to-earnings ratio of 87.65, a P/E/G ratio of 5.95 and a beta of 0.89. The company's 50-day moving average is $76.42 and its two-hundred day moving average is $62.83.

Ciena (NYSE:CIEN - Get Free Report) last posted its earnings results on Thursday, December 12th. The communications equipment provider reported $0.54 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.12). Ciena had a return on equity of 5.98% and a net margin of 3.44%. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter last year, the company posted $0.56 EPS. Ciena's revenue for the quarter was down .5% on a year-over-year basis. On average, analysts expect that Ciena Co. will post 1.13 earnings per share for the current year.

Ciena announced that its Board of Directors has approved a stock buyback plan on Wednesday, October 2nd that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits 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.

Analyst Ratings Changes

CIEN has been the topic of a number of recent analyst reports. Stifel Nicolaus reiterated a "buy" rating and issued a $82.00 price objective (up previously from $75.00) on shares of Ciena in a report on Tuesday, December 10th. JPMorgan Chase & Co. lowered shares of Ciena from an "overweight" rating to a "neutral" rating and set a $65.00 target price on the stock. in a research note on Monday, October 7th. Rosenblatt Securities upped their target price on shares of Ciena from $75.00 to $94.00 and gave the company a "neutral" rating in a research note on Friday, December 13th. Barclays upped their target price on shares of Ciena from $67.00 to $97.00 and gave the company an "overweight" rating in a research note on Friday, December 13th. Finally, Morgan Stanley lowered shares of Ciena from an "overweight" rating to an "equal weight" rating and set a $63.00 target price on the stock. in a research note on Monday, October 28th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $77.00.

Insider Activity

In related news, Director Bruce L. Claflin sold 16,912 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $84.96, for a total transaction of $1,436,843.52. Following the completion of the sale, the director now directly owns 59,347 shares of the company's stock, valued at $5,042,121.12. This represents a 22.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Joseph Cumello sold 1,289 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $68.99, for a total transaction of $88,928.11. Following the sale, the senior vice president now directly owns 39,486 shares of the company's stock, valued at approximately $2,724,139.14. This represents a 3.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 47,131 shares of company stock worth $3,924,465 over the last three months. Corporate 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.