Ciena (CIEN) Board Initiates Stock Buyback Plan
Ciena (NYSE:CIEN) declared that its board has initiated a stock repurchase plan, which authorizes the company to repurchase $300.00 million in outstanding shares on Thursday, December 7th, EventVestor reports. This repurchase authorization authorizes the communications equipment provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Shares of Ciena (NYSE:CIEN) traded down $0.27 on Thursday, hitting $21.17. The company had a trading volume of 5,212,000 shares, compared to its average volume of 3,082,824. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.92 and a quick ratio of 2.50. Ciena has a 52-week low of $19.40 and a 52-week high of $27.98. The stock has a market capitalization of $3,059.24, a PE ratio of 15.54, a price-to-earnings-growth ratio of 0.87 and a beta of 1.67.
Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.04). Ciena had a return on equity of 25.53% and a net margin of 4.99%. The firm had revenue of $744.40 million for the quarter, compared to analysts’ expectations of $736.91 million. During the same quarter in the previous year, the firm posted $0.44 earnings per share. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. sell-side analysts predict that Ciena will post 1.51 EPS for the current year.
In other news, CEO Gary B. Smith sold 8,000 shares of the stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $21.50, for a total transaction of $172,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Andrew C. Petrik sold 1,251 shares of the stock in a transaction on Friday, September 15th. The stock was sold at an average price of $21.60, for a total value of $27,021.60. The disclosure for this sale can be found here. Insiders have sold 89,052 shares of company stock valued at $1,898,778 over the last quarter. 1.45% of the stock is owned by company insiders.
Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.
Receive News & Ratings for Ciena Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ciena Corporation and related companies with MarketBeat.com's FREE daily email newsletter.