X

Ciena sets 2-for-1 stock split

Ciena announced a 2-for-1 stock split after the bell Tuesday. Its shares closed up 6 5/16 to 170 ahead of the news.

Company officials said the split will take effect on Sept. 18 for all shareholders of record on Aug. 28.

"Ciena continues to demonstrate its leadership in intelligent optical networking," said CEO Patrick Nettles in a prepared release. "With six consecutive quarters of revenue growth and a share price which has increased more than four-fold in a year, a stock split will allow a broader base of investors to participate in this strong business momentum."

Ciena (Nasdaq: CIEN) will report its third-quarter results later this week with First Call Corp. consensus expecting a profit of 17 cents a share.

Last quarter, Ciena hurdled analysts' estimates when it posted a profit of $18.4 million, or 12 cents a share, on sales of $185.7 million.

Its shares raced up to a 52-week high of 189 in March after falling to a low of 29 3/8 in October.

Twenty of the 23 analysts following the stock rate it either a "buy" or "strong buy."