Here’s Why Ciena Corporation (CIEN) Rose in Q3
Diamond Hill Capital, an investment management company, released its “Mid Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In Q3, the portfolio underperformed the Russell Midcap Index, mainly because of industrials holdings, which underperformed relative to benchmark peers. On the other hand, technology holdings provided a comparatively strong performance during a quarter where the sector as a whole saw negative returns. The fund's below-benchmark exposure to healthcare also contributed to the relative performance in Q3. The fund returned -6.02% (net) in Q3 compared to -4.68% returns for the benchmark. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.
Diamond Hill Mid Cap Strategy highlighted stocks like Ciena Corporation (NYSE:CIEN) in the third quarter 2023 investor letter. Headquartered in Hanover, Maryland, Ciena Corporation (NYSE:CIEN) provides network and communication infrastructure. On December 5, 2023, Ciena Corporation (NYSE:CIEN) stock closed at $45.75 per share. One-month return of Ciena Corporation (NYSE:CIEN) was 6.00%, and its shares gained 5.80% of their value over the last 52 weeks. Ciena Corporation (NYSE:CIEN) has a market capitalization of $6.941 billion.
Diamond Hill Mid Cap Strategy made the following comment about Ciena Corporation (NYSE:CIEN) in its Q3 2023 investor letter:
"Other top contributors included Ciena Corporation (NYSE:CIEN), Coterra Energy and Webster Financial. Networking systems company Ciena’s cloud-customer segment reported strong growth in the quarter, lending hope the company’s service provider customers may stop pushing out orders and resume more normal ordering behavior in the near term."
Workers installing a complex telecommunications infrastructure within an urban cityscape.
Ciena Corporation (NYSE:CIEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Ciena Corporation (NYSE:CIEN) at the end of third quarter which was 35 in the previous quarter.
We discussed Ciena Corporation (NYSE:CIEN) in another article and shared Giverny Capital Asset Management's views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
