Semanteon Capital Management LP Acquires New Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Semanteon Capital Management LP bought a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 17,424 shares of the technology company's stock, valued at approximately $1,463,000. Lumentum makes up about 0.8% of Semanteon Capital Management LP's investment portfolio, making the stock its 18th biggest holding.

Several other large investors also recently bought and sold shares of LITE. Atreides Management LP grew its stake in shares of Lumentum by 28.5% in the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company's stock worth $107,177,000 after buying an additional 375,389 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Lumentum by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company's stock valued at $75,198,000 after acquiring an additional 15,799 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Lumentum by 5.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company's stock worth $46,784,000 after acquiring an additional 37,109 shares in the last quarter. Fisher Asset Management LLC increased its stake in Lumentum by 18.8% during the fourth quarter. Fisher Asset Management LLC now owns 687,311 shares of the technology company's stock worth $57,700,000 after acquiring an additional 108,740 shares during the last quarter. Finally, Point72 Hong Kong Ltd purchased a new stake in Lumentum during the third quarter valued at approximately $17,981,000. Institutional investors own 94.05% of the company's stock.

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Lumentum Stock Down 3.5 %

Shares of LITE traded down $2.56 during mid-day trading on Tuesday, hitting $71.07. The company's stock had a trading volume of 1,539,284 shares, compared to its average volume of 1,693,850. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The company's 50-day moving average is $77.15 and its 200-day moving average is $75.90. Lumentum Holdings Inc. has a 52-week low of $38.29 and a 52-week high of $104.00. The firm has a market capitalization of $4.92 billion, a price-to-earnings ratio of -9.24 and a beta of 1.03.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. On average, equities research analysts forecast that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on LITE. BNP Paribas raised Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 target price on the stock in a research report on Tuesday, March 11th. Needham & Company LLC reiterated a "buy" rating and set a $110.00 price objective on shares of Lumentum in a research report on Friday, February 7th. Rosenblatt Securities restated a "buy" rating and issued a $110.00 target price on shares of Lumentum in a report on Friday, February 7th. Stifel Nicolaus lifted their price target on shares of Lumentum from $95.00 to $105.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Finally, Jefferies Financial Group assumed coverage on shares of Lumentum in a research report on Friday, February 21st. They issued a "buy" rating on the stock. Two analysts have rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Lumentum has an average rating of "Moderate Buy" and a consensus target price of $87.40.

Insider Buying and Selling

In other news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the sale, the chief financial officer now directly owns 51,976 shares of the company's stock, valued at $4,071,799.84. This represents a 4.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.19% of the stock is owned by corporate insiders.

Lumentum Profile

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.