Arrowstreet Capital Limited Partnership bought a new position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 189,936 shares of the technology company's stock, valued at approximately $15,945,000. Arrowstreet Capital Limited Partnership owned about 0.28% of Lumentum as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also modified their holdings of LITE. Robeco Institutional Asset Management B.V. bought a new stake in Lumentum in the fourth quarter valued at about $646,000. SBI Securities Co. Ltd. acquired a new position in shares of Lumentum in the 4th quarter worth approximately $739,000. Two Sigma Advisers LP increased its holdings in shares of Lumentum by 24.7% in the 3rd quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company's stock valued at $11,827,000 after acquiring an additional 37,000 shares during the last quarter. Aigen Investment Management LP raised its position in shares of Lumentum by 72.9% during the 4th quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company's stock valued at $1,464,000 after acquiring an additional 7,354 shares in the last quarter. Finally, M&T Bank Corp lifted its stake in Lumentum by 54.2% during the fourth quarter. M&T Bank Corp now owns 18,104 shares of the technology company's stock worth $1,520,000 after purchasing an additional 6,361 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company's stock.
Insider Buying and Selling
In related news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.19% of the stock is owned by corporate insiders.
Analyst Ratings Changes
A number of analysts have weighed in on LITE shares. Rosenblatt Securities reissued a "buy" rating and set a $110.00 target price on shares of Lumentum in a report on Friday, February 7th. Northland Securities raised shares of Lumentum from a "market perform" rating to an "outperform" rating in a report on Monday. BNP Paribas raised Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 target price for the company in a report on Tuesday, March 11th. Jefferies Financial Group started coverage on Lumentum in a report on Friday, February 21st. They issued a "buy" rating on the stock. Finally, Morgan Stanley lowered their price objective on Lumentum from $83.00 to $81.00 and set an "equal weight" rating for the company in a research note on Friday, January 31st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $87.40.
Read Our Latest Stock Report on LITE
Lumentum Price Performance
Shares of NASDAQ:LITE traded up $9.79 during trading on Wednesday, reaching $59.81. The company had a trading volume of 5,106,118 shares, compared to its average volume of 1,831,197. The firm's fifty day moving average is $68.91 and its 200 day moving average is $75.93. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. The firm has a market capitalization of $4.14 billion, a PE ratio of -7.78 and a beta of 1.14. Lumentum Holdings Inc. has a twelve month low of $38.29 and a twelve month high of $104.00.
Lumentum (NASDAQ:LITE - Get Free Report) last released its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing analysts' consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. On average, equities analysts forecast that Lumentum Holdings Inc. will post 0.03 EPS for the current year.
About Lumentum
(
Free Report)
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.
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