Lumentum Holdings Inc. (NASDAQ:LITE) Shares Bought by Alliancebernstein L.P.

Alliancebernstein L.P. boosted its holdings in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 1.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,711,956 shares of the technology company's stock after acquiring an additional 23,136 shares during the quarter. Alliancebernstein L.P. owned about 2.49% of Lumentum worth $143,719,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of LITE. Cinctive Capital Management LP acquired a new stake in shares of Lumentum in the third quarter valued at about $882,000. HighTower Advisors LLC purchased a new position in Lumentum in the 3rd quarter valued at approximately $216,000. Polymer Capital Management HK LTD acquired a new position in Lumentum during the third quarter worth $2,149,000. Readystate Asset Management LP grew its stake in Lumentum by 3.6% in the 3rd quarter. Readystate Asset Management LP now owns 33,016 shares of the technology company's stock valued at $2,093,000 after acquiring an additional 1,145 shares during the last quarter. Finally, Quarry LP raised its position in Lumentum by 85.5% during the third quarter. Quarry LP now owns 436 shares of the technology company's stock worth $28,000 after acquiring an additional 201 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company's stock.

Insider Buying and Selling

In other news, CFO Wajid Ali sold 2,172 shares of the business's stock in a transaction 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 transaction, the chief financial officer now directly owns 51,976 shares of the company's stock, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.19% of the stock is currently owned by corporate insiders.

Remove Ads

Lumentum Trading Down 7.3 %

NASDAQ LITE traded down $3.89 during mid-day trading on Friday, hitting $49.56. The company's stock had a trading volume of 5,873,362 shares, compared to its average volume of 1,787,206. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. Lumentum Holdings Inc. has a 52-week low of $38.29 and a 52-week high of $104.00. The stock's fifty day simple moving average is $71.46 and its two-hundred day simple moving average is $76.25. The firm has a market capitalization of $3.43 billion, a P/E ratio of -6.44 and a beta of 1.14.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly 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%. Research analysts expect that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Analyst Ratings Changes

A number of research firms recently issued reports on LITE. Raymond James raised Lumentum from an "outperform" rating to a "strong-buy" rating and reduced their target price for the company from $96.00 to $82.00 in a research note on Monday, March 24th. Northland Securities boosted their target price on shares of Lumentum from $60.00 to $70.00 and gave the company a "market perform" rating in a research note on Friday, February 7th. B. Riley raised their price target on shares of Lumentum from $62.00 to $75.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. BNP Paribas raised shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price objective for the company in a research report on Tuesday, March 11th. Finally, Jefferies Financial Group began coverage on shares of Lumentum in a research report on Friday, February 21st. They set a "buy" rating on the stock. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $87.40.

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.