Lumentum Holdings Inc. (NASDAQ:LITE) Stock Position Trimmed by Arnhold LLC

Arnhold LLC decreased its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 8.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 169,419 shares of the technology company's stock after selling 16,438 shares during the quarter. Lumentum comprises about 1.4% of Arnhold LLC's portfolio, making the stock its 27th biggest holding. Arnhold LLC owned approximately 0.25% of Lumentum worth $14,223,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of LITE. UMB Bank n.a. grew its holdings in shares of Lumentum by 301.2% in the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock valued at $28,000 after purchasing an additional 253 shares during the period. Jones Financial Companies Lllp raised its position in shares of Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after buying an additional 130 shares during the period. J.Safra Asset Management Corp grew its position in Lumentum by 31.1% in the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock worth $43,000 after acquiring an additional 122 shares during the period. Quadrant Capital Group LLC increased its stake in Lumentum by 27.2% during the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock worth $64,000 after acquiring an additional 164 shares during the last quarter. Finally, Daiwa Securities Group Inc. purchased a new stake in Lumentum in the fourth quarter valued at $67,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

LITE has been the subject of a number of recent analyst reports. Morgan Stanley cut their price objective on Lumentum from $83.00 to $81.00 and set an "equal weight" rating for the company in a research report on Friday, January 31st. JPMorgan Chase & Co. cut their price target on shares of Lumentum from $105.00 to $73.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Rosenblatt Securities cut their target price on Lumentum from $110.00 to $85.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Barclays lowered their target price on shares of Lumentum from $125.00 to $70.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Finally, Jefferies Financial Group began coverage on shares of Lumentum in a report on Friday, February 21st. They issued a "buy" rating on the stock. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Lumentum has a consensus rating of "Moderate Buy" and a consensus price target of $82.60.

Insider Transactions at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the completion of 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.19% of the company's stock.

Lumentum Stock Up 2.1 %

NASDAQ:LITE traded up $1.23 on Friday, reaching $60.00. The stock had a trading volume of 1,466,852 shares, compared to its average volume of 1,900,380. Lumentum Holdings Inc. has a 12-month low of $38.29 and a 12-month high of $104.00. The stock has a market cap of $4.15 billion, a P/E ratio of -7.80 and a beta of 1.14. 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 has a 50-day moving average of $61.91 and a 200 day moving average of $75.04.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate 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, research analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

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.