AXQ Capital LP Sells 10,367 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

AXQ Capital LP decreased its stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 58.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,242 shares of the technology company's stock after selling 10,367 shares during the period. AXQ Capital LP's holdings in Lumentum were worth $608,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of LITE. Quantbot Technologies LP acquired a new position in shares of Lumentum during the 4th quarter worth approximately $5,468,000. Semanteon Capital Management LP bought a new position in shares of Lumentum in the fourth quarter valued at $1,463,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Lumentum by 1.4% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,173 shares of the technology company's stock worth $1,274,000 after buying an additional 206 shares during the last quarter. Xponance Inc. lifted its stake in Lumentum by 10.7% in the fourth quarter. Xponance Inc. now owns 8,064 shares of the technology company's stock valued at $677,000 after acquiring an additional 779 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in shares of Lumentum by 1.3% during the 4th quarter. Thrivent Financial for Lutherans now owns 16,165 shares of the technology company's stock worth $1,357,000 after purchasing an additional 213 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company's stock.

Lumentum Stock Performance

Shares of LITE traded down $2.13 during mid-day trading on Thursday, hitting $63.98. 1,835,194 shares of the company's stock were exchanged, compared to its average volume of 1,699,533. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. Lumentum Holdings Inc. has a 52 week low of $38.29 and a 52 week high of $104.00. The stock's 50-day simple moving average is $76.43 and its 200-day simple moving average is $75.97. The firm has a market cap of $4.43 billion, a price-to-earnings ratio of -8.32 and a beta of 1.03.

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Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) EPS 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 research analysts expect that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Insider Buying and Selling at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the sale, the chief financial officer now owns 51,976 shares of the company's stock, valued at approximately $4,071,799.84. This trade represents a 4.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.19% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. B. Riley raised their target price on shares of Lumentum from $62.00 to $75.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. 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. BNP Paribas raised Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 target price on the stock in a report on Tuesday, March 11th. Jefferies Financial Group began coverage on Lumentum in a report on Friday, February 21st. They set a "buy" rating for the company. Finally, UBS Group lifted their price objective on shares of Lumentum from $93.00 to $96.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus 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.