Bank of Nova Scotia bought a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 16,265 shares of the technology company's stock, valued at approximately $1,365,000.
Several other institutional investors have also added to or reduced their stakes in the company. UMB Bank n.a. lifted 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 worth $28,000 after acquiring an additional 253 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in Lumentum by 54.2% in the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after purchasing an additional 130 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its position in Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company's stock valued at $42,000 after buying an additional 270 shares in the last quarter. J.Safra Asset Management Corp grew its stake in shares of Lumentum by 31.1% during the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock worth $43,000 after buying an additional 122 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its holdings in shares of 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 buying an additional 164 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities analysts have commented on the company. Stifel Nicolaus increased their target price on Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a research report on Friday, February 7th. UBS Group raised their price objective on shares of Lumentum from $93.00 to $96.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Barclays raised shares of Lumentum from an "underweight" rating to an "overweight" rating and boosted their target price for the stock from $80.00 to $125.00 in a report on Friday, January 17th. Raymond James raised shares of Lumentum from an "outperform" rating to a "strong-buy" rating and dropped their price target for the company from $96.00 to $82.00 in a research note on Monday, March 24th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $110.00 price objective on shares of Lumentum in a research note on Friday, February 7th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Lumentum currently has an average rating of "Moderate Buy" and a consensus price target of $87.40.
Check Out Our Latest Stock Report on LITE
Lumentum Stock Up 0.6 %
Shares of NASDAQ LITE traded up $0.33 during trading on Tuesday, hitting $52.69. 1,896,125 shares of the company traded hands, compared to its average volume of 1,871,050. The business's fifty day moving average is $66.08 and its 200 day moving average is $75.65. Lumentum Holdings Inc. has a fifty-two week low of $38.29 and a fifty-two week high of $104.00. 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 $3.65 billion, a price-to-earnings ratio of -6.85 and a beta of 1.14.
Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) EPS 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%. Equities research analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.
Insider Transactions at Lumentum
In other news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the transaction, the chief financial officer now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.19% of the company's stock.
Lumentum Company Profile
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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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