Bryce Point Capital LLC purchased a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,975 shares of the technology company's stock, valued at approximately $502,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. acquired a new position in Lumentum during the 4th quarter valued at about $646,000. SBI Securities Co. Ltd. bought a new position in shares of Lumentum in the fourth quarter valued at $739,000. Two Sigma Advisers LP lifted its position in shares of Lumentum by 24.7% in the third quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company's stock valued at $11,827,000 after buying an additional 37,000 shares during the last quarter. Aigen Investment Management LP lifted its position in Lumentum by 72.9% during the fourth quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company's stock worth $1,464,000 after acquiring an additional 7,354 shares during the last quarter. Finally, M&T Bank Corp increased its position 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 acquiring an additional 6,361 shares during the period. Institutional investors own 94.05% of the company's stock.
Insiders Place Their Bets
In other news, CFO Wajid Ali sold 2,172 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 51,976 shares in the company, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.19% of the company's stock.
Lumentum Stock Up 19.6 %
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 company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The company has a market cap of $4.14 billion, a P/E ratio of -7.78 and a beta of 1.14. Lumentum Holdings Inc. has a 12 month low of $38.29 and a 12 month high of $104.00. The business's fifty day moving average price is $68.91 and its 200 day moving average price is $75.93.
Lumentum (NASDAQ:LITE - Get Free Report) last released its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (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 analysts anticipate that Lumentum Holdings Inc. will post 0.03 EPS for the current year.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on LITE shares. Jefferies Financial Group initiated coverage on shares of Lumentum in a research note on Friday, February 21st. They set a "buy" rating for the company. Northland Capmk raised shares of Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday. Needham & Company LLC reissued a "buy" rating and issued a $110.00 price target on shares of Lumentum in a research note on Friday, February 7th. Rosenblatt Securities restated a "buy" rating and issued a $110.00 price objective on shares of Lumentum in a report on Friday, February 7th. Finally, BNP Paribas upgraded shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price target on the stock in a report on Tuesday, March 11th. Two equities 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 stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $87.40.
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About Lumentum
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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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