Connor Clark & Lunn Investment Management Ltd. Sells 64,284 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Connor Clark & Lunn Investment Management Ltd. cut its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 93.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,448 shares of the technology company's stock after selling 64,284 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Lumentum were worth $282,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of LITE. Signaturefd LLC lifted its position in shares of Lumentum by 13.8% in the 3rd quarter. Signaturefd LLC now owns 1,302 shares of the technology company's stock worth $83,000 after purchasing an additional 158 shares during the period. Mcdonald Partners LLC lifted its stake in shares of Lumentum by 1.6% in the 2nd quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company's stock valued at $1,010,000 after purchasing an additional 318 shares during the period. Arizona State Retirement System grew its position in shares of Lumentum by 2.5% during the 2nd quarter. Arizona State Retirement System now owns 18,868 shares of the technology company's stock valued at $961,000 after acquiring an additional 455 shares during the period. Capital Performance Advisors LLP purchased a new position in shares of Lumentum during the 3rd quarter valued at approximately $33,000. Finally, GAMMA Investing LLC increased its stake in Lumentum by 141.6% during the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company's stock worth $57,000 after buying an additional 524 shares in the last quarter. Institutional investors own 94.05% of the company's stock.

Insider Transactions at Lumentum

In other Lumentum news, Director Harold L. Covert sold 15,000 shares of the business's stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the sale, the director now directly owns 8,761 shares of the company's stock, valued at $763,696.37. The trade was a 63.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Vincent Retort sold 41,710 shares of the company's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $89.52, for a total value of $3,733,879.20. Following the completion of the transaction, the insider now owns 147,515 shares in the company, valued at $13,205,542.80. This represents a 22.04 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 71,910 shares of company stock valued at $6,339,239. Company insiders own 0.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Needham & Company LLC increased their price target on shares of Lumentum from $65.00 to $70.00 and gave the company a "buy" rating in a research note on Thursday, August 15th. Barclays boosted their price objective on Lumentum from $40.00 to $80.00 and gave the stock an "underweight" rating in a research report on Monday, November 11th. Bank of America upped their price objective on Lumentum from $45.00 to $50.00 and gave the stock an "underperform" rating in a research report on Thursday, August 15th. Craig Hallum boosted their price target on shares of Lumentum from $65.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, August 15th. Finally, Raymond James upped their price target on shares of Lumentum from $70.00 to $100.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $74.85.

Lumentum Stock Performance

Lumentum stock traded down $0.60 during midday trading on Monday, reaching $86.37. 1,004,176 shares of the stock traded hands, compared to its average volume of 1,489,329. The firm has a fifty day moving average price of $72.09 and a two-hundred day moving average price of $58.45. Lumentum Holdings Inc. has a fifty-two week low of $38.28 and a fifty-two week high of $91.21. The firm has a market cap of $5.93 billion, a price-to-earnings ratio of -10.50 and a beta of 0.88. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87.

About Lumentum

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.