Empowered Funds LLC Makes New Investment in Lumentum Holdings Inc. (NASDAQ:LITE)

Empowered Funds LLC purchased a new stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 7,459 shares of the technology company's stock, valued at approximately $626,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of LITE. Atreides Management LP grew its position in Lumentum by 28.5% during the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company's stock valued at $107,177,000 after acquiring an additional 375,389 shares during the last quarter. Geode Capital Management LLC grew its position in Lumentum by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company's stock valued at $75,198,000 after acquiring an additional 15,799 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Lumentum by 5.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company's stock valued at $46,784,000 after acquiring an additional 37,109 shares during the last quarter. Pinnacle Associates Ltd. grew its position in Lumentum by 50.4% during the third quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company's stock valued at $25,846,000 after acquiring an additional 136,659 shares during the last quarter. Finally, Emerald Advisers LLC grew its position in Lumentum by 29.1% during the third quarter. Emerald Advisers LLC now owns 378,535 shares of the technology company's stock valued at $23,992,000 after acquiring an additional 85,353 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors.

Lumentum Stock Performance

NASDAQ:LITE traded down $2.99 on Friday, hitting $73.35. The stock had a trading volume of 1,987,517 shares, compared to its average volume of 2,401,790. The stock has a market cap of $5.08 billion, a price-to-earnings ratio of -9.54 and a beta of 0.94. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. The business's 50-day simple moving average is $85.61 and its two-hundred day simple moving average is $73.24. Lumentum Holdings Inc. has a 52-week low of $38.28 and a 52-week high of $104.00.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing analysts' consensus estimates of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. As a group, research analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Wajid Ali sold 2,172 shares of the business'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 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Vincent Retort sold 41,710 shares of the business's stock in a transaction that occurred on Monday, November 25th. The stock was 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 directly owns 147,515 shares in the company, valued at approximately $13,205,542.80. This represents a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 73,769 shares of company stock valued at $6,446,222. Corporate insiders own 0.19% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on LITE. Morgan Stanley reduced their price target on shares of Lumentum from $83.00 to $81.00 and set an "equal weight" rating on the stock in a research report on Friday, January 31st. Susquehanna increased their price objective on Lumentum from $80.00 to $115.00 and gave the company a "positive" rating in a research note on Friday, November 8th. Stifel Nicolaus increased their price objective on Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a research note on Friday, February 7th. UBS Group increased their price objective on Lumentum from $93.00 to $96.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. Finally, Needham & Company LLC reissued a "buy" rating and set 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, four have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $88.07.

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.