FIL Ltd Increases Stock Position in Lumentum Holdings Inc. (NASDAQ:LITE)

FIL Ltd boosted its stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 16,919.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 123,559 shares of the technology company's stock after purchasing an additional 122,833 shares during the period. FIL Ltd owned approximately 0.18% of Lumentum worth $10,373,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of LITE. J.Safra Asset Management Corp increased its stake in shares of Lumentum by 31.1% in the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock worth $43,000 after purchasing an additional 122 shares in the last quarter. Jones Financial Companies Lllp grew its position in shares of Lumentum by 54.2% during the fourth 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 in the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Lumentum by 27.2% in the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock worth $64,000 after buying an additional 164 shares during the last quarter. Crossmark Global Holdings Inc. lifted its position in Lumentum by 4.0% in the fourth quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company's stock worth $365,000 after buying an additional 168 shares during the last quarter. Finally, Manchester Capital Management LLC lifted its position in shares of Lumentum by 22.6% during the fourth quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company's stock worth $86,000 after purchasing an additional 190 shares during the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

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Insiders Place Their Bets

In related news, CFO Wajid Ali sold 2,172 shares of the firm's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.19% of the stock is currently owned by insiders.

Lumentum Trading Up 0.6 %

Shares of NASDAQ LITE traded up $0.33 during midday trading on Tuesday, reaching $52.69. 1,896,125 shares of the stock were exchanged, compared to its average volume of 1,867,399. Lumentum Holdings Inc. has a twelve month low of $38.29 and a twelve month high of $104.00. The company has a 50 day simple moving average of $66.88 and a 200 day simple moving average of $75.81. The stock has a market capitalization of $3.65 billion, a P/E ratio of -6.85 and a beta of 1.14. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings data 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 net margin of 36.98% and a negative return on equity of 7.25%. As a group, equities analysts expect that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

LITE has been the subject of a number of recent research reports. UBS Group boosted their price objective on shares of Lumentum from $93.00 to $96.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. Northland Capmk upgraded shares of Lumentum from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Barclays raised Lumentum from an "underweight" rating to an "overweight" rating and boosted their price target for the company from $80.00 to $125.00 in a report on Friday, January 17th. Raymond James upgraded shares of Lumentum from an "outperform" rating to a "strong-buy" rating and decreased their target price for the company from $96.00 to $82.00 in a research note on Monday, March 24th. Finally, Stifel Nicolaus raised 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. Two analysts have rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $87.40.

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.