Lecap Asset Management Ltd. decreased its holdings in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 73.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,857 shares of the technology company's stock after selling 18,894 shares during the quarter. Lecap Asset Management Ltd.'s holdings in Lumentum were worth $576,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Atom Investors LP acquired a new position in shares of Lumentum in the 3rd quarter worth $4,127,000. Robeco Institutional Asset Management B.V. purchased a new position in Lumentum in the 4th quarter worth about $646,000. Two Sigma Advisers LP raised its holdings in Lumentum by 24.7% during the 3rd quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company's stock worth $11,827,000 after buying an additional 37,000 shares during the period. West Tower Group LLC acquired a new stake in Lumentum during the 3rd quarter worth about $444,000. Finally, Zweig DiMenna Associates LLC purchased a new stake in Lumentum during the fourth quarter valued at about $7,052,000. Institutional investors own 94.05% of the company's stock.
Insiders Place Their Bets
In related news, insider Vincent Retort sold 41,710 shares of Lumentum stock in a transaction on 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 transaction, the insider now owns 147,515 shares in the company, valued at $13,205,542.80. This trade represents a 22.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Harold L. Covert sold 3,345 shares of the company's stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $81.78, for a total transaction of $273,554.10. Following the sale, the director now owns 8,729 shares of the company's stock, valued at $713,857.62. This trade represents a 27.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 86,797 shares of company stock valued at $7,573,878 over the last quarter. Insiders own 0.19% of the company's stock.
Lumentum Stock Down 2.8 %
NASDAQ LITE traded down $2.33 during trading on Tuesday, reaching $79.60. The company's stock had a trading volume of 2,519,785 shares, compared to its average volume of 2,494,975. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. The stock has a market capitalization of $5.47 billion, a PE ratio of -10.35 and a beta of 0.94. Lumentum Holdings Inc. has a 1-year low of $38.28 and a 1-year high of $104.00. The business has a 50-day moving average price of $87.40 and a 200-day moving average price of $72.15.
Lumentum (NASDAQ:LITE - Get Free Report) last released 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 7.00%. On average, research analysts forecast that Lumentum Holdings Inc. will post -0.04 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of research firms have recently issued reports on LITE. Susquehanna boosted their price target on shares of Lumentum from $80.00 to $115.00 and gave the company a "positive" rating in a report on Friday, November 8th. B. Riley increased their target price on Lumentum from $62.00 to $75.00 and gave the company a "neutral" rating in a report on Friday. Raymond James raised their target price on Lumentum from $94.00 to $96.00 and gave the stock an "outperform" rating in a research report on Friday. Northland Securities upped their price target on Lumentum from $60.00 to $70.00 and gave the company a "market perform" rating in a research report on Friday. Finally, Stifel Nicolaus raised their price objective on Lumentum from $95.00 to $105.00 and gave the stock a "buy" rating in a research report on Friday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $88.07.
Read Our Latest Stock Report on Lumentum
About Lumentum
(
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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