Geode Capital Management LLC lifted its position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 0.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,195,605 shares of the technology company's stock after purchasing an additional 9,442 shares during the quarter. Geode Capital Management LLC owned about 1.74% of Lumentum worth $100,402,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Alliancebernstein L.P. boosted its position in Lumentum by 1.4% in the 4th quarter. Alliancebernstein L.P. now owns 1,711,956 shares of the technology company's stock valued at $143,719,000 after buying an additional 23,136 shares during the period. California Public Employees Retirement System lifted its stake in Lumentum by 16.7% during the fourth quarter. California Public Employees Retirement System now owns 103,381 shares of the technology company's stock worth $8,679,000 after purchasing an additional 14,798 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Lumentum in the 4th quarter valued at $15,945,000. Pictet Asset Management Holding SA boosted its stake in Lumentum by 13.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 9,293 shares of the technology company's stock valued at $780,000 after acquiring an additional 1,108 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its stake in Lumentum by 688.2% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 5,281 shares of the technology company's stock worth $443,000 after buying an additional 4,611 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on LITE shares. Barclays upgraded Lumentum from an "underweight" rating to an "overweight" rating and upped their price target for the stock from $80.00 to $125.00 in a research note on Friday, January 17th. Needham & Company LLC restated a "buy" rating and issued a $110.00 price target on shares of Lumentum in a report on Friday, February 7th. Jefferies Financial Group started coverage on shares of Lumentum in a research report on Friday, February 21st. They set a "buy" rating for the company. BNP Paribas upgraded Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price objective for the company in a research report on Tuesday, March 11th. Finally, Northland Capmk upgraded Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Lumentum has an average rating of "Moderate Buy" and a consensus target price of $87.40.
Read Our Latest Research Report on Lumentum
Insider Transactions at Lumentum
In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The shares were 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. This trade represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.19% of the company's stock.
Lumentum Stock Performance
LITE traded up $1.26 during midday trading on Tuesday, reaching $53.62. The company's stock had a trading volume of 336,356 shares, compared to its average volume of 1,861,319. The company has a fifty day simple moving average of $66.88 and a 200 day simple moving average of $75.81. The stock has a market cap of $3.71 billion, a P/E ratio of -6.97 and a beta of 1.14. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. Lumentum Holdings Inc. has a twelve month low of $38.29 and a twelve month high of $104.00.
Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly 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 net margin of 36.98% and a negative return on equity of 7.25%. Research analysts expect that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.
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.
Featured Articles
Before you consider Lumentum, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Lumentum wasn't on the list.
While Lumentum currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking for the next FAANG stock before everyone has heard about it? Enter your email address to see which stocks MarketBeat analysts think might become the next trillion dollar tech company.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
