Renaissance Technologies LLC boosted its position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 524.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 413,838 shares of the technology company's stock after purchasing an additional 347,600 shares during the quarter. Renaissance Technologies LLC owned about 0.60% of Lumentum worth $34,742,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new stake in Lumentum in the 4th quarter valued at about $68,962,000. Hel Ved Capital Management Ltd purchased a new stake in Lumentum in the fourth quarter valued at $19,026,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Lumentum in the 4th quarter valued at about $15,945,000. Proficio Capital Partners LLC acquired a new stake in shares of Lumentum in the fourth quarter valued at approximately $13,421,000. Finally, Lightrock Netherlands B.V. purchased a new stake in shares of Lumentum in the fourth quarter valued at about $12,668,000. 94.05% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 51,976 shares in the company, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.19% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on LITE. Jefferies Financial Group initiated coverage on shares of Lumentum in a research report on Friday, February 21st. They issued a "buy" rating for the company. BNP Paribas upgraded shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price objective on the stock in a research report on Tuesday, March 11th. Northland Capmk upgraded shares of Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Rosenblatt Securities restated a "buy" rating and issued a $110.00 price objective on shares of Lumentum in a research report on Friday, February 7th. Finally, Northland Securities raised Lumentum from a "market perform" rating to an "outperform" rating in a research report on Monday, April 7th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $87.40.
Check Out Our Latest Analysis on LITE
Lumentum Price Performance
Shares of LITE stock traded up $0.33 during trading hours on Tuesday, reaching $52.69. 1,896,125 shares of the company were exchanged, compared to its average volume of 1,871,050. The company has a market cap of $3.65 billion, a price-to-earnings ratio of -6.85 and a beta of 1.14. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The stock's fifty day moving average is $66.08 and its two-hundred day moving average is $75.65. Lumentum Holdings Inc. has a fifty-two week low of $38.29 and a fifty-two week high of $104.00.
Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings results 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 return on equity of 7.25% and a negative net margin of 36.98%. Sell-side analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.
Lumentum Company Profile
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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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