M&T Bank Corp Purchases 6,361 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

M&T Bank Corp lifted its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 54.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,104 shares of the technology company's stock after purchasing an additional 6,361 shares during the quarter. M&T Bank Corp's holdings in Lumentum were worth $1,520,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Atreides Management LP boosted its holdings in Lumentum by 28.5% in 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. Point72 Hong Kong Ltd acquired a new position in Lumentum in the third quarter valued at $17,981,000. Proficio Capital Partners LLC acquired a new position in Lumentum in the fourth quarter valued at $13,421,000. Lightrock Netherlands B.V. acquired a new position in Lumentum in the fourth quarter valued at $12,668,000. Finally, Fisher Asset Management LLC boosted its holdings in Lumentum by 18.8% in the fourth quarter. Fisher Asset Management LLC now owns 687,311 shares of the technology company's stock valued at $57,700,000 after acquiring an additional 108,740 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company's stock.

Insider Buying and Selling

In other news, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction 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. The trade was a 4.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.19% of the stock is currently owned by corporate insiders.

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Analysts Set New Price Targets

Several research firms have commented on LITE. Raymond James raised their price objective on Lumentum from $94.00 to $96.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. Morgan Stanley cut their price objective on Lumentum from $83.00 to $81.00 and set an "equal weight" rating on the stock in a research report on Friday, January 31st. UBS Group raised their price objective on Lumentum from $93.00 to $96.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. Jefferies Financial Group started coverage on Lumentum in a research report on Friday, February 21st. They set a "buy" rating on the stock. Finally, Stifel Nicolaus lifted their target price on Lumentum from $95.00 to $105.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $88.33.

Lumentum Stock Performance

Lumentum stock traded up $4.64 during mid-day trading on Tuesday, reaching $62.05. The company had a trading volume of 5,382,576 shares, compared to its average volume of 1,638,777. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. Lumentum Holdings Inc. has a 52 week low of $38.29 and a 52 week high of $104.00. The company has a 50 day moving average of $80.68 and a 200-day moving average of $75.25. The firm has a market cap of $4.29 billion, a price-to-earnings ratio of -8.07 and a beta of 1.03.

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 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%. On average, sell-side analysts expect that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

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.