Granite Investment Partners LLC Trims Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Granite Investment Partners LLC cut its position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 2.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 332,459 shares of the technology company's stock after selling 7,122 shares during the quarter. Lumentum comprises about 1.2% of Granite Investment Partners LLC's holdings, making the stock its 17th largest position. Granite Investment Partners LLC owned about 0.48% of Lumentum worth $27,910,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in LITE. UMB Bank n.a. lifted its stake in shares of Lumentum by 301.2% during the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock valued at $28,000 after buying an additional 253 shares in the last quarter. Jones Financial Companies Lllp lifted 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 worth $31,000 after acquiring an additional 130 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company's stock worth $42,000 after acquiring an additional 270 shares during the period. J.Safra Asset Management Corp grew its position in shares of Lumentum by 31.1% in the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock valued at $43,000 after purchasing an additional 122 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its stake in shares of Lumentum by 27.2% during the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock valued at $64,000 after purchasing an additional 164 shares during the period. Hedge funds and other institutional investors own 94.05% of the company's stock.

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Wall Street Analyst Weigh In

A number of research firms have weighed in on LITE. Northland Capmk raised Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Barclays raised Lumentum from an "underweight" rating to an "overweight" rating and raised their price target for the company from $80.00 to $125.00 in a report on Friday, January 17th. Morgan Stanley lowered their target price on shares of Lumentum from $83.00 to $81.00 and set an "equal weight" rating on the stock in a research note on Friday, January 31st. Needham & Company LLC reissued a "buy" rating and issued a $110.00 price target on shares of Lumentum in a research note on Friday, February 7th. Finally, Rosenblatt Securities restated a "buy" rating and set a $110.00 price objective on shares of Lumentum 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 assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $87.40.

Insider Buying and Selling at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of the firm's 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 transaction, the chief financial officer now directly owns 51,976 shares in the company, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.19% of the company's stock.

Lumentum Stock Up 0.6 %

Shares of NASDAQ LITE traded up $0.33 during midday trading on Tuesday, hitting $52.69. The stock had a trading volume of 1,896,125 shares, compared to its average volume of 1,871,051. The business's 50 day moving average is $66.08 and its 200-day moving average is $75.65. Lumentum Holdings Inc. has a 52 week low of $38.29 and a 52 week high of $104.00. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. The company has a market cap of $3.65 billion, a P/E ratio of -6.85 and a beta of 1.14.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS 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%. As a group, analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Lumentum Profile

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.