Legal & General Group Plc lowered its holdings in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 4.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 108,668 shares of the technology company's stock after selling 5,366 shares during the quarter. Legal & General Group Plc owned approximately 0.16% of Lumentum worth $9,123,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in the stock. Robeco Institutional Asset Management B.V. purchased a new stake in Lumentum in the 4th quarter worth $646,000. SBI Securities Co. Ltd. bought a new stake in Lumentum in the fourth quarter worth about $739,000. M&T Bank Corp increased its stake in Lumentum by 54.2% in the fourth quarter. M&T Bank Corp now owns 18,104 shares of the technology company's stock worth $1,520,000 after purchasing an additional 6,361 shares during the period. Aigen Investment Management LP boosted its position in Lumentum by 72.9% in the 4th quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company's stock valued at $1,464,000 after buying an additional 7,354 shares during the period. Finally, Zweig DiMenna Associates LLC purchased a new stake in shares of Lumentum in the 4th quarter worth $7,052,000. 94.05% of the stock is currently owned by institutional investors.
Lumentum Stock Up 13.3 %
Shares of Lumentum stock traded up $6.87 during trading hours on Wednesday, hitting $58.51. 935,304 shares of the company's stock traded hands, compared to its average volume of 1,878,124. Lumentum Holdings Inc. has a twelve month low of $38.29 and a twelve month high of $104.00. The stock has a 50 day simple moving average of $63.14 and a 200-day simple moving average of $75.19. 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 $4.05 billion, a PE ratio of -7.61 and a beta of 1.14.
Lumentum (NASDAQ:LITE - Get Free Report) last issued its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (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%. Equities research analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.
Insider Activity at Lumentum
In other Lumentum 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 transaction, the chief financial officer now directly owns 51,976 shares in the company, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.19% of the company's stock.
Analyst Ratings Changes
Several research analysts recently commented on the stock. Barclays reduced their price objective on shares of Lumentum from $125.00 to $70.00 and set an "overweight" rating for the company in a research note on Tuesday. Morgan Stanley reduced their price objective on Lumentum from $83.00 to $81.00 and set an "equal weight" rating for the company in a research note on Friday, January 31st. B. Riley increased their target price on shares of Lumentum from $62.00 to $75.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. Stifel Nicolaus upped their price objective on shares of Lumentum from $95.00 to $105.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Finally, Rosenblatt Securities dropped their price objective on shares of Lumentum from $110.00 to $85.00 and set a "buy" rating for the company in a research note on Tuesday. 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 issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $82.60.
Read Our Latest Analysis on LITE
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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