Stifel Financial Corp Sells 9,603 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Stifel Financial Corp cut its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 48.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,365 shares of the technology company's stock after selling 9,603 shares during the period. Stifel Financial Corp's holdings in Lumentum were worth $657,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Atom Investors LP acquired a new stake in Lumentum in the 3rd quarter valued at $4,127,000. West Tower Group LLC acquired a new stake in shares of Lumentum in the 3rd quarter valued at $444,000. Quest Partners LLC grew its holdings in shares of Lumentum by 776,400.0% in the 3rd quarter. Quest Partners LLC now owns 7,765 shares of the technology company's stock worth $492,000 after purchasing an additional 7,764 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Lumentum by 5.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company's stock worth $46,784,000 after purchasing an additional 37,109 shares during the last quarter. Finally, International Assets Investment Management LLC increased its position in shares of Lumentum by 6,238.0% during the 3rd quarter. International Assets Investment Management LLC now owns 21,169 shares of the technology company's stock worth $1,342,000 after purchasing an additional 20,835 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Lumentum

In related news, insider Vincent Retort sold 41,710 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the completion of the sale, the insider now directly owns 147,515 shares of the company's stock, valued at approximately $13,205,542.80. This represents a 22.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Harold L. Covert sold 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the sale, the director now owns 8,761 shares in the company, valued at $763,696.37. This trade represents a 63.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,797 shares of company stock valued at $8,881,428 over the last three months. 0.19% of the stock is currently owned by corporate insiders.

Lumentum Trading Up 1.6 %

LITE traded up $1.35 during midday trading on Thursday, reaching $85.69. 677,946 shares of the company were exchanged, compared to its average volume of 1,498,979. The stock has a market capitalization of $5.89 billion, a P/E ratio of -10.35 and a beta of 0.95. Lumentum Holdings Inc. has a one year low of $38.28 and a one year high of $96.25. The stock's 50-day simple moving average is $80.61 and its 200 day simple moving average is $63.93. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36.

Analysts Set New Price Targets

Several analysts have weighed in on LITE shares. Barclays upped their price objective on shares of Lumentum from $40.00 to $80.00 and gave the stock an "underweight" rating in a research note on Monday, November 11th. Northland Securities increased their price target on Lumentum from $45.00 to $60.00 and gave the stock a "market perform" rating in a research report on Friday, November 8th. Morgan Stanley boosted their price objective on Lumentum from $76.00 to $83.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 17th. Susquehanna raised their target price on Lumentum from $80.00 to $115.00 and gave the company a "positive" rating in a research note on Friday, November 8th. Finally, Rosenblatt Securities lifted their price target on Lumentum from $69.00 to $110.00 and gave the company a "buy" rating in a report on Friday, November 8th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $75.38.

Lumentum Company 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.