Marshall Wace LLP acquired a new stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 292,806 shares of the technology company's stock, valued at approximately $24,581,000. Marshall Wace LLP owned about 0.43% of Lumentum at the end of the most recent reporting period.
Several other large investors have also modified their holdings of LITE. Norges Bank acquired a new position in Lumentum during the fourth quarter worth approximately $68,962,000. Renaissance Technologies LLC increased its holdings in shares of Lumentum by 524.8% during the 4th quarter. Renaissance Technologies LLC now owns 413,838 shares of the technology company's stock worth $34,742,000 after buying an additional 347,600 shares during the last quarter. Hel Ved Capital Management Ltd purchased a new position in shares of Lumentum in the 4th quarter worth $19,026,000. Arrowstreet Capital Limited Partnership acquired a new position in Lumentum in the fourth quarter valued at $15,945,000. Finally, Proficio Capital Partners LLC purchased a new stake in Lumentum during the fourth quarter valued at about $13,421,000. 94.05% of the stock is currently owned by hedge funds and other institutional investors.
Lumentum Stock Up 7.1 %
Shares of LITE stock traded up $3.66 during mid-day trading on Wednesday, reaching $55.30. 2,604,019 shares of the company were exchanged, compared to its average volume of 1,884,511. The company has a market capitalization of $3.83 billion, a P/E ratio of -7.19 and a beta of 1.14. The business's 50 day simple moving average is $63.14 and its 200 day simple moving average is $75.19. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. 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 released its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. Research analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.
Analyst Ratings Changes
Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their price objective on Lumentum from $105.00 to $73.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Northland Capmk upgraded shares of Lumentum from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. UBS Group raised their target price on shares of Lumentum from $93.00 to $96.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. Northland Securities raised shares of Lumentum from a "market perform" rating to an "outperform" rating in a research report on Monday, April 7th. Finally, Rosenblatt Securities cut their price objective on Lumentum from $110.00 to $85.00 and set a "buy" rating on the stock in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $82.60.
Read Our Latest Stock Analysis on LITE
Insider Buying and Selling
In related news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the sale, the chief financial officer now owns 51,976 shares in the company, valued at $4,071,799.84. This represents a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.19% of the stock is currently owned by company insiders.
Lumentum 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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