Mitsubishi UFJ Asset Management Co. Ltd. Purchases 31,603 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 27,721.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 31,717 shares of the technology company's stock after purchasing an additional 31,603 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in Lumentum were worth $2,834,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of LITE. J.Safra Asset Management Corp increased its position in shares of Lumentum by 31.1% during the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock valued at $43,000 after acquiring an additional 122 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Lumentum by 54.2% in the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock worth $31,000 after purchasing an additional 130 shares in the last quarter. Crossmark Global Holdings Inc. increased its holdings in shares of Lumentum by 4.0% in the 4th quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company's stock worth $365,000 after purchasing an additional 168 shares in the last quarter. Manchester Capital Management LLC raised its stake in shares of Lumentum by 22.6% in the fourth quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company's stock worth $86,000 after purchasing an additional 190 shares during the last quarter. Finally, Synovus Financial Corp boosted its position in shares of Lumentum by 1.5% during the third quarter. Synovus Financial Corp now owns 13,225 shares of the technology company's stock valued at $838,000 after buying an additional 200 shares during the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

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Lumentum Stock Performance

Shares of NASDAQ LITE traded down $3.89 during trading on Friday, hitting $49.56. The company had a trading volume of 5,873,362 shares, compared to its average volume of 1,787,206. The firm has a market capitalization of $3.43 billion, a P/E ratio of -6.44 and a beta of 1.14. Lumentum Holdings Inc. has a 12 month low of $38.29 and a 12 month high of $104.00. The stock has a 50 day simple moving average of $71.46 and a 200 day simple moving average of $76.38. 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 (NASDAQ:LITE - Get Free Report) last posted 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 net margin of 36.98% and a negative return on equity of 7.25%. As a group, analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Wajid Ali sold 2,172 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the transaction, the chief financial officer now owns 51,976 shares of the company's stock, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.19% of the company's stock.

Analyst Upgrades and Downgrades

LITE has been the subject of a number of recent analyst reports. Rosenblatt Securities reissued a "buy" rating and issued a $110.00 target price on shares of Lumentum in a research report on Friday, February 7th. Needham & Company LLC reissued a "buy" rating and set a $110.00 price objective on shares of Lumentum in a report on Friday, February 7th. Jefferies Financial Group assumed coverage on shares of Lumentum in a report on Friday, February 21st. They issued a "buy" rating on the stock. B. Riley boosted their target price on shares of Lumentum from $62.00 to $75.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. Finally, Morgan Stanley lowered their price target on Lumentum from $83.00 to $81.00 and set an "equal weight" rating on the stock in a report on Friday, January 31st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $87.40.

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.