Norges Bank Acquires Shares of 821,467 Lumentum Holdings Inc. (NASDAQ:LITE)

Norges Bank acquired a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 821,467 shares of the technology company's stock, valued at approximately $68,962,000. Norges Bank owned about 1.20% of Lumentum as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Quarry LP increased its position in Lumentum by 85.5% during the 3rd quarter. Quarry LP now owns 436 shares of the technology company's stock valued at $28,000 after purchasing an additional 201 shares during the period. UMB Bank n.a. raised 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 worth $28,000 after purchasing an additional 253 shares during the period. Jones Financial Companies Lllp raised 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 during the period. Nomura Asset Management Co. Ltd. lifted its holdings in Lumentum by 67.5% during the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company's stock valued at $42,000 after purchasing an additional 270 shares during the last quarter. Finally, J.Safra Asset Management Corp boosted its holdings 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 worth $43,000 after acquiring an additional 122 shares during the period. Institutional investors and hedge funds own 94.05% of the company's stock.

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Lumentum Stock Performance

NASDAQ:LITE traded down $2.24 on Tuesday, hitting $50.02. The stock had a trading volume of 4,243,336 shares, compared to its average volume of 1,813,617. The business's 50-day simple moving average is $69.90 and its two-hundred day simple moving average is $76.05. The stock has a market cap of $3.46 billion, a price-to-earnings ratio of -6.50 and a beta of 1.14. 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.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings data 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%. As a group, research analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Insider Buying and Selling

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the 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 completion of the sale, the chief financial officer now owns 51,976 shares in the company, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.19% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Northland Securities upgraded Lumentum from a "market perform" rating to an "outperform" rating in a research report on Monday. Rosenblatt Securities reissued a "buy" rating and set a $110.00 price objective on shares of Lumentum in a research report on Friday, February 7th. Jefferies Financial Group began coverage on shares of Lumentum in a research report on Friday, February 21st. They issued a "buy" rating on the stock. Raymond James raised shares of Lumentum from an "outperform" rating to a "strong-buy" rating and lowered their price target for the company from $96.00 to $82.00 in a research report on Monday, March 24th. Finally, 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 report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $87.40.

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.