North Growth Management Ltd. Sells 3,000 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

North Growth Management Ltd. decreased its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 1.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 216,000 shares of the technology company's stock after selling 3,000 shares during the quarter. Lumentum comprises 3.5% of North Growth Management Ltd.'s holdings, making the stock its 7th largest position. North Growth Management Ltd. owned 0.31% of Lumentum worth $18,095,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. UMB Bank n.a. lifted its holdings in 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 buying an additional 253 shares in the last quarter. Quarry LP increased its stake in Lumentum by 85.5% in the third 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. Capital Performance Advisors LLP purchased a new stake in Lumentum during the 3rd quarter valued at approximately $33,000. Nomura Asset Management Co. Ltd. increased its stake in Lumentum by 67.5% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company's stock valued at $42,000 after buying an additional 270 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Lumentum by 141.6% in the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company's stock valued at $57,000 after purchasing an additional 524 shares in the last quarter. Hedge funds and other institutional investors own 94.05% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on LITE shares. Rosenblatt Securities reissued a "buy" rating and set a $110.00 price objective on shares of Lumentum in a report on Friday. B. Riley upped their price target on Lumentum from $62.00 to $75.00 and gave the stock a "neutral" rating in a research note on Friday. Barclays raised shares of Lumentum from an "underweight" rating to an "overweight" rating and increased their target price for the stock from $80.00 to $125.00 in a research report on Friday, January 17th. Susquehanna raised their target price on shares of Lumentum from $80.00 to $115.00 and gave the company a "positive" rating in a research note on Friday, November 8th. Finally, UBS Group raised their price objective on Lumentum from $93.00 to $96.00 and gave the company a "neutral" rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $88.07.

Lumentum Stock Down 2.8 %

LITE traded down $2.33 during trading on Tuesday, hitting $79.60. The company had a trading volume of 2,519,530 shares, compared to its average volume of 2,494,102. Lumentum Holdings Inc. has a 1-year low of $38.28 and a 1-year high of $104.00. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. The company has a market cap of $5.47 billion, a PE ratio of -10.35 and a beta of 0.94. The business has a 50-day moving average of $87.59 and a 200-day moving average of $71.95.

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 net margin of 36.98% and a negative return on equity of 7.00%. As a group, analysts forecast that Lumentum Holdings Inc. will post -0.04 earnings per share for the current year.

Insider Buying and Selling at Lumentum

In related news, CAO Matthew Joseph Sepe sold 8,172 shares of the business's stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total transaction of $715,867.20. Following the completion of the transaction, the chief accounting officer now owns 21,138 shares in the company, valued at $1,851,688.80. The trade was a 27.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Penny Herscher sold 1,625 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $81.09, for a total value of $131,771.25. Following the completion of the sale, the director now directly owns 6,852 shares in the company, valued at $555,628.68. This represents a 19.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 86,797 shares of company stock worth $7,573,878 over the last quarter. 0.19% of the stock is owned by corporate insiders.

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.