Penn Capital Management Company LLC Buys New Shares in Lumentum Holdings Inc. (NASDAQ:LITE)

Penn Capital Management Company LLC purchased a new position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 173,593 shares of the technology company's stock, valued at approximately $14,573,000. Lumentum makes up 1.4% of Penn Capital Management Company LLC's portfolio, making the stock its 17th biggest holding. Penn Capital Management Company LLC owned about 0.25% of Lumentum as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of LITE. Capital World Investors lifted its position in shares of Lumentum by 108.3% in the fourth quarter. Capital World Investors now owns 3,600,132 shares of the technology company's stock worth $302,231,000 after buying an additional 1,871,572 shares during the last quarter. Norges Bank bought a new position in shares of Lumentum in the fourth quarter worth about $68,962,000. Capital Research Global Investors bought a new stake in Lumentum during the 4th quarter valued at approximately $42,415,000. Hood River Capital Management LLC acquired a new stake in Lumentum in the 4th quarter valued at approximately $32,810,000. Finally, Renaissance Technologies LLC boosted its position in shares of Lumentum by 524.8% in the fourth quarter. Renaissance Technologies LLC now owns 413,838 shares of the technology company's stock valued at $34,742,000 after acquiring an additional 347,600 shares during the period. 94.05% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

LITE has been the topic of several research reports. Northland Capmk upgraded shares of Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Raymond James upgraded Lumentum from an "outperform" rating to a "strong-buy" rating and decreased their price target for the stock from $96.00 to $82.00 in a research report on Monday, March 24th. Stifel Nicolaus boosted their price objective on Lumentum from $95.00 to $105.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Barclays lowered their price target on shares of Lumentum from $125.00 to $70.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Finally, B. Riley upped their target price on shares of Lumentum from $62.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. Two analysts have rated the stock with a sell rating, three have given a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $82.60.

Lumentum Price Performance

Shares of Lumentum stock traded up $0.45 during trading on Tuesday, reaching $60.53. 393,151 shares of the company's stock were exchanged, compared to its average volume of 1,893,965. The firm's 50-day moving average price is $61.57 and its 200 day moving average price is $74.99. The company has a market cap of $4.19 billion, a P/E ratio of -7.84 and a beta of 1.14. 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 1-year low of $38.29 and a 1-year high of $104.00.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share 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 7.25%. As a group, research analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Insider Buying and Selling at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction dated 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 directly owns 51,976 shares of the company's stock, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.19% of the company's stock.

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.