Polymer Capital Management US LLC bought a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 81,900 shares of the technology company's stock, valued at approximately $6,876,000. Lumentum makes up approximately 1.9% of Polymer Capital Management US LLC's investment portfolio, making the stock its 9th biggest position. Polymer Capital Management US LLC owned 0.12% of Lumentum at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Lumentum during the 4th quarter valued at $68,962,000. Hel Ved Capital Management Ltd acquired a new position in Lumentum during the 4th quarter worth about $19,026,000. Arrowstreet Capital Limited Partnership bought a new stake in Lumentum during the 4th quarter worth about $15,945,000. Proficio Capital Partners LLC bought a new stake in Lumentum during the 4th quarter worth about $13,421,000. Finally, Lightrock Netherlands B.V. acquired a new stake in Lumentum in the 4th quarter valued at about $12,668,000. 94.05% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on the company. BNP Paribas raised Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price target on the stock in a research note on Tuesday, March 11th. Northland Securities upgraded shares of Lumentum from a "market perform" rating to an "outperform" rating in a research report on Monday, April 7th. B. Riley lifted their price target on shares of Lumentum from $62.00 to $75.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Raymond James raised shares of Lumentum from an "outperform" rating to a "strong-buy" rating and dropped their price target for the stock from $96.00 to $82.00 in a research note on Monday, March 24th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $110.00 price objective on shares of Lumentum in a research note on Friday, February 7th. Two analysts have rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $87.40.
Check Out Our Latest Analysis on LITE
Insider Activity at Lumentum
In other news, CFO Wajid Ali sold 2,172 shares of the business's stock in a transaction dated Tuesday, February 18th. The shares were 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 of the company's stock, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.19% of the stock is owned by company insiders.
Lumentum Stock Down 5.9 %
Shares of Lumentum stock traded down $3.20 during trading hours on Friday, reaching $51.27. 4,623,904 shares of the company's stock were exchanged, compared to its average volume of 1,856,239. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The company has a 50 day moving average of $67.62 and a two-hundred day moving average of $75.82. The stock has a market cap of $3.55 billion, a P/E ratio of -6.67 and a beta of 1.14. 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 net margin of 36.98% and a negative return on equity of 7.25%. On average, sell-side analysts forecast that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.
About Lumentum
(
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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