Russell Investments Group Ltd. Acquires 49,723 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Russell Investments Group Ltd. increased its stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 16,912.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,017 shares of the technology company's stock after purchasing an additional 49,723 shares during the quarter. Russell Investments Group Ltd. owned about 0.07% of Lumentum worth $4,199,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Norges Bank acquired a new stake in Lumentum in the fourth quarter worth approximately $68,962,000. Hel Ved Capital Management Ltd acquired a new position in Lumentum during the fourth quarter worth about $19,026,000. Arrowstreet Capital Limited Partnership bought a new stake in Lumentum in the fourth quarter worth about $15,945,000. Proficio Capital Partners LLC acquired a new stake in Lumentum in the 4th quarter valued at 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. Institutional investors and hedge funds own 94.05% of the company's stock.

Lumentum Stock Down 3.7 %

Shares of NASDAQ:LITE traded down $1.93 during midday trading on Monday, hitting $50.07. 1,474,068 shares of the stock were exchanged, compared to its average volume of 1,879,343. The business's fifty day simple moving average is $63.67 and its two-hundred day simple moving average is $75.35. 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 52-week low of $38.29 and a 52-week high of $104.00. The company has a market capitalization of $3.46 billion, a PE ratio of -6.51 and a beta of 1.14.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS 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, research analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on LITE shares. Raymond James upgraded shares of Lumentum from an "outperform" rating to a "strong-buy" rating and dropped their target price for the stock from $96.00 to $82.00 in a report on Monday, March 24th. UBS Group raised their price objective on Lumentum from $93.00 to $96.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. Needham & Company LLC reaffirmed a "buy" rating and set a $110.00 target price on shares of Lumentum in a research report on Friday, February 7th. Jefferies Financial Group began coverage on Lumentum in a research report on Friday, February 21st. They issued a "buy" rating for the company. Finally, BNP Paribas upgraded Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price objective on the stock in a report on Tuesday, March 11th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $87.93.

Insider Activity at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the business'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 value of $170,154.48. Following the completion of the sale, the chief financial officer now directly owns 51,976 shares in the company, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.19% of the stock is owned by company 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.