Schroder Investment Management Group cut its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 36.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,033,344 shares of the technology company's stock after selling 602,064 shares during the quarter. Schroder Investment Management Group owned 1.50% of Lumentum worth $86,636,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Lumentum in the 4th quarter valued at approximately $68,962,000. Atreides Management LP raised its stake in Lumentum by 28.5% during the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company's stock valued at $107,177,000 after purchasing an additional 375,389 shares during the period. Point72 Hong Kong Ltd purchased a new stake in shares of Lumentum in the third quarter valued at $17,981,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Lumentum in the fourth quarter worth $15,945,000. Finally, Proficio Capital Partners LLC purchased a new position in shares of Lumentum during the fourth quarter valued at $13,421,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.
Lumentum Stock Performance
Shares of LITE stock traded down $3.89 during trading on Friday, reaching $49.56. The company had a trading volume of 5,873,362 shares, compared to its average volume of 1,782,949. The firm's 50 day simple moving average is $71.46 and its two-hundred day simple moving average is $76.13. Lumentum Holdings Inc. has a one year low of $38.29 and a one year high of $104.00. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The company has a market capitalization of $3.43 billion, a PE ratio of -6.44 and a beta of 1.14.
Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) 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 7.25%. Sell-side analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.
Insider Activity
In related news, CFO Wajid Ali sold 2,172 shares of the business's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the transaction, 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 is available through this hyperlink. 0.19% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
Several equities research analysts recently issued reports on LITE shares. Northland Securities increased their price objective on Lumentum from $60.00 to $70.00 and gave the stock a "market perform" rating in a research note on Friday, February 7th. B. Riley boosted their price objective 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. Jefferies Financial Group started coverage on shares of Lumentum in a research report on Friday, February 21st. They issued a "buy" rating for the company. Stifel Nicolaus boosted their price target on shares of Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a report on Friday, February 7th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $110.00 price objective on shares of Lumentum in a report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Lumentum presently has a consensus rating of "Moderate Buy" and a consensus target price of $87.40.
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Lumentum Profile
(
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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