Vanguard Group Inc. Sells 55,292 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Vanguard Group Inc. reduced its position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 0.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,382,374 shares of the technology company's stock after selling 55,292 shares during the quarter. Vanguard Group Inc. owned approximately 10.75% of Lumentum worth $619,750,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in LITE. Atom Investors LP purchased a new stake in shares of Lumentum during the 3rd quarter valued at approximately $4,127,000. Robeco Institutional Asset Management B.V. bought a new stake in Lumentum during the 4th quarter valued at $646,000. SBI Securities Co. Ltd. purchased a new stake in shares of Lumentum during the fourth quarter worth $739,000. Two Sigma Advisers LP boosted its holdings in shares of Lumentum by 24.7% in the third quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company's stock worth $11,827,000 after acquiring an additional 37,000 shares during the period. Finally, Aigen Investment Management LP grew its position in shares of Lumentum by 72.9% in the fourth quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company's stock valued at $1,464,000 after purchasing an additional 7,354 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors.

Lumentum Trading Down 16.1 %

Shares of NASDAQ:LITE traded down $10.77 on Thursday, reaching $56.05. 3,094,058 shares of the company traded hands, compared to its average volume of 2,587,699. The stock has a market capitalization of $3.88 billion, a P/E ratio of -7.29 and a beta of 1.14. The business's 50-day simple moving average is $73.29 and its 200 day simple moving average is $76.34. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. Lumentum Holdings Inc. has a 52 week low of $38.28 and a 52 week high of $104.00.

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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 (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. As a group, equities analysts anticipate that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other 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 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.19% of the company's stock.

Wall Street Analyst Weigh In

LITE has been the subject of several analyst reports. Raymond James upgraded Lumentum from an "outperform" rating to a "strong-buy" rating and cut their target price for the stock from $96.00 to $82.00 in a research note on Monday, March 24th. Stifel Nicolaus raised their price objective on shares of Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Barclays raised shares of Lumentum from an "underweight" rating to an "overweight" rating and upped their target price for the stock from $80.00 to $125.00 in a report on Friday, January 17th. Jefferies Financial Group initiated coverage on shares of Lumentum in a research report on Friday, February 21st. They set a "buy" rating for the company. Finally, 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 report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $87.40.

Lumentum 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.