Teza Capital Management LLC raised its stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 102.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 31,911 shares of the technology company's stock after buying an additional 16,128 shares during the period. Teza Capital Management LLC's holdings in Lumentum were worth $2,679,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Capital World Investors lifted its stake 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 acquiring an additional 1,871,572 shares during the period. Norges Bank bought a new position in Lumentum during the 4th quarter worth approximately $68,962,000. Nuveen Asset Management LLC lifted its position in shares of Lumentum by 98.9% in the 4th quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company's stock worth $103,122,000 after purchasing an additional 610,938 shares during the period. Balyasny Asset Management L.P. boosted its stake in shares of Lumentum by 419.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 444,147 shares of the technology company's stock valued at $37,286,000 after purchasing an additional 583,330 shares during the last quarter. Finally, Capital Research Global Investors acquired a new stake in shares of Lumentum during the fourth quarter worth $42,415,000. Institutional investors and hedge funds own 94.05% of the company's stock.
Insider Activity
In other news, insider Yuen Wupen sold 4,716 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $76.87, for a total transaction of $362,518.92. Following the completion of the sale, the insider now directly owns 82,957 shares of the company's stock, valued at $6,376,904.59. This trade represents a 5.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Jae Kim sold 4,577 shares of Lumentum stock in a transaction on Friday, May 16th. The stock was sold at an average price of $77.98, for a total value of $356,914.46. Following the sale, the senior vice president now owns 31,534 shares in the company, valued at $2,459,021.32. The trade was a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 14,298 shares of company stock worth $1,081,764 over the last 90 days. 0.19% of the stock is currently owned by corporate insiders.
Lumentum Stock Down 1.2%
NASDAQ LITE traded down $0.88 during mid-day trading on Friday, hitting $75.01. The company's stock had a trading volume of 465,731 shares, compared to its average volume of 1,980,713. Lumentum Holdings Inc. has a twelve month low of $38.29 and a twelve month high of $104.00. The firm has a market capitalization of $5.21 billion, a price-to-earnings ratio of -9.76 and a beta of 1.18. The company's 50 day simple moving average is $62.63 and its 200 day simple moving average is $75.32. 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 (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.07. The business had revenue of $425.20 million for the quarter, compared to analysts' expectations of $418.18 million. Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. The firm's revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.09 EPS. Analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.
Wall Street Analysts Forecast Growth
LITE has been the topic of several recent analyst reports. B. Riley boosted their target price on shares of Lumentum from $62.00 to $75.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Needham & Company LLC lowered their price objective on Lumentum from $110.00 to $100.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Jefferies Financial Group assumed coverage on Lumentum in a research report on Friday, February 21st. They set a "buy" rating on the stock. Northland Securities set a $80.00 target price on Lumentum in a research note on Wednesday, May 7th. Finally, 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. One research analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $82.20.
Read Our Latest Stock Analysis on Lumentum
Lumentum Company 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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