Point72 Hong Kong Ltd lifted its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 10.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 314,206 shares of the technology company's stock after purchasing an additional 30,497 shares during the quarter. Lumentum accounts for 1.6% of Point72 Hong Kong Ltd's portfolio, making the stock its 10th largest position. Point72 Hong Kong Ltd owned approximately 0.46% of Lumentum worth $26,378,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. UMB Bank n.a. lifted its position in Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock valued at $28,000 after acquiring an additional 253 shares in the last quarter. Jones Financial Companies Lllp lifted its position in Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock worth $31,000 after buying an additional 130 shares in the last quarter. CoreCap Advisors LLC lifted its position in Lumentum by 2,235.3% during the 4th quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock worth $33,000 after buying an additional 380 shares in the last quarter. J.Safra Asset Management Corp lifted its position in Lumentum by 31.1% during the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock worth $43,000 after buying an additional 122 shares in the last quarter. Finally, Quadrant Capital Group LLC lifted its position in Lumentum by 27.2% during the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock worth $64,000 after buying an additional 164 shares in the last quarter. 94.05% of the stock is owned by institutional investors.
Lumentum Trading Down 1.0%
NASDAQ:LITE traded down $0.78 during trading hours on Tuesday, hitting $77.10. 364,489 shares of the company were exchanged, compared to its average volume of 1,975,471. The stock has a market capitalization of $5.35 billion, a price-to-earnings ratio of -10.02 and a beta of 1.18. 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 one year low of $38.29 and a one year high of $104.00. The company has a fifty day simple moving average of $61.89 and a 200 day simple moving average of $75.22.
Lumentum (NASDAQ:LITE - Get Free Report) last released its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) 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 analyst estimates of $418.18 million. Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. Lumentum's revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.09 earnings per share. Sell-side analysts expect that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.
Insider Activity at Lumentum
In other news, SVP Jae Kim sold 4,577 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $77.98, for a total transaction of $356,914.46. Following the transaction, the senior vice president now owns 31,534 shares of the company's stock, valued at $2,459,021.32. This represents a 12.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Yuen Wupen sold 4,426 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $71.80, for a total transaction of $317,786.80. Following the completion of the sale, the insider now owns 92,099 shares in the company, valued at $6,612,708.20. This represents a 4.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,298 shares of company stock worth $1,081,764 over the last quarter. Company insiders own 0.19% of the company's stock.
Wall Street Analyst Weigh In
Several equities research analysts have commented on LITE shares. Rosenblatt Securities boosted their price target on shares of Lumentum from $85.00 to $94.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Barclays set a $75.00 price objective on shares of Lumentum and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Morgan Stanley lowered their price objective on shares of Lumentum from $83.00 to $81.00 and set an "equal weight" rating on the stock in a research note on Friday, January 31st. Northland Securities set a $80.00 price objective on shares of Lumentum in a research note on Wednesday, May 7th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Lumentum from $105.00 to $73.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $82.20.
Get Our Latest Analysis on Lumentum
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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