Point72 Asia Singapore Pte. Ltd. Takes Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Point72 Asia Singapore Pte. Ltd. bought a new position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 8,669 shares of the technology company's stock, valued at approximately $728,000.

Several other institutional investors have also recently made changes to their positions in the company. J.Safra Asset Management Corp boosted its stake in shares of Lumentum by 31.1% during the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock valued at $43,000 after purchasing an additional 122 shares during the period. Jones Financial Companies Lllp lifted its holdings in Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after buying an additional 130 shares in the last quarter. Quadrant Capital Group LLC boosted its position in Lumentum by 27.2% in the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock valued at $64,000 after buying an additional 164 shares during the period. Crossmark Global Holdings Inc. boosted its position in Lumentum by 4.0% in the 4th quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company's stock valued at $365,000 after buying an additional 168 shares during the period. Finally, Manchester Capital Management LLC grew its stake in Lumentum by 22.6% in the 4th quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company's stock worth $86,000 after acquiring an additional 190 shares in the last quarter. Institutional investors own 94.05% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on LITE. Stifel Nicolaus lifted their price target on shares of Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Raymond James decreased their target price on Lumentum from $82.00 to $80.00 and set a "strong-buy" rating for the company in a research report on Wednesday, May 7th. Jefferies Financial Group started coverage on Lumentum in a research report on Friday, February 21st. They set a "buy" rating on the stock. JPMorgan Chase & Co. cut their price target on Lumentum from $105.00 to $73.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Finally, BNP Paribas raised shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price objective for the company in a research note on Tuesday, March 11th. One equities 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $82.20.

Insider Buying and Selling at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction dated 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. This trade represents a 4.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Yuen Wupen sold 4,716 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $76.87, for a total value 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 approximately $6,376,904.59. This represents a 5.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,314 shares of company stock worth $850,460 over the last three months. Corporate insiders own 0.19% of the company's stock.

Lumentum Stock Down 0.1%

LITE traded down $0.08 on Monday, hitting $77.87. The company had a trading volume of 1,177,856 shares, compared to its average volume of 1,981,768. The stock has a market capitalization of $5.40 billion, a price-to-earnings ratio of -10.13 and a beta of 1.18. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. The stock has a fifty day moving average price of $61.62 and a 200-day moving average price of $75.13. Lumentum Holdings Inc. has a 12-month low of $38.29 and a 12-month high of $104.00.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates of $0.50 by $0.07. Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. The business had revenue of $425.20 million for the quarter, compared to analysts' expectations of $418.18 million. During the same period last year, the business earned $0.09 EPS. The company's revenue was up 16.0% compared to the same quarter last year. Analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

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.