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

Point72 Asia Singapore Pte. Ltd. bought a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,669 shares of the technology company's stock, valued at approximately $728,000.

A number of other large investors have also added to or reduced their stakes in LITE. Assenagon Asset Management S.A. bought a new position in shares of Lumentum during the fourth quarter valued at approximately $2,723,000. Hanseatic Management Services Inc. purchased a new position in Lumentum during the 4th quarter valued at $1,165,000. UMB Bank n.a. raised its holdings in Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock worth $28,000 after purchasing an additional 253 shares in the last quarter. Crossmark Global Holdings Inc. lifted its position in shares of Lumentum by 4.0% in the 4th quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company's stock worth $365,000 after purchasing an additional 168 shares during the period. Finally, Zweig DiMenna Associates LLC bought a new stake in shares of Lumentum during the 4th quarter valued at about $7,052,000. Hedge funds and other institutional investors own 94.05% of the company's stock.

Lumentum Price Performance

Shares of LITE traded down $0.68 during midday trading on Wednesday, hitting $76.43. 581,249 shares of the company traded hands, compared to its average volume of 1,976,522. The stock has a market cap of $5.30 billion, a price-to-earnings ratio of -9.98 and a beta of 1.18. The firm has a 50 day moving average of $62.23 and a 200-day moving average of $75.23. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. Lumentum Holdings Inc. has a 52 week low of $38.29 and a 52 week 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 the consensus estimate of $0.50 by $0.07. The business had revenue of $425.20 million during the quarter, compared to analysts' expectations of $418.18 million. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. 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 business posted $0.09 EPS. On average, analysts forecast that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on LITE shares. UBS Group decreased their price objective on Lumentum from $96.00 to $78.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. Morgan Stanley reduced their target price on shares of Lumentum from $83.00 to $81.00 and set an "equal weight" rating on the stock in a research report on Friday, January 31st. Jefferies Financial Group assumed coverage on shares of Lumentum in a research report on Friday, February 21st. They set a "buy" rating for the company. Northland Capmk raised shares of Lumentum from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Finally, Raymond James cut their price objective on shares of Lumentum from $82.00 to $80.00 and set a "strong-buy" rating on the stock in a report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $82.20.

Insider Buying and Selling at Lumentum

In other news, insider Yuen Wupen sold 4,426 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $71.80, for a total value of $317,786.80. Following the sale, the insider now owns 92,099 shares of the company's stock, valued at approximately $6,612,708.20. This represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Jae Kim sold 4,577 shares of Lumentum stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $77.98, for a total transaction of $356,914.46. Following the transaction, the senior vice president now directly owns 31,534 shares of the company's stock, valued at approximately $2,459,021.32. This represents a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 14,298 shares of company stock worth $1,081,764 over the last 90 days. 0.19% of the stock is owned by insiders.

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.