Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by Arnhold LLC

Arnhold LLC lessened its holdings in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 8.8% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 169,419 shares of the technology company's stock after selling 16,438 shares during the period. Lumentum accounts for approximately 1.4% of Arnhold LLC's holdings, making the stock its 27th biggest position. Arnhold LLC owned about 0.25% of Lumentum worth $14,223,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Capital World Investors lifted its holdings in shares of Lumentum by 108.3% in the 4th quarter. Capital World Investors now owns 3,600,132 shares of the technology company's stock valued at $302,231,000 after acquiring an additional 1,871,572 shares during the last quarter. Norges Bank bought a new position in shares of Lumentum in the 4th quarter valued at about $68,962,000. Capital Research Global Investors bought a new position in shares of Lumentum in the 4th quarter valued at about $42,415,000. Hood River Capital Management LLC bought a new position in shares of Lumentum in the 4th quarter valued at about $32,810,000. Finally, Renaissance Technologies LLC lifted its stake in Lumentum by 524.8% in the fourth quarter. Renaissance Technologies LLC now owns 413,838 shares of the technology company's stock worth $34,742,000 after purchasing an additional 347,600 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company's stock.

Lumentum Stock Down 3.2 %

Lumentum stock traded down $1.90 during midday trading on Wednesday, reaching $58.06. The company's stock had a trading volume of 553,825 shares, compared to its average volume of 1,895,869. The stock's 50-day simple moving average is $61.24 and its 200-day simple moving average is $74.88. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. Lumentum Holdings Inc. has a 52-week low of $38.29 and a 52-week high of $104.00. The stock has a market capitalization of $4.02 billion, a P/E ratio of -7.55 and a beta of 1.14.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. On average, sell-side analysts expect that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have issued reports on LITE shares. JPMorgan Chase & Co. decreased their price objective on shares of Lumentum from $105.00 to $73.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Northland Capmk raised shares of Lumentum from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Needham & Company LLC reissued a "buy" rating and issued a $110.00 price objective on shares of Lumentum in a research note on Friday, February 7th. UBS Group increased their price objective on Lumentum from $93.00 to $96.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. Finally, Northland Securities raised Lumentum from a "market perform" rating to an "outperform" rating in a research report on Monday, April 7th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $82.60.

Insider Buying and Selling at Lumentum

In other 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 transaction, the chief financial officer now directly owns 51,976 shares of the company's stock, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.19% of the stock is currently owned by company insiders.

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.