Bank of Nova Scotia Buys Shares of 16,265 Lumentum Holdings Inc. (NASDAQ:LITE)

Bank of Nova Scotia acquired a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,265 shares of the technology company's stock, valued at approximately $1,365,000.

A number of other hedge funds have also recently made changes to their positions in the business. J.Safra Asset Management Corp boosted its stake in Lumentum by 31.1% during the 4th 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 last quarter. Jones Financial Companies Lllp lifted its stake in shares of 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 grew its stake 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 in the last quarter. Crossmark Global Holdings Inc. lifted its position in shares of Lumentum by 4.0% during the fourth quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company's stock worth $365,000 after acquiring an additional 168 shares in the last quarter. Finally, Manchester Capital Management LLC grew its position in shares of Lumentum by 22.6% in the fourth quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company's stock valued at $86,000 after purchasing an additional 190 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.19% of the stock is owned by insiders.

Lumentum Stock Down 0.4 %

Shares of NASDAQ:LITE traded down $0.21 during trading hours on Friday, hitting $52.00. The company's stock had a trading volume of 1,094,082 shares, compared to its average volume of 1,874,570. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The firm's fifty day moving average price is $64.81 and its 200 day moving average price is $75.41. Lumentum Holdings Inc. has a 52 week low of $38.29 and a 52 week high of $104.00. The company has a market capitalization of $3.60 billion, a price-to-earnings ratio of -6.76 and a beta of 1.14.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share 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%. As a group, research analysts expect that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. B. Riley upped their price target on Lumentum from $62.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. Jefferies Financial Group began coverage on shares of Lumentum in a research report on Friday, February 21st. They set a "buy" rating for the company. UBS Group upped their target price on Lumentum from $93.00 to $96.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. JPMorgan Chase & Co. cut their target price on Lumentum from $105.00 to $73.00 and set an "overweight" rating for the company in a research note on Thursday. Finally, Northland Capmk raised Lumentum from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Two equities 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 given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $87.93.

About Lumentum

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.