Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by Bayesian Capital Management LP

Bayesian Capital Management LP lessened its stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 34.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,724 shares of the technology company's stock after selling 12,734 shares during the period. Bayesian Capital Management LP's holdings in Lumentum were worth $2,076,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. UMB Bank n.a. raised its stake in shares of Lumentum by 301.2% during the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock worth $28,000 after buying an additional 253 shares during the period. Jones Financial Companies Lllp lifted its holdings in Lumentum by 54.2% during the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after purchasing an additional 130 shares in the last quarter. J.Safra Asset Management Corp increased 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 worth $43,000 after purchasing an additional 122 shares in the last quarter. Quadrant Capital Group LLC raised its position in shares of 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 purchasing an additional 164 shares during the last quarter. Finally, Daiwa Securities Group Inc. acquired a new stake in Lumentum in the 4th quarter worth about $67,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. BNP Paribas raised 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. Northland Capmk raised shares of Lumentum from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. B. Riley upped their price objective on shares of Lumentum from $62.00 to $75.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. Raymond James decreased their target price on shares of Lumentum from $82.00 to $80.00 and set a "strong-buy" rating on the stock in a research note on Wednesday. Finally, UBS Group lowered their target price on Lumentum from $96.00 to $78.00 and set a "neutral" rating on the stock in a report on Wednesday. One analyst has rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Lumentum has an average rating of "Moderate Buy" and a consensus target price of $82.20.

Lumentum Stock Down 1.2 %

Shares of LITE traded down $0.79 during midday trading on Friday, reaching $64.87. The stock had a trading volume of 2,324,278 shares, compared to its average volume of 1,938,562. The company has a market cap of $4.49 billion, a price-to-earnings ratio of -8.44 and a beta of 1.18. The company's fifty day simple moving average is $60.21 and its two-hundred day simple moving average is $74.67. 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 1-year low of $38.29 and a 1-year high of $104.00.

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

Insider Transactions at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction 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 sale, the chief financial officer now directly owns 51,976 shares of the company's stock, valued at $4,071,799.84. This trade 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 available through this link. Insiders own 0.19% of the company's stock.

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.