Bayesian Capital Management LP Sells 12,734 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Bayesian Capital Management LP cut its holdings in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 34.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,724 shares of the technology company's stock after selling 12,734 shares during the quarter. Bayesian Capital Management LP's holdings in Lumentum were worth $2,076,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of LITE. Capital World Investors lifted its position in shares of Lumentum by 108.3% during 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 period. Alliancebernstein L.P. raised its holdings in shares of Lumentum by 1.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,711,956 shares of the technology company's stock valued at $143,719,000 after purchasing an additional 23,136 shares during the period. Geode Capital Management LLC boosted its position in shares of Lumentum by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 1,195,605 shares of the technology company's stock worth $100,402,000 after purchasing an additional 9,442 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its stake in shares of Lumentum by 8.1% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 838,289 shares of the technology company's stock valued at $70,374,000 after buying an additional 62,937 shares during the period. Finally, Norges Bank bought a new stake in Lumentum in the 4th quarter valued at about $68,962,000. 94.05% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. reduced their price objective on Lumentum from $105.00 to $73.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. B. Riley boosted their price target 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. Jefferies Financial Group assumed coverage on shares of Lumentum in a research note on Friday, February 21st. They issued a "buy" rating on the stock. Stifel Nicolaus boosted their target price on shares of Lumentum from $95.00 to $105.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Finally, Barclays set a $75.00 price target on shares of Lumentum and gave the company an "overweight" rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $82.20.

Lumentum Stock Performance

LITE stock traded down $0.79 during midday trading on Friday, hitting $64.87. The company's stock had a trading volume of 2,324,278 shares, compared to its average volume of 1,934,147. Lumentum Holdings Inc. has a 1 year low of $38.29 and a 1 year high of $104.00. The stock has a market cap of $4.49 billion, a price-to-earnings ratio of -8.44 and a beta of 1.18. The stock's 50-day moving average price is $60.21 and its 200 day moving average price is $74.61. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94.

Lumentum (NASDAQ:LITE - Get Free Report) last posted 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 company had revenue of $425.20 million during the quarter, compared to analyst estimates of $418.18 million. Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. The firm's revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.09 earnings per share. On average, equities analysts forecast that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Insider Transactions at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of Lumentum 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 owns 51,976 shares of the company's stock, valued at approximately $4,071,799.84. This trade represents a 4.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.19% of the stock is currently owned by company 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.