Concentric Capital Strategies LP bought a new stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 36,841 shares of the technology company's stock, valued at approximately $3,093,000. Concentric Capital Strategies LP owned 0.05% of Lumentum as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of the business. Capital World Investors increased its position in shares of Lumentum by 108.3% in the fourth quarter. Capital World Investors now owns 3,600,132 shares of the technology company's stock valued at $302,231,000 after buying an additional 1,871,572 shares in the last quarter. Norges Bank purchased a new stake in Lumentum in the 4th quarter worth $68,962,000. Balyasny Asset Management L.P. raised its position in Lumentum by 419.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 444,147 shares of the technology company's stock worth $37,286,000 after acquiring an additional 583,330 shares during the period. Capital Research Global Investors acquired a new position in Lumentum during the fourth quarter worth $42,415,000. Finally, Hood River Capital Management LLC purchased a new position in Lumentum during the fourth quarter valued at $32,810,000. Hedge funds and other institutional investors own 94.05% of the company's stock.
Lumentum Trading Down 1.2 %
Shares of LITE traded down $0.79 during trading hours on Friday, hitting $64.87. The stock had a trading volume of 2,324,278 shares, compared to its average volume of 1,938,562. Lumentum Holdings Inc. has a 12-month low of $38.29 and a 12-month high of $104.00. The firm has a market cap of $4.49 billion, a P/E ratio of -8.44 and a beta of 1.18. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. The company's fifty day simple moving average is $60.21 and its 200 day simple moving average is $74.67.
Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.50 by $0.07. Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. The firm had revenue of $425.20 million during the quarter, compared to analysts' expectations of $418.18 million. During the same period in the prior year, the company earned $0.09 EPS. The firm's revenue was up 16.0% on a year-over-year basis. Equities research analysts forecast that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.
Analysts Set New Price Targets
A number of equities research analysts have recently commented on LITE shares. B. Riley increased their target price on shares of Lumentum from $62.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. UBS Group decreased their target price on shares of Lumentum from $96.00 to $78.00 and set a "neutral" rating on the stock in a research note on Wednesday. Barclays set a $75.00 target price on Lumentum and gave the stock an "overweight" rating in a report on Wednesday. Northland Securities set a $80.00 price target on Lumentum in a report on Wednesday. Finally, Stifel Nicolaus boosted their price objective on Lumentum from $95.00 to $105.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. 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 company's stock. According to MarketBeat.com, Lumentum presently has a consensus rating of "Moderate Buy" and a consensus target price of $82.20.
Get Our Latest Analysis on LITE
Insider Activity
In related news, CFO Wajid Ali sold 2,172 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the sale, the chief financial officer now directly owns 51,976 shares in the company, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.19% of the company's stock.
Lumentum Profile
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Free Report)
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.
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