Corton Capital Inc. reduced its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 62.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,166 shares of the technology company's stock after selling 5,244 shares during the period. Corton Capital Inc.'s holdings in Lumentum were worth $266,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Robeco Institutional Asset Management B.V. purchased a new position in shares of Lumentum during the 4th quarter worth $646,000. SBI Securities Co. Ltd. acquired a new position in Lumentum in the 4th quarter valued at about $739,000. M&T Bank Corp grew its stake in shares of Lumentum by 54.2% in the 4th quarter. M&T Bank Corp now owns 18,104 shares of the technology company's stock valued at $1,520,000 after buying an additional 6,361 shares during the period. Aigen Investment Management LP increased its holdings in shares of Lumentum by 72.9% during the 4th quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company's stock worth $1,464,000 after buying an additional 7,354 shares during the last quarter. Finally, Zweig DiMenna Associates LLC acquired a new stake in shares of Lumentum during the 4th quarter worth approximately $7,052,000. 94.05% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
LITE has been the subject of several analyst reports. Jefferies Financial Group initiated coverage on Lumentum in a research report on Friday, February 21st. They issued a "buy" rating for the company. Needham & Company LLC reissued a "buy" rating and set a $110.00 price objective on shares of Lumentum in a research report on Friday, February 7th. Northland Securities raised shares of Lumentum from a "market perform" rating to an "outperform" rating in a research report on Monday, April 7th. BNP Paribas upgraded shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price target for the company in a research report on Tuesday, March 11th. Finally, Northland Capmk raised shares of Lumentum from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $82.60.
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Insiders Place Their Bets
In other Lumentum 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 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. The trade was a 4.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.19% of the stock is currently owned by company insiders.
Lumentum Trading Up 2.0 %
NASDAQ:LITE opened at $64.42 on Wednesday. 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 $4.46 billion, a PE ratio of -8.38 and a beta of 1.18. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The stock has a fifty day moving average price of $60.29 and a 200 day moving average price of $74.68.
Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. Sell-side analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.
About Lumentum
(
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.
Further Reading
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