Corton Capital Inc. Sells 5,244 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Corton Capital Inc. lowered its position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 62.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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 filing with the Securities & Exchange Commission.

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

Insider Activity

In related news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were 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 represents a 4.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.19% of the company's stock.

Wall Street Analysts Forecast Growth

LITE has been the subject of a number of analyst reports. Northland Securities set a $80.00 price target on Lumentum in a research report on Wednesday. Needham & Company LLC lowered their target price on Lumentum from $110.00 to $100.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Raymond James cut their price target on Lumentum from $82.00 to $80.00 and set a "strong-buy" rating for the company in a report on Wednesday, May 7th. Barclays set a $75.00 price target on Lumentum and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Finally, Rosenblatt Securities lifted their price target on shares of Lumentum from $85.00 to $94.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Lumentum presently has a consensus rating of "Moderate Buy" and a consensus target price of $82.20.

Lumentum Stock Up 8.1%

Shares of NASDAQ LITE traded up $5.28 during mid-day trading on Monday, hitting $70.15. The company had a trading volume of 1,630,330 shares, compared to its average volume of 1,937,694. The company has a market capitalization of $4.85 billion, a PE ratio of -9.13 and a beta of 1.18. The business's 50-day simple moving average is $60.21 and its 200 day simple moving average is $74.74. 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 posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, beating 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 company had revenue of $425.20 million during the quarter, compared to the consensus estimate of $418.18 million. During the same period last year, the firm earned $0.09 EPS. The company's revenue for the quarter was up 16.0% on a year-over-year basis. On average, analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

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.