Cubist Systematic Strategies LLC bought a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 80,193 shares of the technology company's stock, valued at approximately $6,732,000. Cubist Systematic Strategies LLC owned about 0.12% of Lumentum at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. UMB Bank n.a. increased its stake in Lumentum by 301.2% in the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock valued at $28,000 after purchasing an additional 253 shares during the last quarter. Jones Financial Companies Lllp grew its position 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 acquiring an additional 130 shares during the period. J.Safra Asset Management Corp grew its position in Lumentum by 31.1% during the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock valued at $43,000 after acquiring an additional 122 shares during the period. Quadrant Capital Group LLC grew its position in Lumentum by 27.2% during the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock valued at $64,000 after acquiring an additional 164 shares during the period. Finally, Daiwa Securities Group Inc. purchased a new stake in Lumentum during the fourth quarter valued at about $67,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.
Lumentum Stock Down 1.2%
LITE traded down $0.79 on Friday, reaching $64.87. The company's stock had a trading volume of 2,324,278 shares, compared to its average volume of 1,938,562. The stock has a market cap of $4.49 billion, a price-to-earnings ratio of -8.44 and a beta of 1.18. Lumentum Holdings Inc. has a 1 year low of $38.29 and a 1 year high of $104.00. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The business's 50 day moving average is $60.21 and its 200 day moving average is $74.74.
Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.07. The firm had revenue of $425.20 million for the quarter, compared to analysts' expectations of $418.18 million. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. Lumentum's revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.09 earnings per share. As a group, research analysts forecast that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.
Analyst Ratings Changes
LITE has been the subject of a number of research reports. Stifel Nicolaus boosted their price target on Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Barclays set a $75.00 price target on Lumentum and gave the company an "overweight" rating in a research report on Wednesday. UBS Group lowered their price target on Lumentum from $96.00 to $78.00 and set a "neutral" rating for the company in a research report on Wednesday. BNP Paribas raised Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 target price for the company in a research report on Tuesday, March 11th. Finally, Northland Capmk raised Lumentum from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $82.20.
Get Our Latest Report on Lumentum
Insider Buying and Selling
In other Lumentum 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 transaction, the chief financial officer now directly 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 document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.19% of the company's stock.
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.
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