Lumentum Holdings Inc. (NASDAQ:LITE) Stock Holdings Raised by FIL Ltd

FIL Ltd lifted its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 16,919.1% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 123,559 shares of the technology company's stock after purchasing an additional 122,833 shares during the quarter. FIL Ltd owned about 0.18% of Lumentum worth $10,373,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Alliancebernstein L.P. lifted its holdings in Lumentum by 1.4% during the 4th 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 in the last quarter. Geode Capital Management LLC raised its stake in shares of Lumentum by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 1,195,605 shares of the technology company's stock valued at $100,402,000 after acquiring an additional 9,442 shares in the last quarter. Norges Bank acquired a new position in Lumentum during the 4th quarter worth $68,962,000. Fisher Asset Management LLC increased its holdings in Lumentum by 18.8% during the 4th quarter. Fisher Asset Management LLC now owns 687,311 shares of the technology company's stock worth $57,700,000 after purchasing an additional 108,740 shares during the period. Finally, Emerald Advisers LLC boosted its stake in shares of Lumentum by 12.3% in the 4th quarter. Emerald Advisers LLC now owns 425,079 shares of the technology company's stock valued at $35,685,000 after buying an additional 46,544 shares during the period. Hedge funds and other institutional investors own 94.05% of the company's stock.

Insider Activity at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the business'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 transaction of $170,154.48. Following the transaction, the chief financial officer now directly owns 51,976 shares of the company's stock, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.19% of the stock is owned by insiders.

Lumentum Price Performance

LITE stock traded down $0.42 on Thursday, reaching $51.79. The company had a trading volume of 292,518 shares, compared to its average volume of 1,867,244. Lumentum Holdings Inc. has a 1 year low of $38.29 and a 1 year high of $104.00. The company has a market cap of $3.58 billion, a P/E ratio of -6.70 and a beta of 1.14. The company's fifty day moving average is $65.41 and its 200 day moving average is $75.49. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. On average, research analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on LITE shares. JPMorgan Chase & Co. lowered their price target on shares of Lumentum from $105.00 to $73.00 and set an "overweight" rating for the company in a report on Thursday. Northland Securities upgraded shares of Lumentum from a "market perform" rating to an "outperform" rating in a research report on Monday, April 7th. Jefferies Financial Group initiated coverage on shares of Lumentum in a research report on Friday, February 21st. They issued a "buy" rating for the company. Barclays raised Lumentum from an "underweight" rating to an "overweight" rating and raised their price objective for the stock from $80.00 to $125.00 in a report on Friday, January 17th. Finally, Raymond James raised Lumentum from an "outperform" rating to a "strong-buy" rating and decreased their price objective for the company from $96.00 to $82.00 in a report on Monday, March 24th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and two have assigned 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 price target of $87.93.

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.