Allianz Asset Management GmbH Invests $3.41 Million in Lumentum Holdings Inc. (NASDAQ:LITE)

Allianz Asset Management GmbH purchased a new stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 54,722 shares of the technology company's stock, valued at approximately $3,411,000. Allianz Asset Management GmbH owned about 0.08% of Lumentum as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in LITE. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Lumentum in the first quarter worth about $260,000. Crestline Management LP purchased a new stake in shares of Lumentum in the fourth quarter worth about $4,435,000. UMB Bank n.a. boosted its stake in shares of Lumentum by 132.9% in the first quarter. UMB Bank n.a. now owns 785 shares of the technology company's stock worth $49,000 after buying an additional 448 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Lumentum by 1.1% in the first quarter. Principal Financial Group Inc. now owns 159,154 shares of the technology company's stock worth $9,922,000 after buying an additional 1,660 shares during the last quarter. Finally, Asset Management One Co. Ltd. purchased a new stake in shares of Lumentum in the first quarter worth about $69,000. Hedge funds and other institutional investors own 94.05% of the company's stock.

Insider Buying and Selling at Lumentum

In other news, insider Vincent Retort sold 22,719 shares of the stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $110.00, for a total value of $2,499,090.00. Following the sale, the insider directly owned 121,747 shares in the company, valued at approximately $13,392,170. This trade represents a 15.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jae Kim sold 4,577 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $77.98, for a total value of $356,914.46. Following the completion of the sale, the senior vice president owned 31,534 shares in the company, valued at approximately $2,459,021.32. The trade was a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 89,768 shares of company stock valued at $8,294,633. Corporate insiders own 0.19% of the company's stock.

Lumentum Trading Down 3.1%

Lumentum stock traded down $3.40 during mid-day trading on Friday, hitting $106.68. The company's stock had a trading volume of 2,431,701 shares, compared to its average volume of 2,508,777. The firm has a market capitalization of $7.40 billion, a PE ratio of -16.54 and a beta of 1.34. Lumentum Holdings Inc. has a 1 year low of $38.28 and a 1 year high of $114.12. The company has a current ratio of 4.72, a quick ratio of 3.53 and a debt-to-equity ratio of 2.91. The stock's fifty day moving average is $90.67 and its two-hundred day moving average is $77.11.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.07. Lumentum had a negative return on equity of 8.69% and a negative net margin of 29.87%. The company had revenue of $425.20 million during the quarter, compared to analyst estimates of $418.18 million. During the same period in the prior year, the business posted $0.09 earnings per share. The firm's revenue for the quarter was up 16.0% compared to the same quarter last year. On average, analysts anticipate that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Barclays set a $75.00 target price on Lumentum and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Northland Securities set a $80.00 price target on Lumentum in a report on Wednesday, May 7th. Susquehanna upped their price target on Lumentum from $95.00 to $125.00 and gave the stock a "positive" rating in a report on Tuesday, July 22nd. Morgan Stanley increased their target price on Lumentum from $76.00 to $85.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. increased their target price on Lumentum from $100.00 to $123.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. One analyst has rated the stock with a sell rating, three have given a hold rating, eleven 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 an average rating of "Moderate Buy" and a consensus target price of $87.73.

Lumentum Company 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.