Assenagon Asset Management S.A. Grows Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Assenagon Asset Management S.A. lifted its position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 27.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 41,334 shares of the technology company's stock after purchasing an additional 8,901 shares during the quarter. Assenagon Asset Management S.A. owned about 0.06% of Lumentum worth $2,577,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Jones Financial Companies Lllp raised 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 in the last quarter. CoreCap Advisors LLC increased its holdings in shares of Lumentum by 2,235.3% during the 4th quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock valued at $33,000 after purchasing an additional 380 shares in the last quarter. J.Safra Asset Management Corp lifted its stake in shares of Lumentum by 31.1% in the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock valued at $43,000 after purchasing an additional 122 shares during the period. UMB Bank n.a. boosted its holdings in Lumentum by 132.9% during 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 in the last quarter. Finally, Quadrant Capital Group LLC boosted its holdings in Lumentum by 27.2% during the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock worth $64,000 after buying an additional 164 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company's stock.

Lumentum Trading Up 1.4%

Shares of Lumentum stock traded up $1.25 on Friday, reaching $89.71. The company had a trading volume of 1,190,865 shares, compared to its average volume of 2,077,854. The firm's 50 day moving average price is $70.38 and its two-hundred day moving average price is $75.02. The company has a debt-to-equity ratio of 2.91, a quick ratio of 3.53 and a current ratio of 4.72. Lumentum Holdings Inc. has a 52-week low of $38.29 and a 52-week high of $104.00. The firm has a market cap of $6.23 billion, a PE ratio of -13.81 and a beta of 1.28.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.07. Lumentum had a negative net margin of 29.87% and a negative return on equity of 8.69%. The firm had revenue of $425.20 million during the quarter, compared to the consensus estimate of $418.18 million. During the same quarter last year, the firm earned $0.09 EPS. The firm's revenue for the quarter was up 16.0% on a year-over-year basis. Sell-side analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Yuen Wupen sold 4,426 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $71.80, for a total transaction of $317,786.80. Following the sale, the insider now owns 92,099 shares of the company's stock, valued at approximately $6,612,708.20. This represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Wajid Ali sold 2,222 shares of the stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $83.58, for a total value of $185,714.76. Following the completion of the sale, the chief financial officer now owns 47,460 shares in the company, valued at approximately $3,966,706.80. The trade was a 4.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,520 shares of company stock valued at $2,103,278. Corporate insiders own 0.19% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on LITE. Raymond James Financial upped their price objective on shares of Lumentum from $80.00 to $90.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, June 4th. Northland Capmk raised Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Rosenblatt Securities reiterated a "buy" rating and set a $105.00 price target on shares of Lumentum in a research report on Thursday, June 12th. Needham & Company LLC boosted their price objective on Lumentum from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Wednesday, June 11th. Finally, UBS Group reduced their target price on Lumentum from $96.00 to $78.00 and set a "neutral" rating for the company in a research note on Wednesday, May 7th. One research 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's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $84.93.

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.