Blue Trust Inc. Acquires 2,991 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Blue Trust Inc. raised its holdings in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 1,372.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 3,209 shares of the technology company's stock after acquiring an additional 2,991 shares during the quarter. Blue Trust Inc.'s holdings in Lumentum were worth $200,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Jones Financial Companies Lllp boosted its stake in Lumentum by 54.2% during the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock worth $31,000 after acquiring an additional 130 shares in the last quarter. CoreCap Advisors LLC boosted its stake in Lumentum by 2,235.3% during the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock worth $33,000 after acquiring an additional 380 shares in the last quarter. Rakuten Securities Inc. boosted its stake in Lumentum by 164.4% during the first quarter. Rakuten Securities Inc. now owns 476 shares of the technology company's stock worth $30,000 after acquiring an additional 296 shares in the last quarter. J.Safra Asset Management Corp boosted its stake in Lumentum by 31.1% during the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock worth $43,000 after acquiring an additional 122 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its stake 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 acquiring an additional 164 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Alan S. Lowe sold 20,000 shares of Lumentum stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $88.47, for a total value of $1,769,400.00. Following the completion of the transaction, the director now owns 250,471 shares in the company, valued at $22,159,169.37. This trade represents a 7.39% 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. Also, CFO Wajid Ali sold 2,222 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $83.58, for a total transaction of $185,714.76. Following the completion of the sale, the chief financial officer now directly owns 47,460 shares in the company, valued at approximately $3,966,706.80. This trade represents a 4.47% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,520 shares of company stock worth $3,872,678. Insiders own 0.19% of the company's stock.

Lumentum Stock Performance

NASDAQ LITE traded up $2.65 during trading hours on Tuesday, reaching $91.81. 2,091,005 shares of the company were exchanged, compared to its average volume of 2,093,456. Lumentum Holdings Inc. has a 1 year low of $38.29 and a 1 year high of $104.00. The business's 50 day simple moving average is $72.67 and its 200-day simple moving average is $74.86. The company has a quick ratio of 3.53, a current ratio of 4.72 and a debt-to-equity ratio of 2.91. The stock has a market capitalization of $6.37 billion, a P/E ratio of -14.23 and a beta of 1.28.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business 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 company posted $0.09 earnings per share. The firm's quarterly revenue was up 16.0% compared to the same quarter last year. On average, equities research analysts expect that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently issued reports on LITE shares. Barclays set a $75.00 target price on shares of Lumentum and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Morgan Stanley raised their price objective on shares of Lumentum from $70.00 to $76.00 and gave the company an "equal weight" rating in a research note on Wednesday, June 4th. Northland Securities set a $80.00 price objective on shares of Lumentum in a research note on Wednesday, May 7th. BNP Paribas raised shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price objective on the stock in a research note on Tuesday, March 11th. Finally, Needham & Company LLC raised their price objective on shares of Lumentum from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Wednesday, June 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $84.93.

About Lumentum

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.