Cambridge Investment Research Advisors Inc. Acquires New Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Cambridge Investment Research Advisors Inc. acquired a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 4,178 shares of the technology company's stock, valued at approximately $260,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of LITE. Capital World Investors raised its position in shares of Lumentum by 108.3% in the 4th quarter. Capital World Investors now owns 3,600,132 shares of the technology company's stock valued at $302,231,000 after purchasing an additional 1,871,572 shares during the last quarter. Norges Bank purchased a new position in shares of Lumentum in the 4th quarter valued at approximately $68,962,000. Nuveen Asset Management LLC raised its position in shares of Lumentum by 98.9% in the 4th quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company's stock valued at $103,122,000 after purchasing an additional 610,938 shares during the last quarter. Balyasny Asset Management L.P. raised its position in shares of Lumentum by 419.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 444,147 shares of the technology company's stock valued at $37,286,000 after purchasing an additional 583,330 shares during the last quarter. Finally, Capital Research Global Investors purchased a new position in shares of Lumentum in the 4th quarter valued at approximately $42,415,000. 94.05% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Lumentum

In related news, SVP Jae Kim sold 4,577 shares of Lumentum 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 sale, the senior vice president owned 31,534 shares of the company's stock, valued at approximately $2,459,021.32. This trade represents a 12.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Yuen Wupen sold 4,716 shares of Lumentum stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $76.87, for a total transaction of $362,518.92. Following the completion of the sale, the insider directly owned 82,957 shares in the company, valued at $6,376,904.59. This represents a 5.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,520 shares of company stock worth $5,742,078 over the last 90 days. 0.19% of the stock is owned by insiders.

Analysts Set New Price Targets

LITE has been the subject of several research analyst reports. Northland Capmk raised shares of Lumentum from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. JPMorgan Chase & Co. increased their price target on shares of Lumentum from $87.00 to $100.00 and gave the stock an "overweight" rating in a report on Thursday, June 12th. Raymond James Financial increased their price target on shares of Lumentum from $80.00 to $90.00 and gave the stock a "strong-buy" rating in a report on Wednesday, June 4th. Rosenblatt Securities reiterated a "buy" rating and issued a $105.00 price target on shares of Lumentum in a report on Thursday, June 12th. Finally, Wolfe Research started coverage on shares of Lumentum in a report on Tuesday, July 8th. They issued an "outperform" rating on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $85.53.

Lumentum Price Performance

Shares of NASDAQ LITE opened at $92.99 on Monday. The stock has a market capitalization of $6.45 billion, a price-to-earnings ratio of -14.42 and a beta of 1.34. Lumentum Holdings Inc. has a 12 month low of $38.29 and a 12 month high of $104.00. The firm's 50 day simple moving average is $82.01 and its 200-day simple moving average is $75.26. The company has a debt-to-equity ratio of 2.91, a current ratio of 4.72 and a quick ratio of 3.53.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.07. The business had revenue of $425.20 million for the quarter, compared to analysts' expectations of $418.18 million. Lumentum had a negative net margin of 29.87% and a negative return on equity of 8.69%. The business's revenue was up 16.0% on a year-over-year basis. During the same quarter last year, the company earned $0.09 EPS. Analysts expect that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

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.

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