Lumentum Holdings Inc. (NASDAQ:LITE) Shares Bought by Cetera Investment Advisers

Key Points

• Cetera Investment Advisers increased its holdings in Lumentum Holdings Inc. by 91.2%, acquiring a total of 14,681 shares valued at $915,000 during the first quarter.
• A significant number of institutional investors have also raised their stakes in Lumentum, with 94.05% of the stock now owned by such entities.
• Lumentum reported earnings of $0.88 per share, exceeding analysts' expectations, and its revenue increased by 55.9% year-over-year.

Cetera Investment Advisers raised its stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 91.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,681 shares of the technology company's stock after purchasing an additional 7,002 shares during the period. Cetera Investment Advisers' holdings in Lumentum were worth $915,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. acquired a new stake in Lumentum in the 1st quarter valued at about $260,000. Crestline Management LP acquired a new stake in Lumentum in the 4th quarter valued at about $4,435,000. UMB Bank n.a. raised its position in Lumentum by 132.9% in the 1st quarter. UMB Bank n.a. now owns 785 shares of the technology company's stock valued at $49,000 after purchasing an additional 448 shares in the last quarter. Principal Financial Group Inc. raised its position in Lumentum by 1.1% in the 1st quarter. Principal Financial Group Inc. now owns 159,154 shares of the technology company's stock valued at $9,922,000 after purchasing an additional 1,660 shares in the last quarter. Finally, Asset Management One Co. Ltd. acquired a new stake in Lumentum in the 1st quarter valued at about $69,000. Institutional investors and hedge funds own 94.05% of the company's stock.

Insiders Place Their Bets

In related news, CFO Wajid Ali sold 2,222 shares of Lumentum stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total transaction of $185,714.76. Following the completion of the transaction, the chief financial officer directly owned 47,460 shares of the company's stock, valued at approximately $3,966,706.80. The trade was a 4.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Vincent Retort sold 22,719 shares of Lumentum 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 transaction, the insider directly owned 121,747 shares of the company's stock, valued at approximately $13,392,170. This represents a 15.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 76,000 shares of company stock valued at $7,260,909 in the last three months. 0.19% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. UBS Group reissued a "neutral" rating and set a $130.00 target price (up previously from $78.00) on shares of Lumentum in a research report on Wednesday. JPMorgan Chase & Co. raised their target price on Lumentum from $123.00 to $145.00 and gave the stock an "overweight" rating in a research report on Thursday. Susquehanna raised their target price on Lumentum from $125.00 to $140.00 and gave the stock a "positive" rating in a research report on Tuesday. B. Riley raised their target price on Lumentum from $73.00 to $83.00 and gave the stock a "neutral" rating in a research report on Wednesday. Finally, Morgan Stanley raised their target price on Lumentum from $92.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Four analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Lumentum has a consensus rating of "Moderate Buy" and a consensus price target of $124.00.

Lumentum Price Performance

Shares of Lumentum stock traded up $1.24 during trading on Friday, reaching $115.86. The company's stock had a trading volume of 3,164,639 shares, compared to its average volume of 2,892,331. The company has a quick ratio of 3.53, a current ratio of 4.37 and a debt-to-equity ratio of 2.26. Lumentum Holdings Inc. has a 12-month low of $45.65 and a 12-month high of $129.98. The company has a market capitalization of $8.04 billion, a P/E ratio of 503.74 and a beta of 1.33. The business has a 50 day moving average price of $98.59 and a 200-day moving average price of $78.85.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The technology company reported $0.88 earnings per share for the quarter, beating analysts' consensus estimates of $0.79 by $0.09. Lumentum had a negative return on equity of 3.02% and a net margin of 1.57%. The firm had revenue of $480.70 million for the quarter, compared to the consensus estimate of $465.27 million. During the same period in the previous year, the business earned $0.06 earnings per share. The company's revenue for the quarter was up 55.9% compared to the same quarter last year. As a group, sell-side analysts anticipate 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.