DigitalBridge Group Inc. Has $31.76 Million Position in Lumentum Holdings Inc. (NASDAQ:LITE)

DigitalBridge Group Inc. trimmed its position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 21.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 378,273 shares of the technology company's stock after selling 102,053 shares during the quarter. Lumentum makes up approximately 2.3% of DigitalBridge Group Inc.'s portfolio, making the stock its 15th largest position. DigitalBridge Group Inc. owned approximately 0.55% of Lumentum worth $31,756,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. UMB Bank n.a. lifted its position in shares of Lumentum by 301.2% in the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock worth $28,000 after purchasing an additional 253 shares in the last quarter. Crossmark Global Holdings Inc. lifted its position in shares of Lumentum by 4.0% in the fourth quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company's stock worth $365,000 after purchasing an additional 168 shares in the last quarter. Zweig DiMenna Associates LLC purchased a new stake in shares of Lumentum in the fourth quarter worth approximately $7,052,000. First Citizens Bank & Trust Co. lifted its position in shares of Lumentum by 13.6% in the fourth quarter. First Citizens Bank & Trust Co. now owns 4,647 shares of the technology company's stock worth $390,000 after purchasing an additional 558 shares in the last quarter. Finally, R Squared Ltd purchased a new stake in shares of Lumentum in the fourth quarter worth approximately $86,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

LITE has been the subject of a number of research analyst reports. Needham & Company LLC reduced their price target on shares of Lumentum from $110.00 to $100.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. JPMorgan Chase & Co. reduced their price target on shares of Lumentum from $105.00 to $73.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Morgan Stanley reduced their price target on shares of Lumentum from $83.00 to $81.00 and set an "equal weight" rating for the company in a research report on Friday, January 31st. Raymond James reduced their price target on shares of Lumentum from $82.00 to $80.00 and set a "strong-buy" rating for the company in a research report on Wednesday, May 7th. Finally, Stifel Nicolaus raised their price objective on shares of Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $82.20.

Lumentum Stock Performance

Shares of NASDAQ:LITE traded up $2.60 during trading on Tuesday, reaching $78.37. The stock had a trading volume of 1,438,320 shares, compared to its average volume of 1,989,039. Lumentum Holdings Inc. has a 52 week low of $38.29 and a 52 week high of $104.00. The firm has a market capitalization of $5.44 billion, a price-to-earnings ratio of -10.19 and a beta of 1.18. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. The stock has a fifty day simple moving average of $63.00 and a two-hundred day simple moving average of $75.37.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.07. Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. The company had revenue of $425.20 million for the quarter, compared to analyst estimates of $418.18 million. During the same quarter last year, the firm posted $0.09 earnings per share. The company's quarterly revenue was up 16.0% compared to the same quarter last year. As a group, analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Yuen Wupen sold 4,716 shares of the firm's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $76.87, for a total value of $362,518.92. Following the sale, the insider now owns 82,957 shares in the company, valued at approximately $6,376,904.59. This trade represents a 5.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Jae Kim sold 4,577 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $77.98, for a total transaction of $356,914.46. Following the completion of the sale, the senior vice president now owns 31,534 shares in the company, valued at approximately $2,459,021.32. The trade was a 12.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,298 shares of company stock valued at $1,081,764 over the last 90 days. 0.19% of the stock is currently owned by company insiders.

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.