GAMMA Investing LLC Buys 126,667 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

GAMMA Investing LLC grew its position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 10,626.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 127,859 shares of the technology company's stock after acquiring an additional 126,667 shares during the period. GAMMA Investing LLC owned 0.18% of Lumentum worth $7,971,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of LITE. California State Teachers Retirement System raised its position in Lumentum by 0.4% during the 4th quarter. California State Teachers Retirement System now owns 64,170 shares of the technology company's stock worth $5,387,000 after purchasing an additional 251 shares during the last quarter. CWC Advisors LLC. acquired a new stake in Lumentum during the 4th quarter worth about $201,000. Virtue Capital Management LLC acquired a new position in shares of Lumentum in the 4th quarter valued at about $899,000. Woodline Partners LP boosted its position in shares of Lumentum by 377.7% during the 4th quarter. Woodline Partners LP now owns 282,055 shares of the technology company's stock valued at $23,679,000 after purchasing an additional 223,011 shares in the last quarter. Finally, Two Sigma Advisers LP increased its holdings in Lumentum by 30.5% in the fourth quarter. Two Sigma Advisers LP now owns 243,600 shares of the technology company's stock worth $20,450,000 after purchasing an additional 57,000 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. BNP Paribas upgraded Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price target on the stock in a report on Tuesday, March 11th. Northland Securities set a $80.00 price target on shares of Lumentum in a research report on Wednesday, May 7th. Rosenblatt Securities restated a "buy" rating and issued a $105.00 target price on shares of Lumentum in a report on Thursday. B. Riley boosted their target price on Lumentum from $65.00 to $73.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 4th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Lumentum from $87.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $84.93.

Lumentum Trading Up 3.8%

LITE stock traded up $3.14 during trading on Thursday, hitting $85.50. 1,996,920 shares of the company traded hands, compared to its average volume of 2,055,862. The firm has a market capitalization of $5.93 billion, a PE ratio of -11.12 and a beta of 1.28. Lumentum Holdings Inc. has a 1 year low of $38.29 and a 1 year high of $104.00. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. The company has a 50-day moving average of $66.57 and a 200-day moving average of $75.01.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its 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 return on equity of 7.25% and a negative net margin of 36.98%. The company had revenue of $425.20 million during the quarter, compared to the consensus estimate of $418.18 million. During the same quarter in the prior year, the company earned $0.09 earnings per share. The firm's revenue for the quarter was up 16.0% on a year-over-year basis. Analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Alan S. Lowe sold 10,000 shares of the business's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total value of $835,800.00. Following the completion of the transaction, the director now owns 270,471 shares in the company, valued at $22,605,966.18. The trade was a 3.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Yuen Wupen sold 4,426 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $71.80, for a total transaction of $317,786.80. Following the transaction, the insider now owns 92,099 shares in the company, valued at approximately $6,612,708.20. This trade represents a 4.59% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,520 shares of company stock worth $2,103,278. Corporate insiders own 0.19% of the company's stock.

Lumentum Company 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.