John G Ullman & Associates Inc. decreased its holdings in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 14.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,548 shares of the technology company's stock after selling 8,622 shares during the quarter. John G Ullman & Associates Inc. owned about 0.07% of Lumentum worth $3,151,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. purchased a new position in Lumentum in the 1st quarter worth $260,000. Crestline Management LP purchased a new position in shares of Lumentum during the 4th quarter valued at about $4,435,000. UMB Bank n.a. raised its stake in shares of Lumentum by 132.9% during the 1st quarter. UMB Bank n.a. now owns 785 shares of the technology company's stock valued at $49,000 after buying an additional 448 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Lumentum by 1.1% during the 1st quarter. Principal Financial Group Inc. now owns 159,154 shares of the technology company's stock valued at $9,922,000 after buying an additional 1,660 shares during the last quarter. Finally, Asset Management One Co. Ltd. purchased a new position in shares of Lumentum during the 1st quarter valued at about $69,000. Institutional investors and hedge funds own 94.05% of the company's stock.
Lumentum Price Performance
Shares of LITE stock traded up $1.66 during trading hours on Monday, reaching $106.18. The company had a trading volume of 495,554 shares, compared to its average volume of 2,510,719. The company has a debt-to-equity ratio of 2.91, a quick ratio of 3.53 and a current ratio of 4.72. The stock has a fifty day moving average of $88.07 and a 200-day moving average of $76.31. The company has a market capitalization of $7.37 billion, a price-to-earnings ratio of -16.46 and a beta of 1.34. Lumentum Holdings Inc. has a 12-month low of $38.28 and a 12-month high of $106.12.
Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.50 by $0.07. Lumentum had a negative return on equity of 8.69% and a negative net margin of 29.87%. The business had revenue of $425.20 million during the quarter, compared to analyst estimates of $418.18 million. During the same period in the prior year, the business earned $0.09 earnings per share. The business's revenue was up 16.0% compared to the same quarter last year. On average, equities analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.
Insiders Place Their Bets
In related news, Director Alan S. Lowe sold 20,000 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $93.47, for a total value of $1,869,400.00. Following the transaction, the director directly owned 230,471 shares in the company, valued at approximately $21,542,124.37. This represents a 7.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Wajid Ali sold 2,222 shares of the company'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 value of $185,714.76. Following the completion of the transaction, the chief financial officer owned 47,460 shares in the company, valued at $3,966,706.80. This represents a 4.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 67,049 shares of company stock valued at $5,795,543. Insiders own 0.19% of the company's stock.
Analysts Set New Price Targets
A number of research firms have weighed in on LITE. B. Riley lifted their price objective on Lumentum from $65.00 to $73.00 and gave the company a "neutral" rating in a research note on Wednesday, June 4th. Stifel Nicolaus lifted their price objective on Lumentum from $85.00 to $100.00 and gave the company a "buy" rating in a research note on Thursday, June 5th. Needham & Company LLC lifted their price target on Lumentum from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Wednesday, June 11th. Northland Securities set a $80.00 price target on Lumentum in a research note on Wednesday, May 7th. Finally, Morgan Stanley lifted their price target on Lumentum from $76.00 to $85.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. One analyst has rated the stock with a sell rating, three have given a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $87.73.
View Our Latest Analysis on LITE
Lumentum Company Profile
(
Free Report)
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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