King Luther Capital Management Corp Purchases 12,344 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Key Points

• King Luther Capital Management Corp increased its stake in Lumentum Holdings Inc. by 12.4%, acquiring an additional 12,344 shares to hold a total of 112,226 shares valued at $6,996,000.
• Analysts have mixed views on Lumentum, with JPMorgan raising their price target from $100 to $123, while UBS has lowered theirs from $96 to $78.
• CEO and senior management sold a significant number of shares recently, with insiders disposing of a total of 90,009 shares worth over $8 million in the last ninety days.

King Luther Capital Management Corp raised its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 12.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 112,226 shares of the technology company's stock after purchasing an additional 12,344 shares during the quarter. King Luther Capital Management Corp owned 0.16% of Lumentum worth $6,996,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Oregon Public Employees Retirement Fund grew its stake in shares of Lumentum by 1.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 14,130 shares of the technology company's stock valued at $881,000 after purchasing an additional 176 shares during the period. Pinnacle Wealth Management Advisory Group LLC grew its stake in shares of Lumentum by 6.8% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 3,465 shares of the technology company's stock valued at $216,000 after purchasing an additional 220 shares during the period. California State Teachers Retirement System lifted its position in shares of Lumentum by 0.4% during the 4th quarter. California State Teachers Retirement System now owns 64,170 shares of the technology company's stock valued at $5,387,000 after buying an additional 251 shares in the last quarter. Golden State Wealth Management LLC lifted its position in shares of Lumentum by 103.2% during the 1st quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company's stock valued at $32,000 after buying an additional 260 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its position in shares of Lumentum by 3.4% during the 1st quarter. State of Alaska Department of Revenue now owns 8,103 shares of the technology company's stock valued at $505,000 after buying an additional 270 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on LITE. UBS Group lowered their price objective on Lumentum from $96.00 to $78.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 7th. Susquehanna lifted their price objective on Lumentum from $95.00 to $125.00 and gave the company a "positive" rating in a research report on Tuesday, July 22nd. Wolfe Research began coverage on Lumentum in a research report on Tuesday, July 8th. They set an "outperform" rating on the stock. JPMorgan Chase & Co. lifted their price objective on Lumentum from $100.00 to $123.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Finally, Needham & Company LLC boosted their price target on Lumentum from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Wednesday, June 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $88.20.

Lumentum Stock Up 4.6%

Shares of LITE opened at $116.27 on Monday. The stock has a market capitalization of $8.07 billion, a price-to-earnings ratio of -18.03 and a beta of 1.33. Lumentum Holdings Inc. has a 1 year low of $42.05 and a 1 year high of $116.35. The business's 50 day simple moving average is $94.82 and its 200-day simple moving average is $77.59. The company has a debt-to-equity ratio of 2.91, a current ratio of 4.72 and a quick ratio of 3.53.

Insider Buying and Selling at Lumentum

In other news, CFO Wajid Ali sold 2,222 shares of the company's stock in a transaction that occurred 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 sale, the chief financial officer directly owned 47,460 shares of the company's stock, valued at $3,966,706.80. This represents a 4.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jae Kim sold 4,577 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $77.98, for a total value of $356,914.46. Following the sale, the senior vice president directly owned 31,534 shares in the company, valued at $2,459,021.32. This trade represents a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 90,009 shares of company stock worth $8,320,743. Company insiders own 0.19% of the company's stock.

Lumentum 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.

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