Lumentum Holdings Inc. (NASDAQ:LITE) Shares Bought by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management Inc. increased its stake in Lumentum Holdings by 27.0%, owning a total of 12,837 shares valued at approximately $800,000 after acquiring additional shares during the quarter.
• Several hedge funds significantly raised their stakes in Lumentum, with Capital World Investors increasing its holdings by 108.3%, resulting in ownership of 3,600,132 shares valued at about $302 million.
• Lumentum's most recent quarterly earnings showed a 16.0% year-over-year revenue increase to $425.20 million, with an EPS of $0.57, beating analyst estimates by $0.07.

Envestnet Asset Management Inc. raised its stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 27.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,837 shares of the technology company's stock after purchasing an additional 2,729 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Lumentum were worth $800,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Capital World Investors raised its stake in shares of Lumentum by 108.3% in the 4th quarter. Capital World Investors now owns 3,600,132 shares of the technology company's stock valued at $302,231,000 after acquiring an additional 1,871,572 shares during the period. Nuveen Asset Management LLC raised its stake in shares of Lumentum by 98.9% in the 4th quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company's stock valued at $103,122,000 after acquiring an additional 610,938 shares during the period. Balyasny Asset Management L.P. raised its stake in shares of Lumentum by 419.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 444,147 shares of the technology company's stock valued at $37,286,000 after acquiring an additional 583,330 shares during the period. Capital Research Global Investors purchased a new position in shares of Lumentum in the 4th quarter valued at $42,415,000. Finally, Hood River Capital Management LLC purchased a new position in shares of Lumentum in the 4th quarter valued at $32,810,000. Institutional investors and hedge funds own 94.05% of the company's stock.

Insiders Place Their Bets

In other news, insider Vincent Retort sold 22,719 shares of Lumentum stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $110.00, for a total value of $2,499,090.00. Following the completion of the transaction, the insider directly owned 121,747 shares of the company's stock, valued at approximately $13,392,170. The trade was a 15.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Yuen Wupen sold 4,716 shares of Lumentum stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $76.87, for a total transaction of $362,518.92. Following the completion of the transaction, the insider directly owned 82,957 shares of the company's stock, valued at $6,376,904.59. This trade represents a 5.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 89,768 shares of company stock worth $8,294,633. Corporate insiders own 0.19% of the company's stock.

Lumentum Price Performance

Shares of LITE stock opened at $106.68 on Monday. The firm has a market cap of $7.40 billion, a P/E ratio of -16.54 and a beta of 1.33. The company has a debt-to-equity ratio of 2.91, a current ratio of 4.72 and a quick ratio of 3.53. Lumentum Holdings Inc. has a 1-year low of $38.28 and a 1-year high of $114.12. The firm has a fifty day moving average of $91.28 and a two-hundred day moving average of $77.09.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.50 by $0.07. Lumentum had a negative net margin of 29.87% and a negative return on equity of 8.69%. 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 previous year, the business posted $0.09 EPS. The company's quarterly revenue was up 16.0% on a year-over-year basis. As a group, research analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

LITE has been the topic of a number of research reports. UBS Group cut their target price on shares of Lumentum from $96.00 to $78.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. Rosenblatt Securities reissued a "buy" rating and issued a $105.00 target price on shares of Lumentum in a research note on Thursday, June 12th. Northland Securities set a $80.00 price target on shares of Lumentum in a research note on Wednesday, May 7th. Wolfe Research assumed coverage on shares of Lumentum in a research note on Tuesday, July 8th. They set an "outperform" rating on the stock. Finally, Raymond James Financial lifted their price target on shares of Lumentum from $80.00 to $90.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $87.73.

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.

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