Castleark Management LLC Lowers Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Castleark Management LLC reduced its position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 4.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 93,940 shares of the technology company's stock after selling 3,960 shares during the period. Castleark Management LLC owned 0.14% of Lumentum worth $7,886,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. J.Safra Asset Management Corp lifted its holdings in shares of Lumentum by 31.1% in the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock valued at $43,000 after buying an additional 122 shares during the period. Jones Financial Companies Lllp raised its position in Lumentum by 54.2% during the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after acquiring an additional 130 shares in the last quarter. Quadrant Capital Group LLC lifted its holdings in Lumentum by 27.2% in the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock valued at $64,000 after acquiring an additional 164 shares during the period. Crossmark Global Holdings Inc. lifted its holdings in Lumentum by 4.0% in the fourth quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company's stock valued at $365,000 after acquiring an additional 168 shares during the period. Finally, Manchester Capital Management LLC boosted its position in Lumentum by 22.6% in the 4th quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company's stock worth $86,000 after purchasing an additional 190 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Lumentum

In related news, SVP Jae Kim sold 4,577 shares of Lumentum stock in a transaction that occurred 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 transaction, the senior vice president now owns 31,534 shares in the company, valued at approximately $2,459,021.32. This trade represents a 12.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Yuen Wupen sold 4,426 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $71.80, for a total value of $317,786.80. Following the completion of the sale, the insider now owns 92,099 shares of the company's stock, valued at approximately $6,612,708.20. The trade was a 4.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,298 shares of company stock valued at $1,081,764. Corporate insiders own 0.19% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on LITE shares. UBS Group decreased their target price on shares of Lumentum from $96.00 to $78.00 and set a "neutral" rating for the company in a research note on Wednesday, May 7th. Barclays set a $75.00 price objective on shares of Lumentum and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Jefferies Financial Group initiated coverage on Lumentum in a research report on Friday, February 21st. They set a "buy" rating on the stock. BNP Paribas upgraded Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price target for the company in a research note on Tuesday, March 11th. Finally, B. Riley upped their price target on Lumentum from $62.00 to $75.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $82.20.

Lumentum Price Performance

Shares of Lumentum stock traded down $0.11 during mid-day trading on Monday, reaching $75.77. 1,133,207 shares of the stock traded hands, compared to its average volume of 1,991,249. The stock has a market capitalization of $5.26 billion, a PE ratio of -9.85 and a beta of 1.18. The business has a 50-day moving average of $62.83 and a 200 day moving average of $75.42. Lumentum Holdings Inc. has a fifty-two week low of $38.29 and a fifty-two week high of $104.00. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94.

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

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.