Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by Castleark Management LLC

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

Other institutional investors and hedge funds have also modified their holdings of the company. Assenagon Asset Management S.A. purchased a new stake in Lumentum in the 4th quarter worth approximately $2,723,000. UMB Bank n.a. lifted its stake in shares of Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock valued at $28,000 after purchasing an additional 253 shares during the period. Crossmark Global Holdings Inc. lifted its stake in shares of Lumentum by 4.0% in the 4th quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company's stock valued at $365,000 after purchasing an additional 168 shares during the period. Zweig DiMenna Associates LLC purchased a new stake in Lumentum during the fourth quarter worth $7,052,000. Finally, First Citizens Bank & Trust Co. grew its position in Lumentum by 13.6% during the fourth quarter. First Citizens Bank & Trust Co. now owns 4,647 shares of the technology company's stock valued at $390,000 after buying an additional 558 shares during the period. Institutional investors and hedge funds own 94.05% of the company's stock.

Insiders Place Their Bets

In related news, insider Yuen Wupen sold 4,716 shares of the firm's 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 sale, the insider now directly owns 82,957 shares in the company, valued at approximately $6,376,904.59. This trade represents a 5.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Jae Kim sold 4,577 shares of Lumentum stock in a transaction dated 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 directly owns 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. Insiders have sold 14,298 shares of company stock valued at $1,081,764 in the last ninety days. 0.19% of the stock is currently owned by corporate insiders.

Lumentum Trading Down 1.0%

Shares of LITE opened at $77.11 on Wednesday. Lumentum Holdings Inc. has a 52-week low of $38.29 and a 52-week high of $104.00. The stock has a market cap of $5.35 billion, a PE ratio of -10.03 and a beta of 1.18. The firm's fifty day moving average is $62.23 and its two-hundred day moving average is $75.23. 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 results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.07. The firm had revenue of $425.20 million for the quarter, compared to the consensus estimate of $418.18 million. Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. The company's revenue for the quarter was up 16.0% on a year-over-year basis. During the same period last year, the firm posted $0.09 earnings per share. Research analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on LITE. JPMorgan Chase & Co. decreased their price objective on shares of Lumentum from $105.00 to $73.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Needham & Company LLC reduced their price target on Lumentum from $110.00 to $100.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Northland Capmk upgraded Lumentum from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Jefferies Financial Group initiated coverage on Lumentum in a research report on Friday, February 21st. They issued a "buy" rating for the company. Finally, Morgan Stanley reduced their target price on Lumentum from $83.00 to $81.00 and set an "equal weight" rating for the company in a research note on Friday, January 31st. One analyst has rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $82.20.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.