Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. significantly reduced its stake in Lumentum Holdings Inc. by 71.6% during the first quarter.
• Wall Street analysts have a mixed view on Lumentum, with a consensus rating of "Moderate Buy" and a target price of $87.73.
• Lumentum reported a revenue increase of 16.0% year-over-year for the latest quarter, outperforming analyst expectations.

Pacer Advisors Inc. cut its position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 71.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,737 shares of the technology company's stock after selling 9,438 shares during the quarter. Pacer Advisors Inc.'s holdings in Lumentum were worth $233,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Rakuten Securities Inc. grew its stake in shares of Lumentum by 164.4% in the 1st quarter. Rakuten Securities Inc. now owns 476 shares of the technology company's stock valued at $30,000 after purchasing an additional 296 shares during the last quarter. Golden State Wealth Management LLC grew its stake in shares of Lumentum by 103.2% in the 1st quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company's stock valued at $32,000 after purchasing an additional 260 shares during the last quarter. CoreCap Advisors LLC grew its stake in shares of Lumentum by 2,235.3% in the 4th quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock valued at $33,000 after purchasing an additional 380 shares during the last quarter. UMB Bank n.a. grew its stake in shares of Lumentum by 132.9% in the 1st quarter. UMB Bank n.a. now owns 785 shares of the technology company's stock valued at $49,000 after purchasing an additional 448 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its stake in shares of Lumentum by 27.2% in the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock valued at $64,000 after purchasing an additional 164 shares during the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on LITE. Morgan Stanley lifted their target price on Lumentum from $76.00 to $85.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. B. Riley raised their price target on Lumentum from $65.00 to $73.00 and gave the company a "neutral" rating in a report on Wednesday, June 4th. Northland Capmk upgraded Lumentum from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Rosenblatt Securities reiterated a "buy" rating and issued a $105.00 price objective on shares of Lumentum in a research report on Thursday, June 12th. Finally, Wolfe Research started coverage on Lumentum in a report on Tuesday, July 8th. They issued an "outperform" rating for the company. One equities research 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $87.73.

Lumentum Stock Performance

Shares of LITE stock opened at $106.68 on Friday. The stock has a fifty day moving average price of $91.28 and a 200 day moving average price of $77.25. The stock has a market cap of $7.40 billion, a PE ratio of -16.54 and a beta of 1.33. Lumentum Holdings Inc. has a 1 year low of $38.28 and a 1 year high of $114.12. The company has a debt-to-equity ratio of 2.91, a quick ratio of 3.53 and a current ratio of 4.72.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, topping 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 company had revenue of $425.20 million during the quarter, compared to analysts' expectations of $418.18 million. During the same period in the previous year, the firm posted $0.09 earnings per share. The business's revenue for the quarter was up 16.0% compared to the same quarter last year. Sell-side analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Vincent Retort sold 22,719 shares of the business's stock in a transaction on Tuesday, July 29th. The stock was 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 $13,392,170. The trade was a 15.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Jae Kim sold 4,577 shares of the business's stock in a transaction 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 completion of the transaction, the senior vice president directly owned 31,534 shares of the company's stock, valued at approximately $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 90 days, insiders sold 89,768 shares of company stock valued at $8,294,633. 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.

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.