Mitsubishi UFJ Trust & Banking Corp Reduces Stock Position in Lumentum Holdings Inc. $LITE

Key Points

• Mitsubishi UFJ Trust & Banking Corp cut its stake in Lumentum by 54.4% in Q4, selling 6,262 shares and ending the period with 5,245 shares worth $1.933 million.
• Lumentum delivered a strong quarter—EPS $1.67 (beat by $0.26) and revenue $665.5M (up 65.5% YoY)—and its stock is trading near $976 with a market cap around $69.7 billion.
• Analysts have pushed up targets (Citigroup to $1,100) and the consensus is a "Moderate Buy" with an average target of $757.25 (11 Buys vs. 7 Holds).

Mitsubishi UFJ Trust & Banking Corp lowered its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 54.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,245 shares of the technology company's stock after selling 6,262 shares during the period. Mitsubishi UFJ Trust & Banking Corp's holdings in Lumentum were worth $1,933,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Allworth Financial LP boosted its position in Lumentum by 6.4% during the 3rd quarter. Allworth Financial LP now owns 784 shares of the technology company's stock valued at $128,000 after buying an additional 47 shares during the period. Northwestern Mutual Investment Management Company LLC boosted its position in Lumentum by 0.4% during the 3rd quarter. Northwestern Mutual Investment Management Company LLC now owns 15,559 shares of the technology company's stock valued at $2,532,000 after buying an additional 64 shares during the period. MassMutual Private Wealth & Trust FSB boosted its position in Lumentum by 58.9% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 205 shares of the technology company's stock valued at $76,000 after buying an additional 76 shares during the period. V Square Quantitative Management LLC purchased a new stake in Lumentum during the 4th quarter valued at $28,000. Finally, UMB Bank n.a. raised its holdings in Lumentum by 11.2% in the 3rd quarter. UMB Bank n.a. now owns 920 shares of the technology company's stock worth $150,000 after purchasing an additional 93 shares in the last quarter. Hedge funds and other institutional investors own 94.05% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on LITE shares. Citigroup upped their price objective on shares of Lumentum from $800.00 to $1,100.00 and gave the stock a "buy" rating in a report on Tuesday, April 21st. Barclays upped their price objective on shares of Lumentum to $750.00 and gave the stock an "equal weight" rating in a report on Tuesday, March 3rd. Bank of America upped their price objective on shares of Lumentum to $520.00 and gave the stock a "neutral" rating in a report on Wednesday, February 4th. Northland Securities set a $1,000.00 price objective on shares of Lumentum in a report on Monday, April 20th. Finally, Morgan Stanley upped their price objective on shares of Lumentum from $595.00 to $710.00 and gave the stock an "equal weight" rating in a report on Monday, April 20th. Eleven equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, Lumentum presently has a consensus rating of "Moderate Buy" and an average target price of $757.25.

Lumentum Stock Up 2.8%

Shares of Lumentum stock opened at $976.18 on Tuesday. Lumentum Holdings Inc. has a 1 year low of $60.38 and a 1 year high of $1,004.94. The firm has a market cap of $69.70 billion, a price-to-earnings ratio of 299.44 and a beta of 1.53. The company has a 50-day moving average of $760.12 and a 200 day moving average of $486.41. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.61 and a quick ratio of 0.45.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings data on Tuesday, February 3rd. The technology company reported $1.67 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.26. The business had revenue of $665.50 million for the quarter, compared to analysts' expectations of $646.74 million. Lumentum had a net margin of 11.95% and a return on equity of 17.27%. The business's revenue was up 65.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.42 earnings per share. As a group, sell-side analysts anticipate that Lumentum Holdings Inc. will post 5.87 earnings per share for the current fiscal year.

Insider Buying and Selling at Lumentum

In other Lumentum news, Director Penny Herscher sold 4,000 shares of the company's stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $597.29, for a total value of $2,389,160.00. Following the sale, the director owned 2,057 shares in the company, valued at approximately $1,228,625.53. This represents a 66.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Vincent Retort sold 3,441 shares of the company's stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $545.78, for a total transaction of $1,878,028.98. Following the completion of the sale, the insider owned 95,975 shares in the company, valued at approximately $52,381,235.50. This trade represents a 3.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 65,775 shares of company stock worth $38,851,343 in the last ninety days. 0.43% of the stock is owned by company insiders.

Lumentum Company Profile

Lumentum Holdings Inc, headquartered in San Jose, California, is a leading provider of photonic technologies that enable high-speed optical communication networks and advanced industrial applications. The company designs and manufactures a broad range of lasers, optical modules and subsystems tailored to the evolving requirements of telecommunications carriers, cloud data centers and enterprise networking.

Its core product portfolio includes tunable and fixed-wavelength laser transmitters, coherent optical engines, transceivers for long-haul, metro and data center interconnects, as well as test and measurement instruments.

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