M&T Bank Corp Has $954,000 Stock Position in Lumentum Holdings Inc. (NASDAQ:LITE)

M&T Bank Corp reduced its position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 15.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,292 shares of the technology company's stock after selling 2,812 shares during the period. M&T Bank Corp's holdings in Lumentum were worth $954,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the company. Crestline Management LP acquired a new position in Lumentum in the fourth quarter valued at $4,435,000. UMB Bank n.a. boosted its position in shares of Lumentum by 132.9% in the first quarter. UMB Bank n.a. now owns 785 shares of the technology company's stock worth $49,000 after acquiring an additional 448 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in Lumentum during the first quarter worth approximately $260,000. Asset Management One Co. Ltd. purchased a new position in Lumentum during the first quarter worth approximately $69,000. Finally, Robeco Institutional Asset Management B.V. raised its stake in Lumentum by 43.7% during the first quarter. Robeco Institutional Asset Management B.V. now owns 11,059 shares of the technology company's stock worth $689,000 after purchasing an additional 3,362 shares during the period. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Lumentum Stock Performance

Lumentum stock traded up $5.90 during mid-day trading on Tuesday, reaching $98.14. The company's stock had a trading volume of 3,302,627 shares, compared to its average volume of 2,153,001. The firm has a market cap of $6.81 billion, a price-to-earnings ratio of -15.22 and a beta of 1.34. Lumentum Holdings Inc. has a twelve month low of $38.29 and a twelve month high of $104.00. The business has a 50 day moving average price of $82.01 and a 200-day moving average price of $75.26. The company has a current ratio of 4.72, a quick ratio of 3.53 and a debt-to-equity ratio of 2.91.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its 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 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 analyst estimates of $418.18 million. During the same period in the prior year, the company earned $0.09 earnings per share. The business's revenue was up 16.0% compared to the same quarter last year. Sell-side analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on LITE shares. Morgan Stanley raised their price objective on Lumentum from $76.00 to $85.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Northland Capmk raised shares of Lumentum from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Needham & Company LLC raised their target price on shares of Lumentum from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Wednesday, June 11th. UBS Group lowered their price target on Lumentum from $96.00 to $78.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. Finally, Northland Securities set a $80.00 price target on Lumentum in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $85.53.

Insiders Place Their Bets

In other news, insider Yuen Wupen sold 4,716 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $76.87, for a total value of $362,518.92. Following the completion of the sale, the insider directly owned 82,957 shares of the company's stock, valued at approximately $6,376,904.59. This represents a 5.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Jae Kim sold 4,577 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $77.98, for a total transaction of $356,914.46. Following the transaction, the senior vice president owned 31,534 shares in the company, valued at $2,459,021.32. This represents a 12.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,520 shares of company stock worth $5,742,078 over the last 90 days. 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.