Neo Ivy Capital Management Acquires New Shares in Lumentum Holdings Inc. (NASDAQ:LITE)

Key Points

• Neo Ivy Capital Management has acquired 25,018 shares of Lumentum Holdings Inc. during the 1st quarter, valued at approximately $1,560,000.
• Insider trading reports reveal that significant share sales occurred, including Jae Kim selling 4,577 shares and Alan S. Lowe selling 20,000 shares, resulting in decreases of 12.67% and 7.98% in their respective holdings.
• Lumentum Holdings reported a quarterly earnings per share of $0.57, surpassing analysts' expectations, and is projected to continue its growth with a current market capitalization of $7.14 billion.

Neo Ivy Capital Management purchased a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 25,018 shares of the technology company's stock, valued at approximately $1,560,000.

A number of other hedge funds and other institutional investors have also modified their holdings of LITE. Rakuten Securities Inc. boosted its position in Lumentum by 164.4% during the 1st quarter. Rakuten Securities Inc. now owns 476 shares of the technology company's stock worth $30,000 after acquiring an additional 296 shares during the period. Golden State Wealth Management LLC boosted its position in Lumentum by 103.2% during the 1st quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company's stock worth $32,000 after acquiring an additional 260 shares during the period. CoreCap Advisors LLC boosted its position in Lumentum by 2,235.3% during the 4th quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock worth $33,000 after acquiring an additional 380 shares during the period. UMB Bank n.a. raised its stake in shares of Lumentum by 132.9% during the 1st quarter. UMB Bank n.a. now owns 785 shares of the technology company's stock worth $49,000 after purchasing an additional 448 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its stake in shares of Lumentum by 27.2% during the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock worth $64,000 after purchasing an additional 164 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company's stock.

Lumentum Stock Performance

Shares of NASDAQ:LITE traded up $1.93 during trading on Tuesday, hitting $109.10. 1,311,971 shares of the stock were exchanged, compared to its average volume of 2,507,026. Lumentum Holdings Inc. has a 1-year low of $38.28 and a 1-year high of $112.10. The company has a market capitalization of $7.57 billion, a price-to-earnings ratio of -16.94 and a beta of 1.34. The company's fifty day simple moving average is $88.66 and its 200-day simple moving average is $76.47. 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 announced its quarterly earnings data 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. 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 for the quarter, compared to analyst estimates of $418.18 million. During the same quarter last year, the firm earned $0.09 EPS. Lumentum's revenue for the quarter was up 16.0% compared to the same quarter last year. Sell-side analysts expect that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Insider Transactions at Lumentum

In other news, 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 transaction of $356,914.46. Following the completion of the sale, the senior vice president owned 31,534 shares in the company, valued at $2,459,021.32. The trade was a 12.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Yuen Wupen sold 265 shares of Lumentum stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $99.92, for a total value of $26,478.80. Following the completion of the sale, the insider owned 79,773 shares of the company's stock, valued at approximately $7,970,918.16. The trade was a 0.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,049 shares of company stock worth $5,795,543 over the last quarter. 0.19% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

LITE has been the topic of a number of analyst reports. Rosenblatt Securities reissued a "buy" rating and set a $105.00 price objective on shares of Lumentum in a report on Thursday, June 12th. B. Riley increased their price objective on Lumentum from $65.00 to $73.00 and gave the company a "neutral" rating in a report on Wednesday, June 4th. Barclays set a $75.00 price objective on Lumentum and gave the company an "overweight" rating in a report on Wednesday, May 7th. Needham & Company LLC increased their price objective on Lumentum from $100.00 to $105.00 and gave the company a "buy" rating in a report on Wednesday, June 11th. Finally, UBS Group lowered their price objective on Lumentum from $96.00 to $78.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $87.73.

About Lumentum

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.