Peregrine Investment Management Inc. Raises Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Peregrine Investment Management Inc. lifted its position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 3.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 89,170 shares of the technology company's stock after buying an additional 2,780 shares during the quarter. Lumentum makes up 4.1% of Peregrine Investment Management Inc.'s investment portfolio, making the stock its 13th largest holding. Peregrine Investment Management Inc. owned approximately 0.13% of Lumentum worth $5,559,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jones Financial Companies Lllp increased its holdings in Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock worth $31,000 after purchasing an additional 130 shares during the period. Quadrant Capital Group LLC increased its holdings in 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 during the period. Oregon Public Employees Retirement Fund increased its holdings in Lumentum by 1.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 14,130 shares of the technology company's stock worth $881,000 after purchasing an additional 176 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Lumentum by 1.4% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,173 shares of the technology company's stock worth $1,274,000 after purchasing an additional 206 shares during the period. Finally, Thrivent Financial for Lutherans increased its holdings in Lumentum by 1.3% during the 4th quarter. Thrivent Financial for Lutherans now owns 16,165 shares of the technology company's stock worth $1,357,000 after purchasing an additional 213 shares during the period. Hedge funds and other institutional investors own 94.05% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on LITE shares. Northland Securities set a $80.00 price objective on Lumentum in a report on Wednesday, May 7th. Rosenblatt Securities reiterated a "buy" rating and issued a $105.00 price objective on shares of Lumentum in a report on Thursday, June 12th. UBS Group dropped 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. Barclays set a $75.00 price objective on Lumentum and gave the company an "overweight" rating in a report on Wednesday, May 7th. Finally, 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. One analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Lumentum currently has a consensus rating of "Moderate Buy" and an average target price of $85.53.

Insider Buying and Selling

In other news, Director Alan S. Lowe sold 20,000 shares of the stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $93.47, for a total transaction of $1,869,400.00. Following the completion of the transaction, the director directly owned 230,471 shares of the company's stock, valued at approximately $21,542,124.37. This represents a 7.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Jae Kim sold 4,577 shares of the stock in a transaction that occurred 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 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. Insiders sold a total of 66,520 shares of company stock valued at $5,742,078 over the last 90 days. Insiders own 0.19% of the company's stock.

Lumentum Stock Performance

Shares of NASDAQ LITE traded up $0.37 during trading hours on Friday, reaching $92.99. The stock had a trading volume of 1,403,087 shares, compared to its average volume of 2,149,636. The firm has a market cap of $6.45 billion, a price-to-earnings ratio of -14.42 and a beta of 1.34. 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 Holdings Inc. has a fifty-two week low of $38.29 and a fifty-two week high of $104.00. The firm has a 50-day moving average of $82.01 and a 200-day moving average of $75.33.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $425.20 million during the quarter, compared to analysts' expectations of $418.18 million. During the same period in the prior year, the firm earned $0.09 EPS. The business's revenue was up 16.0% on a year-over-year basis. Equities research analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

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.