Picton Mahoney Asset Management Makes New Investment in Lumentum Holdings Inc. (NASDAQ:LITE)

Picton Mahoney Asset Management acquired a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 100,164 shares of the technology company's stock, valued at approximately $6,245,000. Picton Mahoney Asset Management owned approximately 0.14% of Lumentum at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in LITE. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Lumentum by 27,721.9% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 31,717 shares of the technology company's stock valued at $2,834,000 after acquiring an additional 31,603 shares in the last quarter. Blair William & Co. IL purchased a new stake in Lumentum in the 4th quarter valued at about $263,000. Norges Bank purchased a new stake in Lumentum in the 4th quarter valued at about $68,962,000. Nomura Asset Management Co. Ltd. increased its stake in Lumentum by 688.2% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 5,281 shares of the technology company's stock valued at $443,000 after buying an additional 4,611 shares during the last quarter. Finally, Pictet Asset Management Holding SA increased its stake in Lumentum by 13.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 9,293 shares of the technology company's stock valued at $780,000 after buying an additional 1,108 shares during the last quarter. Institutional investors own 94.05% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on LITE. Needham & Company LLC raised their price target on shares of Lumentum from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Wednesday, June 11th. Susquehanna raised their price target on shares of Lumentum from $95.00 to $125.00 and gave the stock a "positive" rating in a research note on Tuesday, July 22nd. Northland Capmk upgraded shares of Lumentum from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Northland Securities set a $80.00 price objective on shares of Lumentum in a research note on Wednesday, May 7th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Lumentum from $100.00 to $123.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. One analyst has rated the stock with a sell rating, three have given a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $87.73.

Insider Buying and Selling

In related news, SVP Jae Kim sold 4,577 shares of Lumentum stock in a transaction 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 approximately $2,459,021.32. The trade was a 12.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Vincent Retort sold 22,719 shares of Lumentum stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $110.00, for a total transaction of $2,499,090.00. Following the transaction, the insider owned 121,747 shares in the company, valued at approximately $13,392,170. This trade represents a 15.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 89,768 shares of company stock valued at $8,294,633 in the last ninety days. Corporate insiders own 0.19% of the company's stock.

Lumentum Stock Down 3.1%

LITE traded down $3.40 during midday trading on Friday, reaching $106.68. The company's stock had a trading volume of 2,431,701 shares, compared to its average volume of 2,508,777. The stock's 50-day moving average is $90.67 and its 200-day moving average is $77.11. Lumentum Holdings Inc. has a 1 year low of $38.28 and a 1 year high of $114.12. The company has a current ratio of 4.72, a quick ratio of 3.53 and a debt-to-equity ratio of 2.91. The firm has a market capitalization of $7.40 billion, a price-to-earnings ratio of -16.54 and a beta of 1.34.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.07. Lumentum had a negative net margin of 29.87% and a negative return on equity of 8.69%. The firm had revenue of $425.20 million for the quarter, compared to analysts' expectations of $418.18 million. During the same quarter in the prior year, the company posted $0.09 earnings per share. The business's revenue for the quarter was up 16.0% on a year-over-year basis. As a group, research analysts expect that Lumentum Holdings Inc. will post 0.03 EPS 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.