Lumentum Holdings Inc. (NASDAQ:LITE) Shares Purchased by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. increased its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 2.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 339,689 shares of the technology company's stock after acquiring an additional 6,582 shares during the period. Pinnacle Associates Ltd. owned approximately 0.49% of Lumentum worth $21,176,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Envestnet Portfolio Solutions Inc. raised its stake in shares of Lumentum by 14.5% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 4,383 shares of the technology company's stock worth $368,000 after buying an additional 556 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in shares of 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 buying an additional 213 shares during the last quarter. Xponance Inc. raised its stake in shares of Lumentum by 10.7% during the 4th quarter. Xponance Inc. now owns 8,064 shares of the technology company's stock worth $677,000 after buying an additional 779 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of 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 buying an additional 206 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Lumentum during the 4th quarter worth $1,173,000. Institutional investors and hedge funds own 94.05% of the company's stock.

Lumentum Trading Up 1.6%

NASDAQ:LITE traded up $1.67 on Friday, hitting $104.52. 914,397 shares of the stock were exchanged, compared to its average volume of 2,228,157. The stock has a market cap of $7.25 billion, a PE ratio of -16.20 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. The stock has a fifty day moving average of $88.07 and a 200-day moving average of $76.43. Lumentum Holdings Inc. has a fifty-two week low of $38.28 and a fifty-two week high of $105.47.

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

Insider Transactions at Lumentum

In other news, CFO Wajid Ali sold 2,222 shares of the stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total value of $185,714.76. Following the completion of the sale, the chief financial officer owned 47,460 shares in the company, valued at approximately $3,966,706.80. This trade represents a 4.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alan S. Lowe sold 20,000 shares of the stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $93.47, for a total value of $1,869,400.00. Following the completion of the sale, the director owned 230,471 shares of the company's stock, valued at approximately $21,542,124.37. This trade represents a 7.98% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 67,049 shares of company stock valued at $5,795,543. Insiders own 0.19% of the company's stock.

Analyst Upgrades and Downgrades

LITE has been the subject of several research reports. Northland Capmk raised Lumentum from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Stifel Nicolaus upped their price objective on Lumentum from $85.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, June 5th. Raymond James Financial upped their price objective on Lumentum from $80.00 to $90.00 and gave the company a "strong-buy" rating in a research report on Wednesday, June 4th. Barclays set a $75.00 price objective on Lumentum and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Finally, Morgan Stanley upped their price objective on Lumentum from $76.00 to $85.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Lumentum currently has an average 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.