Readystate Asset Management LP Lowers Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Readystate Asset Management LP trimmed its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 74,332 shares of the technology company's stock after selling 3,094 shares during the quarter. Readystate Asset Management LP owned approximately 0.11% of Lumentum worth $4,634,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Y Intercept Hong Kong Ltd purchased a new position in Lumentum during the first quarter valued at approximately $1,236,000. Allianz Asset Management GmbH purchased a new position in Lumentum during the first quarter valued at approximately $3,411,000. Teachers Retirement System of The State of Kentucky increased its holdings in Lumentum by 73.4% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 38,738 shares of the technology company's stock valued at $2,415,000 after buying an additional 16,398 shares during the period. Edgestream Partners L.P. purchased a new position in Lumentum during the first quarter valued at approximately $3,464,000. Finally, Peregrine Investment Management Inc. increased its holdings in Lumentum by 3.2% during the first quarter. Peregrine Investment Management Inc. now owns 89,170 shares of the technology company's stock valued at $5,559,000 after buying an additional 2,780 shares during the period. 94.05% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Lumentum

In other Lumentum news, Director Alan S. Lowe sold 20,000 shares of the firm's stock in a transaction that occurred on Thursday, June 26th. The shares were 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 trade represents a 7.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Yuen Wupen sold 4,716 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $76.87, for a total transaction of $362,518.92. Following the transaction, the insider directly owned 82,957 shares of the company's stock, valued at $6,376,904.59. This represents a 5.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 67,049 shares of company stock valued at $5,795,543. 0.19% of the stock is owned by corporate insiders.

Lumentum Stock Performance

NASDAQ:LITE traded up $1.67 during trading hours on Friday, hitting $104.52. 914,397 shares of the company were exchanged, compared to its average volume of 2,228,157. The stock has a market capitalization of $7.25 billion, a price-to-earnings ratio of -16.20 and a beta of 1.34. Lumentum Holdings Inc. has a 52-week low of $38.28 and a 52-week high of $105.47. The company has a debt-to-equity ratio of 2.91, a current ratio of 4.72 and a quick ratio of 3.53. The company's 50 day moving average price is $88.07 and its 200-day moving average price is $76.43.

Lumentum (NASDAQ:LITE - Get Free Report) last released its earnings results 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. The company had revenue of $425.20 million for the quarter, compared to the consensus estimate of $418.18 million. Lumentum had a negative net margin of 29.87% and a negative return on equity of 8.69%. Lumentum's revenue was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.09 EPS. As a group, research analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. UBS Group cut their price objective on shares of Lumentum from $96.00 to $78.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. Needham & Company LLC increased their target price on shares of Lumentum from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Wednesday, June 11th. Raymond James Financial lifted their price target on shares of Lumentum from $80.00 to $90.00 and gave the stock a "strong-buy" rating in a report on Wednesday, June 4th. Susquehanna lifted their price target on shares of Lumentum from $95.00 to $125.00 and gave the stock a "positive" rating in a report on Tuesday. Finally, JPMorgan Chase & Co. lifted their price target on shares of Lumentum from $100.00 to $123.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $87.73.

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.