Red Spruce Capital LLC purchased a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 3,188 shares of the technology company's stock, valued at approximately $2,735,000.
Other institutional investors and hedge funds have also modified their holdings of the company. Hilton Head Capital Partners LLC acquired a new position in Lumentum in the 1st quarter valued at $25,000. Sachetta LLC lifted its position in Lumentum by 118.8% during the 1st quarter. Sachetta LLC now owns 35 shares of the technology company's stock worth $25,000 after acquiring an additional 19 shares during the last quarter. Wiser Advisor Group LLC boosted its holdings in Lumentum by 6,000.0% during the first quarter. Wiser Advisor Group LLC now owns 61 shares of the technology company's stock valued at $43,000 after acquiring an additional 60 shares during the period. Harbor Investment Advisory LLC boosted its holdings in Lumentum by 1,140.0% during the second quarter. Harbor Investment Advisory LLC now owns 62 shares of the technology company's stock valued at $53,000 after acquiring an additional 57 shares during the period. Finally, SJS Investment Consulting Inc. grew its position in shares of Lumentum by 687.5% in the first quarter. SJS Investment Consulting Inc. now owns 63 shares of the technology company's stock valued at $44,000 after purchasing an additional 55 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.
Lumentum Stock Performance
Shares of NASDAQ:LITE opened at $838.06 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.14 and a quick ratio of 0.97. The business's fifty day moving average price is $814.53 and its two-hundred day moving average price is $752.96. Lumentum Holdings Inc. has a fifty-two week low of $108.71 and a fifty-two week high of $1,085.68. The stock has a market capitalization of $65.20 billion, a price-to-earnings ratio of 155.20 and a beta of 1.50.
Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The technology company reported $2.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.27 by $0.10. Lumentum had a return on equity of 24.81% and a net margin of 17.61%.The company had revenue of $808.40 million during the quarter, compared to analysts' expectations of $810.21 million. During the same period last year, the business earned $0.57 earnings per share. The business's revenue was up 90.1% on a year-over-year basis. As a group, analysts predict that Lumentum Holdings Inc. will post 6.42 EPS for the current fiscal year.
Analyst Ratings Changes
Several analysts recently weighed in on the company. Susquehanna increased their target price on Lumentum from $550.00 to $1,100.00 and gave the company a "positive" rating in a research note on Monday, April 20th. JPMorgan Chase & Co. increased their price objective on Lumentum from $950.00 to $1,130.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. TD Cowen lowered their price objective on shares of Lumentum from $995.00 to $800.00 and set a "hold" rating on the stock in a research note on Monday, July 13th. Barclays boosted their target price on shares of Lumentum from $750.00 to $1,000.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 6th. Finally, Rosenblatt Securities upped their target price on shares of Lumentum from $900.00 to $1,300.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Fourteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $1,012.67.
Read Our Latest Analysis on Lumentum
Insider Buying and Selling at Lumentum
In related news, Director Ian Small sold 4,954 shares of Lumentum stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $868.07, for a total transaction of $4,300,418.78. Following the completion of the transaction, the director directly owned 21,008 shares of the company's stock, valued at $18,236,414.56. This trade represents a 19.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Jae Kim sold 1,422 shares of Lumentum stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $953.95, for a total transaction of $1,356,516.90. Following the completion of the transaction, the senior vice president owned 32,333 shares of the company's stock, valued at $30,844,065.35. This trade represents a 4.21% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 37,760 shares of company stock worth $35,670,125 over the last ninety days. Company insiders own 0.43% of the company's stock.
Lumentum Company Profile
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Free Report)
Lumentum Holdings Inc, headquartered in San Jose, California, is a leading provider of photonic technologies that enable high-speed optical communication networks and advanced industrial applications. The company designs and manufactures a broad range of lasers, optical modules and subsystems tailored to the evolving requirements of telecommunications carriers, cloud data centers and enterprise networking.
Its core product portfolio includes tunable and fixed-wavelength laser transmitters, coherent optical engines, transceivers for long-haul, metro and data center interconnects, as well as test and measurement instruments.
See Also
Want to see what other hedge funds are holding LITE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lumentum Holdings Inc. (NASDAQ:LITE - Free Report).
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