Toronto Dominion Bank bought a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 11,500 shares of the technology company's stock, valued at approximately $965,000.
Several other hedge funds also recently made changes to their positions in the company. UMB Bank n.a. grew its position in Lumentum by 301.2% during the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock worth $28,000 after buying an additional 253 shares during the period. Jones Financial Companies Lllp boosted its holdings in shares of Lumentum by 54.2% during the fourth 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 last quarter. CoreCap Advisors LLC grew its holdings in Lumentum by 2,235.3% in the 4th quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock valued at $33,000 after buying an additional 380 shares during the period. J.Safra Asset Management Corp raised its stake in Lumentum by 31.1% during the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock worth $43,000 after purchasing an additional 122 shares during the period. Finally, Quadrant Capital Group LLC boosted its holdings in Lumentum by 27.2% in the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock valued at $64,000 after acquiring an additional 164 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company's stock.
Analyst Upgrades and Downgrades
Several research firms recently commented on LITE. Rosenblatt Securities boosted their price target on Lumentum from $85.00 to $94.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Raymond James reduced their price target on shares of Lumentum from $82.00 to $80.00 and set a "strong-buy" rating for the company in a report on Wednesday, May 7th. Jefferies Financial Group began coverage on Lumentum in a report on Friday, February 21st. They issued a "buy" rating for the company. B. Riley upped their target price on Lumentum from $62.00 to $75.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Finally, Northland Securities set a $80.00 target price on Lumentum in a report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $82.20.
View Our Latest Report on LITE
Insider Buying and Selling at Lumentum
In other Lumentum news, 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 value of $362,518.92. Following the completion of the transaction, the insider now directly owns 82,957 shares in the company, valued at $6,376,904.59. This trade represents a 5.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Jae Kim sold 4,577 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $77.98, for a total transaction of $356,914.46. Following the completion of the transaction, the senior vice president now directly owns 31,534 shares in the company, valued at $2,459,021.32. The trade was a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,298 shares of company stock valued at $1,081,764. Company insiders own 0.19% of the company's stock.
Lumentum Trading Up 3.4%
Shares of LITE traded up $2.60 on Tuesday, reaching $78.37. 1,438,320 shares of the company's stock were exchanged, compared to its average volume of 1,989,038. The business has a 50 day moving average price of $63.00 and a two-hundred day moving average price of $75.37. The stock has a market capitalization of $5.44 billion, a P/E ratio of -10.19 and a beta of 1.18. Lumentum Holdings Inc. has a 12 month low of $38.29 and a 12 month high of $104.00. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94.
Lumentum (NASDAQ:LITE - Get Free Report) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.07. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The company had revenue of $425.20 million during the quarter, compared to analyst estimates of $418.18 million. During the same period in the previous year, the company earned $0.09 EPS. The company's revenue for the quarter was up 16.0% compared to the same quarter last year. Research analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.
Lumentum Company Profile
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Free Report)
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.
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