Vestor Capital LLC Acquires 13,798 Shares of Lumentum Holdings Inc. $LITE

Key Points

• Vestor Capital initiated a position in Lumentum during the third quarter, buying 13,798 shares worth about $13.4 million. Institutional investors collectively own 94.05% of the company’s stock.
• Lumentum reported quarterly EPS of $4.57, beating estimates of $4.22, while revenue rose 136.5% year over year to $1.26 billion.
• Analyst views are mostly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $1,081.61, though ratings range from buy to sell.

Vestor Capital LLC bought a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) during the third quarter, according to its most recent filing with the SEC. The firm bought 13,798 shares of the technology company's stock, valued at approximately $13,401,000.

Several other institutional investors have also recently bought and sold shares of LITE. Financiere des Professionnels Fonds d investissement inc. acquired a new position in shares of Lumentum during the first quarter worth approximately $2,046,000. Styrax Capital LP grew its stake in shares of Lumentum by 3.6% in the first quarter. Styrax Capital LP now owns 140,000 shares of the technology company's stock worth $98,386,000 after acquiring an additional 4,837 shares during the last quarter. Swiss National Bank grew its stake in shares of Lumentum by 47.2% in the first quarter. Swiss National Bank now owns 208,015 shares of the technology company's stock worth $146,185,000 after acquiring an additional 66,700 shares during the last quarter. Franchise GP Ltd grew its stake in shares of Lumentum by 201.7% in the third quarter. Franchise GP Ltd now owns 13,880 shares of the technology company's stock worth $13,481,000 after acquiring an additional 9,280 shares during the last quarter. Finally, Triglav Investments D.O.O. acquired a new stake in shares of Lumentum in the first quarter worth $2,945,000. Institutional investors own 94.05% of the company's stock.

Lumentum Stock Up 10.7%

NASDAQ LITE opened at $596.16 on Tuesday. The stock's 50 day moving average is $888.15 and its two-hundred day moving average is $802.77. Lumentum Holdings Inc. has a 1-year low of $215.35 and a 1-year high of $1,143.00. The company has a market capitalization of $54.07 billion, a price-to-earnings ratio of -7.57 and a beta of 1.64. The company has a current ratio of 1.61, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings data on Monday, November 2nd. The technology company reported $4.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.22 by $0.35. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.26 billion. Lumentum had a positive return on equity of 28.85% and a negative net margin of 175.82%. The business's revenue for the quarter was up 136.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.10 earnings per share. Equities analysts forecast that Lumentum Holdings Inc. will post 19.93 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on LITE. Evercore started coverage on shares of Lumentum in a research note on Monday, August 31st. They set an "outperform" rating and a $1,100.00 target price for the company. Weiss Ratings lowered shares of Lumentum from a "hold (c-)" rating to a "sell (d-)" rating in a research report on Wednesday, August 19th. Jefferies Financial Group boosted their price objective on shares of Lumentum from $1,200.00 to $1,250.00 and gave the stock a "buy" rating in a report on Tuesday, October 20th. TD Cowen dropped their price objective on shares of Lumentum from $820.00 to $685.00 and set a "hold" rating on the stock in a report on Tuesday, November 3rd. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Lumentum in a research report on Monday, August 31st. They set a "buy" rating and a $1,200.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $1,081.61.

Insider Activity at Lumentum

In other news, CFO Wajid Ali sold 24,542 shares of the business's stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $1,048.50, for a total value of $25,732,287.00. Following the transaction, the chief financial officer directly owned 75,074 shares of the company's stock, valued at $78,715,089. The trade was a 24.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Yuen Wupen sold 307 shares of the stock in a transaction that occurred on Tuesday, September 29th. The stock was sold at an average price of $945.00, for a total value of $290,115.00. Following the sale, the insider owned 108,320 shares in the company, valued at approximately $102,362,400. This trade represents a 0.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 94,496 shares of company stock valued at $85,978,498. Company insiders own 0.28% of the company's stock.

Lumentum Company Profile

Lumentum Holdings Inc develops and manufactures optical and photonic products used in communications networks and industrial applications. Its offerings include optical components, modules and lasers that help transmit and process data across telecommunications and data center networks.

The company also supplies lasers and related technologies for industrial uses, including precision manufacturing and semiconductor production. Its products serve customers in markets around the world.

Lumentum became an independent public company in 2015 through a spin-off from JDSU, now Viavi Solutions.

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