Virtue Capital Management LLC Invests $899,000 in Lumentum Holdings Inc. (NASDAQ:LITE)

Virtue Capital Management LLC bought a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 10,710 shares of the technology company's stock, valued at approximately $899,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in LITE. Capital World Investors boosted its holdings in Lumentum by 108.3% in the fourth quarter. Capital World Investors now owns 3,600,132 shares of the technology company's stock valued at $302,231,000 after acquiring an additional 1,871,572 shares during the last quarter. Norges Bank bought a new stake in shares of Lumentum in the 4th quarter valued at $68,962,000. Nuveen Asset Management LLC increased its position in shares of Lumentum by 98.9% during the fourth quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company's stock worth $103,122,000 after buying an additional 610,938 shares during the period. Balyasny Asset Management L.P. increased its position in shares of Lumentum by 419.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 444,147 shares of the technology company's stock worth $37,286,000 after buying an additional 583,330 shares during the period. Finally, Capital Research Global Investors bought a new position in Lumentum during the fourth quarter worth $42,415,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Stock Down 4.2%

Shares of Lumentum stock traded down $3.17 during trading hours on Friday, reaching $72.24. The company's stock had a trading volume of 3,300,234 shares, compared to its average volume of 1,999,748. The company has a market capitalization of $5.01 billion, a P/E ratio of -9.39 and a beta of 1.18. The stock's fifty day simple moving average is $63.45 and its two-hundred day simple moving average is $75.33. Lumentum Holdings Inc. has a one year low of $38.29 and a one year high of $104.00. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.07. The business had revenue of $425.20 million for the quarter, compared to analysts' expectations of $418.18 million. Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. The firm's revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.09 EPS. On average, research analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Northland Securities set a $80.00 price target on Lumentum in a report on Wednesday, May 7th. Raymond James decreased their target price on Lumentum from $82.00 to $80.00 and set a "strong-buy" rating for the company in a research note on Wednesday, May 7th. Northland Capmk upgraded Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. BNP Paribas upgraded Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price target on the stock in a report on Tuesday, March 11th. Finally, Barclays set a $75.00 price objective on shares of Lumentum and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $82.20.

Insider Activity at Lumentum

In related news, insider Yuen Wupen sold 4,426 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $71.80, for a total transaction of $317,786.80. Following the transaction, the insider now directly owns 92,099 shares of the company's stock, valued at $6,612,708.20. This trade represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Jae Kim sold 4,577 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $77.98, for a total transaction of $356,914.46. Following the completion of the sale, the senior vice president now directly owns 31,534 shares of the company's stock, 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. Insiders have sold a total of 14,298 shares of company stock valued at $1,081,764 over the last 90 days. Insiders own 0.19% of the company's stock.

Lumentum Company 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.