Voloridge Investment Management LLC Decreases Stock Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Voloridge Investment Management LLC lessened its holdings in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 53.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 182,719 shares of the technology company's stock after selling 206,963 shares during the period. Voloridge Investment Management LLC owned 0.27% of Lumentum worth $15,339,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. UMB Bank n.a. boosted its stake in Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock valued at $28,000 after buying an additional 253 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in Lumentum by 54.2% in 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 in the last quarter. CoreCap Advisors LLC boosted its stake in Lumentum by 2,235.3% in the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock worth $33,000 after purchasing an additional 380 shares in the last quarter. J.Safra Asset Management Corp boosted its stake in Lumentum by 31.1% in 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 in the last quarter. Finally, Quadrant Capital Group LLC boosted its stake in Lumentum by 27.2% in the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock worth $64,000 after purchasing an additional 164 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company's stock.

Lumentum Stock Performance

Shares of NASDAQ:LITE traded down $1.29 during trading on Thursday, hitting $76.62. 551,319 shares of the company were exchanged, compared to its average volume of 1,985,525. The company has a market cap of $5.32 billion, a PE ratio of -9.95 and a beta of 1.18. The stock has a 50 day moving average of $63.41 and a 200 day moving average of $75.40. Lumentum Holdings Inc. has a 52-week low of $38.29 and a 52-week high of $104.00. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60.

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 firm had revenue of $425.20 million for the quarter, compared to the consensus estimate of $418.18 million. During the same quarter in the prior year, the business posted $0.09 earnings per share. The business's quarterly revenue was up 16.0% on a year-over-year basis. As a group, equities research analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Insider Buying and Selling at Lumentum

In related news, insider Yuen Wupen sold 4,716 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $76.87, for a total value of $362,518.92. Following the sale, the insider now directly owns 82,957 shares of the company's stock, 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 firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $77.98, for a total value of $356,914.46. Following the completion of the sale, 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. Insiders have sold 14,298 shares of company stock worth $1,081,764 over the last 90 days. Corporate insiders own 0.19% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on LITE shares. Needham & Company LLC cut their price target on Lumentum from $110.00 to $100.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. UBS Group reduced their price target on Lumentum from $96.00 to $78.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. Stifel Nicolaus raised their price objective on Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Rosenblatt Securities lifted their price target on Lumentum from $85.00 to $94.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. Finally, B. Riley lifted their price target on Lumentum from $62.00 to $75.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $82.20.

About Lumentum

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.