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

Voloridge Investment Management LLC cut its position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 53.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of the business. Capital World Investors grew its holdings in shares of Lumentum by 108.3% during the fourth quarter. Capital World Investors now owns 3,600,132 shares of the technology company's stock worth $302,231,000 after buying an additional 1,871,572 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of Lumentum by 1.4% in the fourth quarter. Alliancebernstein L.P. now owns 1,711,956 shares of the technology company's stock valued at $143,719,000 after purchasing an additional 23,136 shares during the period. Nuveen Asset Management LLC grew its holdings in shares of Lumentum by 98.9% in the fourth quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company's stock valued at $103,122,000 after purchasing an additional 610,938 shares during the period. Geode Capital Management LLC grew its holdings in shares of Lumentum by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 1,195,605 shares of the technology company's stock valued at $100,402,000 after purchasing an additional 9,442 shares during the period. Finally, Fuller & Thaler Asset Management Inc. grew its holdings in shares of Lumentum by 8.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 838,289 shares of the technology company's stock valued at $70,374,000 after purchasing an additional 62,937 shares during the period. Hedge funds and other institutional investors own 94.05% of the company's stock.

Lumentum Stock Up 3.4%

LITE stock traded up $2.60 during midday trading on Tuesday, reaching $78.37. 1,438,320 shares of the company were exchanged, compared to its average volume of 1,989,039. 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 Holdings Inc. has a 1-year low of $38.29 and a 1-year high of $104.00. The stock's 50-day simple moving average is $63.00 and its 200 day simple moving average is $75.37. The company has a market cap of $5.44 billion, a price-to-earnings ratio of -10.19 and a beta of 1.18.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $418.18 million. During the same period last year, the firm earned $0.09 EPS. The firm's revenue for the quarter was up 16.0% on a year-over-year basis. On average, equities analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on LITE. Barclays set a $75.00 target price on shares of Lumentum and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Needham & Company LLC lowered their price objective on shares of Lumentum from $110.00 to $100.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. JPMorgan Chase & Co. reduced their target price on shares of Lumentum from $105.00 to $73.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. BNP Paribas upgraded shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price target for the company in a research note on Tuesday, March 11th. Finally, Northland Capmk upgraded Lumentum from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $82.20.

Insider Buying and Selling at Lumentum

In related news, insider Yuen Wupen sold 4,716 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were 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 owns 82,957 shares of the company's stock, valued at approximately $6,376,904.59. The trade was a 5.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Jae Kim sold 4,577 shares of Lumentum stock in a transaction dated Friday, May 16th. The shares were 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 owns 31,534 shares of the company's stock, valued at $2,459,021.32. This trade represents a 12.67% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,298 shares of company stock valued at $1,081,764. 0.19% of the stock is owned by company insiders.

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.