Y Intercept Hong Kong Ltd Takes $1.24 Million Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Y Intercept Hong Kong Ltd acquired a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 19,833 shares of the technology company's stock, valued at approximately $1,236,000.

Other hedge funds also recently modified their holdings of the company. Rakuten Securities Inc. lifted its holdings in shares of Lumentum by 164.4% during the first quarter. Rakuten Securities Inc. now owns 476 shares of the technology company's stock valued at $30,000 after acquiring an additional 296 shares during the period. Golden State Wealth Management LLC increased its stake in shares of Lumentum by 103.2% in the first quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company's stock valued at $32,000 after buying an additional 260 shares in the last quarter. CoreCap Advisors LLC increased its stake in shares of Lumentum by 2,235.3% in the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock valued at $33,000 after buying an additional 380 shares in the last quarter. UMB Bank n.a. increased its stake in shares of Lumentum by 132.9% in the first quarter. UMB Bank n.a. now owns 785 shares of the technology company's stock valued at $49,000 after buying an additional 448 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its stake in shares of 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 buying an additional 164 shares in the last quarter. 94.05% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on LITE shares. Northland Securities set a $80.00 price objective on Lumentum in a report on Wednesday, May 7th. JPMorgan Chase & Co. boosted their target price on Lumentum from $100.00 to $123.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Susquehanna boosted their target price on Lumentum from $95.00 to $125.00 and gave the stock a "positive" rating in a research report on Tuesday, July 22nd. Stifel Nicolaus boosted their target price on Lumentum from $85.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, June 5th. Finally, Northland Capmk upgraded Lumentum from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $87.73.

Lumentum Stock Up 1.2%

Shares of NASDAQ:LITE traded up $1.21 during mid-day trading on Monday, hitting $105.73. 306,855 shares of the company traded hands, compared to its average volume of 2,509,151. The stock has a market cap of $7.34 billion, a P/E ratio of -16.38 and a beta of 1.34. The company has a current ratio of 4.72, a quick ratio of 3.53 and a debt-to-equity ratio of 2.91. Lumentum Holdings Inc. has a 12-month low of $38.28 and a 12-month high of $105.88. The stock has a 50-day moving average price of $88.07 and a two-hundred day moving average price of $76.31.

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 the consensus estimate of $0.50 by $0.07. Lumentum had a negative return on equity of 8.69% and a negative net margin of 29.87%. The business had revenue of $425.20 million for the quarter, compared to analysts' expectations of $418.18 million. During the same quarter in the previous year, the firm earned $0.09 earnings per share. The business's revenue was up 16.0% on a year-over-year basis. On average, equities research analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Insider Transactions at Lumentum

In related news, CFO Wajid Ali sold 2,222 shares of the business's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total transaction of $185,714.76. Following the sale, the chief financial officer directly owned 47,460 shares in the company, valued at approximately $3,966,706.80. The trade was a 4.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Alan S. Lowe sold 20,000 shares of the business's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $93.47, for a total value of $1,869,400.00. Following the sale, the director owned 230,471 shares in the company, valued at approximately $21,542,124.37. The trade was a 7.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 67,049 shares of company stock worth $5,795,543 over the last quarter. 0.19% of the stock is currently owned by corporate insiders.

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.