Northern Trust Corp Purchases 109,430 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Northern Trust Corp grew its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 18.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 700,893 shares of the technology company's stock after acquiring an additional 109,430 shares during the quarter. Northern Trust Corp owned 1.02% of Lumentum worth $58,840,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in LITE. UMB Bank n.a. boosted its position in Lumentum by 301.2% in the fourth 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 holdings in shares of Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after acquiring an additional 130 shares in the last quarter. J.Safra Asset Management Corp grew its position in Lumentum by 31.1% during the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock worth $43,000 after acquiring an additional 122 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in Lumentum by 27.2% in the 4th 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. Finally, Daiwa Securities Group Inc. bought a new position in Lumentum in the fourth quarter valued at about $67,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

LITE has been the subject of a number of research reports. Northland Securities set a $80.00 price objective on shares of Lumentum in a report on Wednesday. Jefferies Financial Group started coverage on shares of Lumentum in a research note on Friday, February 21st. They issued a "buy" rating on the stock. Raymond James lowered their target price on Lumentum from $82.00 to $80.00 and set a "strong-buy" rating for the company in a research report on Wednesday. Morgan Stanley decreased their price target on Lumentum from $83.00 to $81.00 and set an "equal weight" rating for the company in a research note on Friday, January 31st. Finally, Northland Capmk upgraded Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $82.20.

Lumentum Stock Down 1.2 %

Shares of NASDAQ LITE traded down $0.79 during midday trading on Friday, hitting $64.87. 2,324,278 shares of the stock traded hands, compared to its average volume of 1,934,147. 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 one year low of $38.29 and a one year high of $104.00. The business has a 50 day moving average price of $60.21 and a two-hundred day moving average price of $74.61. The company has a market cap of $4.49 billion, a PE ratio of -8.44 and a beta of 1.18.

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

Insider Activity

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the transaction, the chief financial officer now owns 51,976 shares of the company's stock, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate 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.