Point72 Hong Kong Ltd Acquires 30,497 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Point72 Hong Kong Ltd raised its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 10.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 314,206 shares of the technology company's stock after purchasing an additional 30,497 shares during the quarter. Lumentum accounts for about 1.6% of Point72 Hong Kong Ltd's portfolio, making the stock its 10th largest position. Point72 Hong Kong Ltd owned about 0.46% of Lumentum worth $26,378,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in LITE. UMB Bank n.a. increased its position in Lumentum by 301.2% during the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock valued at $28,000 after purchasing an additional 253 shares during the period. Jones Financial Companies Lllp lifted its stake in 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 during the period. CoreCap Advisors LLC increased its holdings in shares of Lumentum by 2,235.3% during the 4th quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock valued at $33,000 after purchasing an additional 380 shares in the last quarter. J.Safra Asset Management Corp increased its holdings in shares of Lumentum by 31.1% during the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock valued at $43,000 after purchasing an additional 122 shares in the last quarter. Finally, 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 acquiring an additional 164 shares in the last quarter. Institutional investors own 94.05% of the company's stock.

Insider Activity

In related news, insider Yuen Wupen sold 4,716 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $76.87, for a total value of $362,518.92. Following the transaction, the insider now owns 82,957 shares of the company's stock, valued at $6,376,904.59. This represents a 5.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Wajid Ali sold 2,172 shares of the company's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the sale, the chief financial officer now owns 51,976 shares of the company's stock, valued at approximately $4,071,799.84. This represents a 4.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,314 shares of company stock worth $850,460 in the last quarter. 0.19% of the stock is owned by company insiders.

Lumentum Trading Up 0.2%

NASDAQ LITE traded up $0.19 during trading hours on Friday, hitting $77.95. 2,345,849 shares of the company's stock were exchanged, compared to its average volume of 1,984,995. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. Lumentum Holdings Inc. has a 1-year low of $38.29 and a 1-year high of $104.00. The stock has a 50-day simple moving average of $61.62 and a 200 day simple moving average of $75.06. The firm has a market cap of $5.41 billion, a price-to-earnings ratio of -10.14 and a beta of 1.18.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. cut their price objective on shares of Lumentum from $105.00 to $73.00 and set an "overweight" rating for the company in a research 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 objective for the company in a research report on Tuesday, March 11th. Barclays set a $75.00 price target on shares of Lumentum and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Morgan Stanley cut their price target on shares of Lumentum from $83.00 to $81.00 and set an "equal weight" rating for the company in a report on Friday, January 31st. Finally, Northland Capmk raised shares of Lumentum from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Lumentum has an average rating of "Moderate Buy" and a consensus price target of $82.20.

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.