Renaissance Technologies LLC Acquires 347,600 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Renaissance Technologies LLC lifted its stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 524.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 413,838 shares of the technology company's stock after purchasing an additional 347,600 shares during the period. Renaissance Technologies LLC owned 0.60% of Lumentum worth $34,742,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. J.Safra Asset Management Corp raised its position in shares of Lumentum by 31.1% during the fourth 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. Jones Financial Companies Lllp boosted its stake in shares of Lumentum by 54.2% in the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after purchasing an additional 130 shares during the last quarter. Quadrant Capital Group LLC grew its position in shares of Lumentum by 27.2% during the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock worth $64,000 after buying an additional 164 shares during the period. Crossmark Global Holdings Inc. raised its stake in shares of Lumentum by 4.0% during the fourth quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company's stock worth $365,000 after buying an additional 168 shares during the last quarter. Finally, Manchester Capital Management LLC lifted its holdings in Lumentum by 22.6% in the fourth quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company's stock valued at $86,000 after buying an additional 190 shares during the period. Institutional investors own 94.05% of the company's stock.

Lumentum Trading Down 0.9 %

LITE stock traded down $0.48 during trading on Thursday, hitting $51.73. The company had a trading volume of 470,062 shares, compared to its average volume of 1,867,613. The stock has a market cap of $3.58 billion, a PE ratio of -6.73 and a beta of 1.14. The business has a 50-day moving average of $65.41 and a 200-day moving average of $75.49. 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 one year low of $38.29 and a one year high of $104.00.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing analysts' consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. Research analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently commented on LITE. Northland Capmk upgraded Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Jefferies Financial Group assumed coverage on shares of Lumentum in a research report on Friday, February 21st. They issued a "buy" rating on the stock. Barclays upgraded shares of Lumentum from an "underweight" rating to an "overweight" rating and boosted their price objective for the company from $80.00 to $125.00 in a report on Friday, January 17th. Morgan Stanley decreased 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, Needham & Company LLC reiterated a "buy" rating and set a $110.00 target price on shares of Lumentum in a report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Lumentum presently has a consensus rating of "Moderate Buy" and a consensus target price of $87.93.

Insider Buying and Selling at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction that occurred on Tuesday, February 18th. The stock was 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. The trade was a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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.