Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by Granite Investment Partners LLC

Granite Investment Partners LLC cut its holdings in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 2.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 332,459 shares of the technology company's stock after selling 7,122 shares during the period. Lumentum accounts for 1.2% of Granite Investment Partners LLC's portfolio, making the stock its 17th largest holding. Granite Investment Partners LLC owned 0.48% of Lumentum worth $27,910,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Sterling Capital Management LLC boosted its position in shares of Lumentum by 12.2% in the fourth quarter. Sterling Capital Management LLC now owns 13,304 shares of the technology company's stock worth $1,117,000 after purchasing an additional 1,442 shares during the period. Covestor Ltd raised its holdings in Lumentum by 1,602.0% during the fourth quarter. Covestor Ltd now owns 2,519 shares of the technology company's stock valued at $212,000 after acquiring an additional 2,371 shares during the period. Treasurer of the State of North Carolina boosted its stake in Lumentum by 2.4% in the 4th quarter. Treasurer of the State of North Carolina now owns 29,872 shares of the technology company's stock worth $2,508,000 after purchasing an additional 710 shares during the period. Renaissance Technologies LLC grew its holdings in Lumentum by 524.8% during the 4th quarter. Renaissance Technologies LLC now owns 413,838 shares of the technology company's stock valued at $34,742,000 after buying an additional 347,600 shares in the last quarter. Finally, Bank of Nova Scotia bought a new position in shares of Lumentum during the 4th quarter valued at about $1,365,000. Hedge funds and other institutional investors own 94.05% of the company's stock.

Lumentum Stock Down 0.4 %

Lumentum stock traded down $0.21 during mid-day trading on Friday, reaching $52.00. 1,094,082 shares of the company were exchanged, compared to its average volume of 1,874,570. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. The firm has a market cap of $3.60 billion, a P/E ratio of -6.76 and a beta of 1.14. The business has a fifty day moving average of $64.81 and a 200 day moving average of $75.41. Lumentum Holdings Inc. has a 12-month low of $38.29 and a 12-month high of $104.00.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings data 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 net margin of 36.98% and a negative return on equity of 7.25%. Research analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related 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 value of $170,154.48. Following the completion of the sale, the chief financial officer now directly owns 51,976 shares in the company, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.19% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on LITE. Jefferies Financial Group started coverage on Lumentum in a report on Friday, February 21st. They set a "buy" rating on the stock. Stifel Nicolaus boosted their target price on shares of Lumentum from $95.00 to $105.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Needham & Company LLC reaffirmed a "buy" rating and issued a $110.00 price target on shares of Lumentum in a report on Friday, February 7th. UBS Group lifted their price target on Lumentum from $93.00 to $96.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Finally, Morgan Stanley decreased their price objective on Lumentum from $83.00 to $81.00 and set an "equal weight" rating on the stock in a research report on Friday, January 31st. Two research analysts have rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $87.93.

Lumentum 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.