Moore Capital Management LP Sells 90,722 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Moore Capital Management LP reduced its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 67.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 44,278 shares of the technology company's stock after selling 90,722 shares during the quarter. Moore Capital Management LP owned 0.06% of Lumentum worth $3,717,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of LITE. UMB Bank n.a. raised its holdings 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 acquiring an additional 253 shares in the last quarter. Jones Financial Companies Lllp grew 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 worth $31,000 after purchasing an additional 130 shares during the last quarter. CoreCap Advisors LLC grew its stake in shares of Lumentum by 2,235.3% in the 4th quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock worth $33,000 after purchasing an additional 380 shares during the last quarter. J.Safra Asset Management Corp grew its stake in shares of Lumentum by 31.1% in the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock worth $43,000 after purchasing an additional 122 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its stake in shares of 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 during the last quarter. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other 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 completion of the sale, the insider now owns 82,957 shares of the company's stock, valued at approximately $6,376,904.59. This represents a 5.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Wajid Ali sold 2,172 shares of the 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 of the company's stock, valued at approximately $4,071,799.84. The trade was a 4.01% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 11,314 shares of company stock valued at $850,460. 0.19% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on LITE. Needham & Company LLC decreased their target price on shares of Lumentum from $110.00 to $100.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Jefferies Financial Group assumed coverage on shares of Lumentum in a report on Friday, February 21st. They set a "buy" rating for the company. BNP Paribas upgraded shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price target for the company in a report on Tuesday, March 11th. Stifel Nicolaus raised their price target on shares of Lumentum from $95.00 to $105.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Finally, Barclays set a $75.00 price target on shares of Lumentum and gave the stock an "overweight" rating in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Lumentum has a consensus rating of "Moderate Buy" and a consensus target price of $82.20.

Lumentum Trading Up 0.2%

Shares of LITE stock traded up $0.19 on Friday, reaching $77.95. The company had a trading volume of 2,345,849 shares, compared to its average volume of 1,980,196. The company has a 50-day moving average of $61.30 and a 200-day moving average of $74.90. Lumentum Holdings Inc. has a 12 month low of $38.29 and a 12 month high of $104.00. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The stock has a market cap of $5.41 billion, a PE ratio of -10.14 and a beta of 1.18.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of $425.20 million during the quarter, compared to analysts' expectations of $418.18 million. During the same period in the prior year, the business earned $0.09 EPS. Lumentum's revenue for the quarter was up 16.0% compared to the same quarter last year. On average, equities analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

About Lumentum

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.