Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by John G Ullman & Associates Inc.

John G Ullman & Associates Inc. lowered its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 48.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 58,691 shares of the technology company's stock after selling 55,700 shares during the quarter. John G Ullman & Associates Inc. owned approximately 0.09% of Lumentum worth $3,077,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in shares of Lumentum in the 4th quarter valued at about $34,040,000. Earnest Partners LLC boosted its holdings in shares of Lumentum by 576.4% in the first quarter. Earnest Partners LLC now owns 680,435 shares of the technology company's stock valued at $66,410,000 after acquiring an additional 579,835 shares during the period. Millennium Management LLC boosted its holdings in shares of Lumentum by 50.8% in the fourth quarter. Millennium Management LLC now owns 1,202,143 shares of the technology company's stock valued at $62,716,000 after acquiring an additional 405,140 shares during the period. FengHe Fund Management Pte. Ltd. purchased a new position in shares of Lumentum during the fourth quarter worth approximately $19,547,000. Finally, Scout Investments Inc. acquired a new position in shares of Lumentum in the 2nd quarter valued at $17,866,000. Hedge funds and other institutional investors own 94.05% of the company's stock.

Insider Buying and Selling

In other news, CAO Matthew Joseph Sepe sold 9,903 shares of the firm's stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $49.23, for a total value of $487,524.69. Following the completion of the transaction, the chief accounting officer now owns 33,188 shares in the company, valued at $1,633,845.24. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.60% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Barclays raised their price objective on shares of Lumentum from $40.00 to $45.00 and gave the stock an "underweight" rating in a research report on Tuesday, January 16th. Craig Hallum raised Lumentum from a "hold" rating to a "buy" rating in a report on Friday, December 22nd. Susquehanna reduced their price objective on Lumentum from $65.00 to $60.00 and set a "positive" rating for the company in a research note on Friday, February 9th. Raymond James increased their price objective on Lumentum from $51.50 to $58.00 and gave the stock an "outperform" rating in a research report on Monday, April 1st. Finally, Needham & Company LLC reissued a "buy" rating and issued a $50.00 target price on shares of Lumentum in a report on Friday, February 9th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $52.69.

Lumentum Price Performance

Shares of NASDAQ LITE traded down $0.70 during trading on Friday, hitting $41.74. 1,109,196 shares of the company were exchanged, compared to its average volume of 1,435,653. The company has a debt-to-equity ratio of 1.96, a current ratio of 3.13 and a quick ratio of 2.42. Lumentum Holdings Inc. has a 1 year low of $35.35 and a 1 year high of $65.16. The company has a market cap of $2.81 billion, a price-to-earnings ratio of -10.59 and a beta of 1.09. The firm's fifty day moving average price is $47.57 and its 200 day moving average price is $47.03.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings data on Thursday, February 8th. The technology company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.07). Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. The company had revenue of $366.80 million during the quarter, compared to analyst estimates of $363.44 million. On average, sell-side analysts expect that Lumentum Holdings Inc. will post -0.61 earnings per share for the current fiscal 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.