Swiss National Bank Reduces Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

Swiss National Bank cut its position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 12.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 132,015 shares of the technology company's stock after selling 19,000 shares during the quarter. Swiss National Bank owned approximately 0.20% of Lumentum worth $6,920,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. FengHe Fund Management Pte. Ltd. acquired a new stake in Lumentum in the 4th quarter worth $19,547,000. International Assets Investment Management LLC acquired a new stake in shares of Lumentum during the 4th quarter valued at about $1,379,000. Bank Julius Baer & Co. Ltd Zurich bought a new stake in Lumentum in the fourth quarter valued at about $1,389,000. Pathstone Family Office LLC raised its position in Lumentum by 46.3% in the third quarter. Pathstone Family Office LLC now owns 13,296 shares of the technology company's stock worth $606,000 after purchasing an additional 4,207 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in Lumentum by 52.7% during the third quarter. Envestnet Asset Management Inc. now owns 211,684 shares of the technology company's stock worth $9,564,000 after purchasing an additional 73,047 shares during the period. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Trading Up 2.4 %

NASDAQ LITE traded up $1.08 on Thursday, reaching $46.80. The company had a trading volume of 1,076,318 shares, compared to its average volume of 1,434,476. Lumentum Holdings Inc. has a 52 week low of $35.35 and a 52 week high of $65.16. The stock's 50 day moving average is $45.36 and its 200-day moving average is $47.45. The company has a quick ratio of 3.87, a current ratio of 5.20 and a debt-to-equity ratio of 2.13. The stock has a market cap of $3.16 billion, a price-to-earnings ratio of -8.91 and a beta of 1.09.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on LITE shares. JPMorgan Chase & Co. dropped their target price on Lumentum from $62.00 to $57.00 and set an "overweight" rating for the company in a report on Thursday, April 11th. Rosenblatt Securities boosted their target price on shares of Lumentum from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Friday, February 9th. B. Riley cut their price target on shares of Lumentum from $41.00 to $40.00 and set a "neutral" rating for the company in a report on Tuesday, May 7th. Needham & Company LLC reaffirmed a "buy" rating and set a $50.00 price objective on shares of Lumentum in a report on Friday, February 9th. Finally, StockNews.com raised Lumentum to a "sell" rating in a report on Monday, May 6th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $51.83.

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.