Nuveen Asset Management LLC Boosts Stock Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Nuveen Asset Management LLC increased its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 98.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,228,371 shares of the technology company's stock after acquiring an additional 610,938 shares during the quarter. Nuveen Asset Management LLC owned approximately 1.79% of Lumentum worth $103,122,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Occudo Quantitative Strategies LP raised its stake in shares of Lumentum by 273.6% during the 4th quarter. Occudo Quantitative Strategies LP now owns 12,250 shares of the technology company's stock worth $1,028,000 after purchasing an additional 8,971 shares during the period. Maytus Capital Management LLC purchased a new stake in Lumentum during the fourth quarter worth about $2,518,000. LMR Partners LLP bought a new position in shares of Lumentum during the 4th quarter valued at approximately $3,425,000. Gotham Asset Management LLC increased its stake in shares of Lumentum by 24.5% during the 4th quarter. Gotham Asset Management LLC now owns 12,903 shares of the technology company's stock worth $1,083,000 after purchasing an additional 2,537 shares during the last quarter. Finally, Ellevest Inc. bought a new stake in shares of Lumentum in the 4th quarter worth approximately $311,000. Hedge funds and other institutional investors own 94.05% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on LITE. Morgan Stanley dropped their price objective on Lumentum from $83.00 to $81.00 and set an "equal weight" rating on the stock in a research note on Friday, January 31st. Stifel Nicolaus upped their price target on Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a research report on Friday, February 7th. UBS Group cut their price target on Lumentum from $96.00 to $78.00 and set a "neutral" rating for the company in a research note on Wednesday, May 7th. BNP Paribas raised Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price objective for the company in a report on Tuesday, March 11th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Lumentum from $105.00 to $73.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. One investment 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. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $82.20.

Insider Transactions at Lumentum

In other news, SVP Jae Kim sold 4,577 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $77.98, for a total transaction of $356,914.46. Following the transaction, the senior vice president now directly owns 31,534 shares of the company's stock, valued at approximately $2,459,021.32. This trade represents a 12.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Yuen Wupen sold 4,716 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were 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 directly owns 82,957 shares of the company's stock, valued at approximately $6,376,904.59. This trade represents a 5.38% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 14,298 shares of company stock worth $1,081,764. 0.19% of the stock is currently owned by corporate insiders.

Lumentum Price Performance

Shares of LITE stock traded up $0.19 during trading hours on Thursday, reaching $76.14. The stock had a trading volume of 392,973 shares, compared to its average volume of 1,978,939. The stock's fifty day simple moving average is $62.48 and its 200 day simple moving average is $75.24. 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 firm has a market capitalization of $5.28 billion, a PE ratio of -9.91 and a beta of 1.18. 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 announced its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share 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 for the quarter, compared to analyst estimates of $418.18 million. During the same period in the prior year, the company earned $0.09 EPS. The company's quarterly revenue was up 16.0% compared to the same quarter last year. On average, equities research analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

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.