Occudo Quantitative Strategies LP Grows Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Occudo Quantitative Strategies LP raised its holdings in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 273.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,250 shares of the technology company's stock after acquiring an additional 8,971 shares during the quarter. Occudo Quantitative Strategies LP's holdings in Lumentum were worth $1,028,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of LITE. Assenagon Asset Management S.A. acquired a new position in shares of Lumentum during the 4th quarter worth $2,723,000. Hanseatic Management Services Inc. acquired a new position in shares of Lumentum during the 4th quarter worth $1,165,000. UMB Bank n.a. raised its stake in shares of Lumentum by 301.2% during the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock worth $28,000 after buying an additional 253 shares during the last quarter. Crossmark Global Holdings Inc. raised its stake in shares of Lumentum by 4.0% during the 4th quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company's stock worth $365,000 after buying an additional 168 shares during the last quarter. Finally, Zweig DiMenna Associates LLC acquired a new position in shares of Lumentum during the 4th quarter worth $7,052,000. Institutional investors and hedge funds own 94.05% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on LITE shares. Morgan Stanley cut their price target on Lumentum from $83.00 to $81.00 and set an "equal weight" rating for the company in a research note on Friday, January 31st. Jefferies Financial Group initiated coverage on Lumentum in a research report on Friday, February 21st. They set a "buy" rating for the company. JPMorgan Chase & Co. dropped their price objective on Lumentum from $105.00 to $73.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. UBS Group dropped their price objective on Lumentum from $96.00 to $78.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. Finally, BNP Paribas upgraded Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price objective for the company in a research report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $82.20.

Lumentum Trading Up 0.2%

LITE traded up $0.19 during midday trading on Friday, hitting $77.95. The company's stock had a trading volume of 2,345,849 shares, compared to its average volume of 1,980,198. 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 cap of $5.41 billion, a P/E ratio of -10.14 and a beta of 1.18. The firm has a 50-day moving average price of $61.62 and a two-hundred day moving average price of $74.99. Lumentum Holdings Inc. has a 52-week low of $38.29 and a 52-week high of $104.00.

Lumentum (NASDAQ:LITE - Get Free Report) last issued 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 quarter in the previous year, the business earned $0.09 EPS. The company's revenue for the quarter was up 16.0% on a year-over-year basis. On average, research analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Insider Transactions at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the transaction, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Yuen Wupen sold 4,716 shares of the business's 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 transaction, the insider now directly owns 82,957 shares in the company, valued at $6,376,904.59. This trade represents a 5.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,314 shares of company stock worth $850,460. 0.19% of the stock is currently owned by company insiders.

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.