Point72 Italy S.r.l. Invests $3.75 Million in Lumentum Holdings Inc. (NASDAQ:LITE)

Point72 Italy S.r.l. acquired a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 44,631 shares of the technology company's stock, valued at approximately $3,747,000. Lumentum accounts for about 2.1% of Point72 Italy S.r.l.'s portfolio, making the stock its 15th largest holding. Point72 Italy S.r.l. owned approximately 0.06% of Lumentum as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. J.Safra Asset Management Corp boosted its position in Lumentum by 31.1% in the fourth 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. Jones Financial Companies Lllp boosted its position in Lumentum by 54.2% in the fourth 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. Quadrant Capital Group LLC boosted its position in Lumentum by 27.2% in the fourth 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. Crossmark Global Holdings Inc. boosted its position in Lumentum by 4.0% in the fourth quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company's stock worth $365,000 after purchasing an additional 168 shares during the last quarter. Finally, Manchester Capital Management LLC boosted its position in Lumentum by 22.6% in the fourth quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company's stock worth $86,000 after purchasing an additional 190 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company's stock.

Insider Buying and Selling

In other news, insider Yuen Wupen sold 4,426 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $71.80, for a total value of $317,786.80. Following the completion of the transaction, the insider now directly owns 92,099 shares in the company, valued at approximately $6,612,708.20. This represents a 4.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Wajid Ali sold 2,172 shares of the company's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the completion of the transaction, the chief financial officer now owns 51,976 shares of the company's stock, valued at $4,071,799.84. The trade was a 4.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,314 shares of company stock worth $850,460 over the last ninety days. 0.19% of the stock is owned by corporate insiders.

Lumentum Stock Performance

Shares of NASDAQ:LITE traded up $0.19 during midday trading on Friday, reaching $77.95. 2,345,849 shares of the company traded hands, compared to its average volume of 1,984,995. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. Lumentum Holdings Inc. has a 12 month low of $38.29 and a 12 month high of $104.00. The firm has a market capitalization of $5.41 billion, a price-to-earnings ratio of -10.14 and a beta of 1.18. The firm's fifty day moving average price is $61.62 and its two-hundred day moving average price is $75.06.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, beating 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 company had revenue of $425.20 million for the quarter, compared to analyst estimates of $418.18 million. During the same period in the previous year, the company posted $0.09 EPS. The firm's revenue for the quarter was up 16.0% compared to the same quarter last year. On average, equities analysts expect that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have weighed in on LITE. Stifel Nicolaus boosted their price objective on Lumentum from $95.00 to $105.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. JPMorgan Chase & Co. cut their price objective on Lumentum from $105.00 to $73.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Raymond James lowered their target price on Lumentum from $82.00 to $80.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, May 7th. Jefferies Financial Group began coverage on Lumentum in a research note on Friday, February 21st. They issued a "buy" rating on the stock. Finally, Morgan Stanley lowered their target price 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $82.20.

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.