SG Capital Management LLC Lowers Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

SG Capital Management LLC trimmed its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 65.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 86,003 shares of the technology company's stock after selling 161,685 shares during the period. SG Capital Management LLC owned about 0.13% of Lumentum worth $7,220,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in LITE. Capital World Investors lifted its holdings in Lumentum by 108.3% in the fourth quarter. Capital World Investors now owns 3,600,132 shares of the technology company's stock worth $302,231,000 after buying an additional 1,871,572 shares during the period. Alliancebernstein L.P. lifted its holdings in Lumentum by 1.4% in the fourth quarter. Alliancebernstein L.P. now owns 1,711,956 shares of the technology company's stock worth $143,719,000 after buying an additional 23,136 shares during the period. Nuveen Asset Management LLC lifted its holdings in Lumentum by 98.9% in the fourth quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company's stock worth $103,122,000 after buying an additional 610,938 shares during the period. Geode Capital Management LLC lifted its holdings in Lumentum by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 1,195,605 shares of the technology company's stock worth $100,402,000 after buying an additional 9,442 shares during the period. Finally, Fuller & Thaler Asset Management Inc. increased its stake in shares of Lumentum by 8.1% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 838,289 shares of the technology company's stock valued at $70,374,000 after purchasing an additional 62,937 shares in the last quarter. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on LITE. Barclays set a $75.00 target price on shares of Lumentum and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Stifel Nicolaus raised their target price on shares of Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a research note on Friday, February 7th. BNP Paribas raised shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 target price for the company in a research note on Tuesday, March 11th. JPMorgan Chase & Co. decreased their target price on shares of Lumentum from $105.00 to $73.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Finally, Raymond James decreased their target price on shares of Lumentum from $82.00 to $80.00 and set a "strong-buy" rating for the company in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $82.20.

Insider Buying and Selling

In other news, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the transaction, the chief financial officer now owns 51,976 shares in the company, valued at $4,071,799.84. This trade represents a 4.01% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Yuen Wupen sold 4,426 shares of Lumentum stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $71.80, for a total transaction of $317,786.80. Following the transaction, the insider now owns 92,099 shares in the company, valued at $6,612,708.20. This represents a 4.59% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,314 shares of company stock worth $850,460. 0.19% of the stock is owned by insiders.

Lumentum Stock Performance

LITE stock traded down $0.08 on Monday, hitting $77.87. The company had a trading volume of 1,177,856 shares, compared to its average volume of 1,981,768. Lumentum Holdings Inc. has a 12-month low of $38.29 and a 12-month high of $104.00. 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 stock's 50-day simple moving average is $61.89 and its 200 day simple moving average is $75.22. The stock has a market cap of $5.40 billion, a price-to-earnings ratio of -10.13 and a beta of 1.18.

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 the consensus estimate of $0.50 by $0.07. Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. The company had revenue of $425.20 million for the quarter, compared to analysts' expectations of $418.18 million. During the same quarter last year, the company posted $0.09 earnings per share. The firm's quarterly revenue was up 16.0% on a year-over-year basis. As a group, equities research analysts expect that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal 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.