Silvercrest Asset Management Group LLC Sells 27,583 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Silvercrest Asset Management Group LLC lessened its holdings in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 10.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 230,751 shares of the technology company's stock after selling 27,583 shares during the quarter. Silvercrest Asset Management Group LLC owned 0.34% of Lumentum worth $19,372,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Point72 Asia Singapore Pte. Ltd. bought a new stake in Lumentum in the 4th quarter valued at about $728,000. Point72 Hong Kong Ltd increased its holdings in shares of Lumentum by 10.7% during the fourth quarter. Point72 Hong Kong Ltd now owns 314,206 shares of the technology company's stock worth $26,378,000 after purchasing an additional 30,497 shares during the period. Point72 Italy S.r.l. acquired a new position in Lumentum in the 4th quarter valued at $3,747,000. ProShare Advisors LLC acquired a new position in Lumentum in the 4th quarter valued at $270,000. Finally, Quantinno Capital Management LP raised its holdings in Lumentum by 69.7% in the 4th quarter. Quantinno Capital Management LP now owns 5,470 shares of the technology company's stock valued at $459,000 after acquiring an additional 2,246 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Lumentum

In other Lumentum news, insider Yuen Wupen sold 4,716 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $76.87, for a total transaction of $362,518.92. Following the sale, the insider now owns 82,957 shares in the company, valued at $6,376,904.59. This represents a 5.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Jae Kim sold 4,577 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $77.98, for a total transaction of $356,914.46. Following the completion of the transaction, the senior vice president now directly owns 31,534 shares in the company, valued at approximately $2,459,021.32. The trade was a 12.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold 14,298 shares of company stock worth $1,081,764 in the last quarter. 0.19% of the stock is currently owned by company insiders.

Lumentum Trading Down 1.0%

Shares of NASDAQ:LITE traded down $0.76 during midday trading on Tuesday, reaching $77.11. The company's stock had a trading volume of 1,028,378 shares, compared to its average volume of 1,981,679. The firm has a 50 day moving average price of $61.89 and a two-hundred day moving average price of $75.22. Lumentum Holdings Inc. has a fifty-two week low of $38.29 and a fifty-two week high of $104.00. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. The firm has a market capitalization of $5.35 billion, a price-to-earnings ratio of -10.03 and a beta of 1.18.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.50 by $0.07. The firm had revenue of $425.20 million during the quarter, compared to the consensus estimate of $418.18 million. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The company's quarterly revenue was up 16.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.09 earnings per share. As a group, analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. B. Riley boosted their price objective on Lumentum from $62.00 to $75.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Rosenblatt Securities boosted their price objective on Lumentum from $85.00 to $94.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Morgan Stanley reduced their price objective on Lumentum from $83.00 to $81.00 and set an "equal weight" rating on the stock in a research report on Friday, January 31st. JPMorgan Chase & Co. cut their target price on Lumentum from $105.00 to $73.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Finally, Northland Securities set a $80.00 target price on Lumentum in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $82.20.

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.