Bank of Nova Scotia reduced its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 20.2% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 68,400 shares of the technology company’s stock after selling 17,341 shares during the period. Bank of Nova Scotia owned approximately 0.11% of Lumentum Holdings worth $3,902,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. BlackRock Inc. boosted its position in shares of Lumentum Holdings by 7.0% in the 2nd quarter. BlackRock Inc. now owns 6,889,157 shares of the technology company’s stock worth $393,025,000 after buying an additional 448,077 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Lumentum Holdings by 2.3% in the 2nd quarter. Vanguard Group Inc. now owns 5,330,153 shares of the technology company’s stock worth $304,085,000 after buying an additional 122,150 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Lumentum Holdings by 71.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,662,272 shares of the technology company’s stock worth $151,883,000 after buying an additional 1,107,107 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Lumentum Holdings by 14.5% in the 2nd quarter. Alliancebernstein L.P. now owns 2,102,853 shares of the technology company’s stock worth $119,968,000 after buying an additional 265,723 shares in the last quarter. Finally, Gilder Gagnon Howe & Co. LLC boosted its position in shares of Lumentum Holdings by 23.4% in the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 2,099,760 shares of the technology company’s stock worth $119,791,000 after buying an additional 397,622 shares in the last quarter. Institutional investors own 95.74% of the company’s stock.
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In other news, Director Penny Herscher sold 1,313 shares of the stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $53.04, for a total value of $69,641.52. Following the completion of the transaction, the director now directly owns 26,464 shares in the company, valued at approximately $1,403,650.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Vincent Retort sold 30,706 shares of the stock in a transaction on Thursday, September 28th. The shares were sold at an average price of $54.46, for a total value of $1,672,248.76. Following the completion of the transaction, the chief operating officer now owns 110,770 shares of the company’s stock, valued at $6,032,534.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,269 shares of company stock worth $4,602,526. Company insiders own 0.76% of the company’s stock.
LITE has been the subject of several analyst reports. Needham & Company LLC reissued a “strong-buy” rating and issued a $80.00 target price on shares of Lumentum Holdings in a research note on Wednesday, September 6th. B. Riley reissued a “buy” rating and issued a $77.00 target price on shares of Lumentum Holdings in a research note on Thursday, August 3rd. UBS AG boosted their target price on shares of Lumentum Holdings from $66.00 to $70.00 in a research note on Wednesday, August 9th. Zacks Investment Research downgraded shares of Lumentum Holdings from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Rosenblatt Securities set a $70.00 price objective on shares of Lumentum Holdings and gave the company a “buy” rating in a research note on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Lumentum Holdings has an average rating of “Buy” and an average target price of $66.31.
Lumentum Holdings Inc. (LITE) traded up 0.57% during trading on Friday, reaching $62.00. The company’s stock had a trading volume of 475,745 shares. The stock’s 50-day moving average is $56.88 and its 200 day moving average is $56.88. The firm’s market capitalization is $3.81 billion. Lumentum Holdings Inc. has a 52-week low of $32.90 and a 52-week high of $63.80.
Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.18. The business had revenue of $222.70 million for the quarter, compared to the consensus estimate of $229.45 million. Lumentum Holdings had a positive return on equity of 18.12% and a negative net margin of 10.25%. The firm’s quarterly revenue was down 7.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.41 earnings per share. On average, analysts predict that Lumentum Holdings Inc. will post $3.06 EPS for the current fiscal year.
About Lumentum Holdings
Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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