American International Group Inc. raised its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 7.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,344 shares of the technology company’s stock after purchasing an additional 3,370 shares during the period. American International Group Inc. owned 0.08% of Lumentum worth $2,627,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently modified their holdings of the company. Riverhead Capital Management LLC grew its stake in shares of Lumentum by 71.8% during the second quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock valued at $118,000 after buying an additional 862 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Lumentum by 111.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,662 shares of the technology company’s stock valued at $152,000 after buying an additional 1,406 shares during the last quarter. World Asset Management Inc bought a new position in shares of Lumentum during the second quarter valued at approximately $211,000. Virtu KCG Holdings LLC bought a new position in shares of Lumentum during the second quarter valued at approximately $226,000. Finally, Alpine Woods Capital Investors LLC bought a new position in shares of Lumentum during the second quarter valued at approximately $229,000. Institutional investors and hedge funds own 95.70% of the company’s stock.
In related news, CEO Alan S. Lowe sold 4,364 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $54.59, for a total value of $238,230.76. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Vincent Retort sold 30,706 shares of the stock in a transaction that occurred on Thursday, September 28th. The stock was 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 directly owns 110,770 shares in the company, valued at approximately $6,032,534.20. The disclosure for this sale can be found here. In the last three months, insiders sold 65,891 shares of company stock worth $3,675,432. 0.76% of the stock is owned by insiders.
A number of research analysts have recently commented on LITE shares. Zacks Investment Research raised Lumentum from a “hold” rating to a “buy” rating and set a $66.00 target price on the stock in a research note on Friday, November 3rd. Stifel Nicolaus reaffirmed a “buy” rating and set a $73.00 target price on shares of Lumentum in a research note on Thursday, September 7th. DA Davidson upped their target price on Lumentum from $82.00 to $90.00 and gave the company a “buy” rating in a research note on Thursday, November 2nd. MKM Partners upped their target price on Lumentum to $71.00 and gave the company a “neutral” rating in a research note on Thursday, November 2nd. Finally, Rosenblatt Securities set a $75.00 target price on Lumentum and gave the company a “buy” rating in a research note on Tuesday, October 24th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $68.06.
Lumentum Holdings Inc. (NASDAQ:LITE) opened at $49.60 on Friday. Lumentum Holdings Inc. has a 52 week low of $34.15 and a 52 week high of $68.63. The stock has a market capitalization of $3,075.20, a P/E ratio of 34.69, a P/E/G ratio of 0.91 and a beta of 0.83. The company has a quick ratio of 4.38, a current ratio of 5.21 and a debt-to-equity ratio of 0.50.
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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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