Crestline Management LP bought a new position in shares of Lumentum Holdings Inc (NASDAQ:LITE) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 14,439 shares of the technology company’s stock, valued at approximately $706,000.
A number of other hedge funds have also recently added to or reduced their stakes in LITE. SeaCrest Wealth Management LLC acquired a new stake in Lumentum during the fourth quarter worth about $128,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Lumentum by 42.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,797 shares of the technology company’s stock worth $186,000 after buying an additional 1,135 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. grew its position in Lumentum by 106.7% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,864 shares of the technology company’s stock worth $189,000 after buying an additional 1,995 shares in the last quarter. Tyers Asset Management LLC grew its position in Lumentum by 26.6% during the fourth quarter. Tyers Asset Management LLC now owns 4,720 shares of the technology company’s stock worth $231,000 after buying an additional 992 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. acquired a new stake in Lumentum during the third quarter worth about $234,000.
LITE traded down $1.35 during midday trading on Friday, reaching $59.15. 1,871,574 shares of the company’s stock were exchanged, compared to its average volume of 2,550,287. The stock has a market cap of $3,721.69, a price-to-earnings ratio of 37.20, a P/E/G ratio of 1.15 and a beta of -0.08. The company has a quick ratio of 4.16, a current ratio of 4.84 and a debt-to-equity ratio of 0.38. Lumentum Holdings Inc has a one year low of $40.35 and a one year high of $74.40.
Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Tuesday, February 6th. The technology company reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.67. Lumentum had a net margin of 8.97% and a return on equity of 24.06%. The firm had revenue of $404.60 million during the quarter, compared to analysts’ expectations of $357.03 million. During the same quarter last year, the company earned $0.57 earnings per share. The company’s revenue for the quarter was up 52.7% compared to the same quarter last year. equities research analysts expect that Lumentum Holdings Inc will post 2.82 EPS for the current fiscal year.
In other news, General Counsel Judy G. Hamel sold 953 shares of Lumentum stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $58.80, for a total value of $56,036.40. Following the completion of the transaction, the general counsel now owns 28,816 shares in the company, valued at $1,694,380.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Vincent Retort sold 12,111 shares of Lumentum stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $71.00, for a total transaction of $859,881.00. Following the completion of the transaction, the chief operating officer now owns 77,318 shares of the company’s stock, valued at approximately $5,489,578. The disclosure for this sale can be found here. Insiders sold 62,150 shares of company stock valued at $3,800,816 in the last quarter. 0.76% of the stock is currently owned by corporate insiders.
A number of equities research analysts recently weighed in on LITE shares. Morgan Stanley set a $60.00 target price on Lumentum and gave the stock a “hold” rating in a research report on Friday, March 9th. Barclays raised Lumentum from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $65.00 to $67.00 in a research report on Wednesday, January 10th. MKM Partners lifted their target price on Lumentum to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, March 14th. BidaskClub downgraded Lumentum from a “hold” rating to a “sell” rating in a research report on Friday, December 29th. Finally, Northland Securities reissued a “buy” rating and set a $82.00 target price on shares of Lumentum in a research report on Wednesday, February 7th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and sixteen have issued a buy rating to the company’s stock. Lumentum currently has an average rating of “Buy” and a consensus target price of $81.00.
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Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. It operates through two segments, Optical Communications and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.
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