Thompson Investment Management Inc. lowered its holdings in shares of Lumentum Holdings Inc (NASDAQ:LITE) by 4.2% in the third quarter, HoldingsChannel reports. The firm owned 23,072 shares of the technology company’s stock after selling 1,000 shares during the period. Thompson Investment Management Inc.’s holdings in Lumentum were worth $1,236,000 as of its most recent filing with the SEC.
Other institutional investors have also bought and sold shares of the company. Chicago Equity Partners LLC grew its holdings in Lumentum by 59.6% during the third quarter. Chicago Equity Partners LLC now owns 21,610 shares of the technology company’s stock worth $1,157,000 after purchasing an additional 8,070 shares during the period. Creative Planning grew its holdings in Lumentum by 31.8% during the second quarter. Creative Planning now owns 4,817 shares of the technology company’s stock worth $257,000 after purchasing an additional 1,162 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Lumentum by 2.7% during the second quarter. Charles Schwab Investment Management Inc. now owns 544,805 shares of the technology company’s stock worth $29,099,000 after purchasing an additional 14,273 shares during the period. Enlightenment Research LLC bought a new position in Lumentum during the second quarter worth about $291,000. Finally, Tuttle Tactical Management bought a new position in Lumentum during the third quarter worth about $900,000. Institutional investors and hedge funds own 94.76% of the company’s stock.
Shares of NASDAQ LITE traded up $0.81 during midday trading on Friday, reaching $66.53. The company’s stock had a trading volume of 1,022,700 shares, compared to its average volume of 1,512,936. The company has a debt-to-equity ratio of 0.58, a quick ratio of 3.85 and a current ratio of 4.49. Lumentum Holdings Inc has a fifty-two week low of $37.00 and a fifty-two week high of $66.58. The business’s 50 day moving average price is $56.15 and its two-hundred day moving average price is $54.57. The company has a market cap of $5.08 billion, a P/E ratio of 20.16, a P/E/G ratio of 1.67 and a beta of 1.37.
Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Thursday, October 31st. The technology company reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.24. Lumentum had a negative net margin of 2.18% and a positive return on equity of 17.81%. The company had revenue of $449.90 million during the quarter, compared to the consensus estimate of $448.16 million. During the same period in the previous year, the business earned $1.31 earnings per share. The firm’s quarterly revenue was up 27.1% on a year-over-year basis. Sell-side analysts forecast that Lumentum Holdings Inc will post 3.95 earnings per share for the current fiscal year.
In other news, CEO Alan S. Lowe sold 41,643 shares of Lumentum stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $61.04, for a total value of $2,541,888.72. Following the completion of the sale, the chief executive officer now directly owns 191,893 shares in the company, valued at $11,713,148.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Vincent Retort sold 4,908 shares of Lumentum stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $59.88, for a total transaction of $293,891.04. Following the completion of the sale, the chief operating officer now owns 90,018 shares of the company’s stock, valued at $5,390,277.84. The disclosure for this sale can be found here. Over the last quarter, insiders sold 193,922 shares of company stock valued at $11,270,134. 0.48% of the stock is owned by company insiders.
LITE has been the subject of several research reports. B. Riley raised their price objective on shares of Lumentum from $71.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Rosenblatt Securities restated a “buy” rating and set a $80.00 price objective on shares of Lumentum in a research report on Tuesday, September 24th. Craig Hallum raised their price objective on shares of Lumentum from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. They noted that the move was a valuation call. BidaskClub downgraded shares of Lumentum from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Zacks Investment Research downgraded shares of Lumentum from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Three equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $70.90.
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 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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