LPL Financial LLC Lowers Position in Lumentum Holdings Inc. (NASDAQ:LITE)

LPL Financial LLC trimmed its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 0.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,566 shares of the technology company’s stock after selling 468 shares during the quarter. LPL Financial LLC owned approximately 0.07% of Lumentum worth $4,161,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. HighTower Advisors LLC purchased a new stake in shares of Lumentum during the 3rd quarter worth about $216,000. Quarry LP lifted its position in shares of Lumentum by 85.5% during the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after buying an additional 201 shares in the last quarter. Quantinno Capital Management LP acquired a new stake in Lumentum in the 3rd quarter valued at $204,000. Nomura Asset Management Co. Ltd. increased its holdings in Lumentum by 67.5% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after acquiring an additional 270 shares in the last quarter. Finally, M&T Bank Corp raised its position in Lumentum by 69.1% during the third quarter. M&T Bank Corp now owns 11,743 shares of the technology company’s stock worth $745,000 after acquiring an additional 4,798 shares during the period. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently commented on LITE. B. Riley boosted their target price on shares of Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Northland Securities raised Lumentum from a “market perform” rating to an “outperform” rating in a report on Monday. Stifel Nicolaus lifted their price target on Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Raymond James raised Lumentum from an “outperform” rating to a “strong-buy” rating and reduced their price objective for the company from $96.00 to $82.00 in a research note on Monday, March 24th. Finally, Northland Capmk raised shares of Lumentum from a “hold” rating to a “strong-buy” rating in a research note on Monday. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $87.40.

Insider Transactions at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the transaction, the chief financial officer now owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.19% of the company’s stock.

Lumentum Trading Up 19.6 %

LITE opened at $59.81 on Thursday. The stock has a market capitalization of $4.14 billion, a PE ratio of -7.78 and a beta of 1.14. Lumentum Holdings Inc. has a one year low of $38.29 and a one year 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 business’s 50 day moving average price is $68.91 and its 200 day moving average price is $75.93.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. As a group, equities research analysts expect that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Lumentum Profile

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.