Prudential Financial Inc. Decreases Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Prudential Financial Inc. lowered its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 13.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,949 shares of the technology company’s stock after selling 743 shares during the period. Prudential Financial Inc.’s holdings in Lumentum were worth $403,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Geode Capital Management LLC increased its holdings in Lumentum by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock valued at $75,198,000 after purchasing an additional 15,799 shares in the last quarter. Fisher Asset Management LLC grew its stake in shares of Lumentum by 18.8% in the fourth quarter. Fisher Asset Management LLC now owns 687,311 shares of the technology company’s stock valued at $57,700,000 after buying an additional 108,740 shares in the last quarter. Emerald Advisers LLC grew its stake in shares of Lumentum by 12.3% in the fourth quarter. Emerald Advisers LLC now owns 425,079 shares of the technology company’s stock valued at $35,685,000 after buying an additional 46,544 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Lumentum during the 4th quarter valued at about $13,421,000. Finally, Lightrock Netherlands B.V. acquired a new position in Lumentum during the 4th quarter worth approximately $12,668,000. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on LITE shares. Northland Securities upgraded shares of Lumentum from a “market perform” rating to an “outperform” rating in a research note on Monday. UBS Group lifted their price target on shares of Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Barclays raised shares of Lumentum from an “underweight” rating to an “overweight” rating and upped their price objective for the company from $80.00 to $125.00 in a research report on Friday, January 17th. Northland Capmk upgraded Lumentum from a “hold” rating to a “strong-buy” rating in a research note on Monday. Finally, Morgan Stanley cut their price target on Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Lumentum has a consensus rating of “Moderate Buy” and an average target price of $87.40.

Lumentum Stock Performance

Shares of NASDAQ LITE opened at $59.81 on Thursday. The stock has a market capitalization of $4.14 billion, a P/E ratio of -7.78 and a beta of 1.14. The firm’s 50-day moving average price is $68.91 and its two-hundred day moving average price is $75.93. Lumentum Holdings Inc. has a 52-week low of $38.29 and a 52-week high of $104.00. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94.

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

Insider Buying and Selling at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of the firm’s stock in a transaction on 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 directly owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. This trade represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.19% of the stock is currently owned by company insiders.

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.