GAMMA Investing LLC Acquires 126,667 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

GAMMA Investing LLC raised its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 10,626.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 127,859 shares of the technology company’s stock after buying an additional 126,667 shares during the period. GAMMA Investing LLC owned about 0.18% of Lumentum worth $7,971,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. J.Safra Asset Management Corp grew its position in Lumentum by 31.1% in the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock worth $43,000 after purchasing an additional 122 shares during the period. Jones Financial Companies Lllp boosted its stake in shares of Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock worth $31,000 after acquiring an additional 130 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Lumentum by 27.2% during the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company’s stock worth $64,000 after acquiring an additional 164 shares during the last quarter. Manchester Capital Management LLC boosted its stake in shares of Lumentum by 22.6% during the 4th quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company’s stock worth $86,000 after acquiring an additional 190 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of Lumentum by 1.4% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,173 shares of the technology company’s stock valued at $1,274,000 after buying an additional 206 shares in the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Stock Performance

NASDAQ:LITE opened at $81.46 on Monday. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The firm has a 50-day moving average price of $65.04 and a two-hundred day moving average price of $74.96. Lumentum Holdings Inc. has a twelve month low of $38.29 and a twelve month high of $104.00. The company has a market capitalization of $5.65 billion, a P/E ratio of -10.59 and a beta of 1.28.

Lumentum (NASDAQ:LITE) last released its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.07. Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. The business had revenue of $425.20 million for the quarter, compared to analysts’ expectations of $418.18 million. During the same period last year, the company earned $0.09 earnings per share. The company’s quarterly revenue was up 16.0% on a year-over-year basis. As a group, research analysts expect that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Alan S. Lowe sold 10,000 shares of the company’s stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total value of $835,800.00. Following the completion of the transaction, the director now directly owns 270,471 shares in the company, valued at approximately $22,605,966.18. This represents a 3.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Yuen Wupen sold 4,426 shares of the company’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $71.80, for a total value of $317,786.80. Following the completion of the transaction, the insider now owns 92,099 shares of the company’s stock, valued at $6,612,708.20. The trade was a 4.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,520 shares of company stock worth $2,103,278 in the last 90 days. Company insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on LITE. Raymond James lifted their target price on shares of Lumentum from $80.00 to $90.00 and gave the company a “strong-buy” rating in a research note on Wednesday, June 4th. Morgan Stanley boosted their target price on shares of Lumentum from $70.00 to $76.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 4th. Rosenblatt Securities upped their price target on shares of Lumentum from $94.00 to $105.00 and gave the company a “buy” rating in a report on Wednesday, June 4th. Needham & Company LLC cut their price target on shares of Lumentum from $110.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. Finally, Stifel Nicolaus boosted their price objective on shares of Lumentum from $85.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $82.80.

About Lumentum

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.