M&T Bank Corp Has $954,000 Position in Lumentum Holdings Inc. (NASDAQ:LITE)

M&T Bank Corp decreased its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 15.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,292 shares of the technology company’s stock after selling 2,812 shares during the period. M&T Bank Corp’s holdings in Lumentum were worth $954,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Rakuten Securities Inc. boosted its stake in shares of Lumentum by 164.4% in the 1st quarter. Rakuten Securities Inc. now owns 476 shares of the technology company’s stock valued at $30,000 after purchasing an additional 296 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in Lumentum by 54.2% in the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after purchasing an additional 130 shares during the last quarter. Golden State Wealth Management LLC boosted its position in Lumentum by 103.2% in the first quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company’s stock valued at $32,000 after buying an additional 260 shares in the last quarter. CoreCap Advisors LLC grew its stake in shares of Lumentum by 2,235.3% during the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock worth $33,000 after buying an additional 380 shares during the last quarter. Finally, UMB Bank n.a. increased its holdings in Lumentum by 132.9% in the 1st quarter. UMB Bank n.a. now owns 785 shares of the technology company’s stock worth $49,000 after purchasing an additional 448 shares in the last quarter. 94.05% of the stock is owned by institutional investors.

Insider Buying and Selling at Lumentum

In other Lumentum news, Director Alan S. Lowe sold 20,000 shares of Lumentum stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $93.47, for a total transaction of $1,869,400.00. Following the completion of the transaction, the director owned 230,471 shares in the company, valued at approximately $21,542,124.37. The trade was a 7.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jae Kim sold 4,577 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $77.98, for a total value of $356,914.46. Following the sale, the senior vice president directly owned 31,534 shares of the company’s stock, valued at $2,459,021.32. This represents a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,520 shares of company stock worth $5,742,078. 0.19% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on LITE shares. Wolfe Research started coverage on shares of Lumentum in a report on Tuesday, July 8th. They set an “outperform” rating on the stock. Stifel Nicolaus boosted their price objective on shares of Lumentum from $85.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, June 5th. Needham & Company LLC raised their target price on Lumentum from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Wednesday, June 11th. Rosenblatt Securities reaffirmed a “buy” rating and set a $105.00 target price on shares of Lumentum in a report on Thursday, June 12th. Finally, Raymond James Financial increased their price target on Lumentum from $80.00 to $90.00 and gave the company a “strong-buy” rating in a research note on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $85.53.

Lumentum Trading Down 0.8%

LITE opened at $92.24 on Tuesday. The company has a fifty day moving average price of $82.01 and a two-hundred day moving average price of $75.26. Lumentum Holdings Inc. has a 1-year low of $38.29 and a 1-year high of $104.00. The company has a market cap of $6.40 billion, a P/E ratio of -14.30 and a beta of 1.34. The company has a current ratio of 4.72, a quick ratio of 3.53 and a debt-to-equity ratio of 2.91.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.07. Lumentum had a negative return on equity of 8.69% and a negative net margin of 29.87%. The business had revenue of $425.20 million for the quarter, compared to the consensus estimate of $418.18 million. During the same period in the prior year, the business earned $0.09 EPS. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. Analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

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.