First Quadrant L P CA trimmed its holdings in Lumentum Holdings Inc (NASDAQ:LITE) by 80.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,363 shares of the technology company’s stock after selling 9,913 shares during the quarter. First Quadrant L P CA’s holdings in Lumentum were worth $134,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Meeder Asset Management Inc. purchased a new position in shares of Lumentum during the fourth quarter valued at $25,000. Sapphire Star Partners LP bought a new stake in Lumentum during the fourth quarter valued at about $28,000. SevenBridge Financial Group LLC bought a new stake in Lumentum during the fourth quarter valued at about $39,000. IFP Advisors Inc boosted its position in Lumentum by 121.7% during the fourth quarter. IFP Advisors Inc now owns 949 shares of the technology company’s stock valued at $39,000 after purchasing an additional 521 shares in the last quarter. Finally, Intellectus Partners LLC boosted its position in Lumentum by 4,000.0% during the fourth quarter. Intellectus Partners LLC now owns 1,025 shares of the technology company’s stock valued at $43,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 88.02% of the company’s stock.
A number of equities research analysts recently weighed in on the company. Jefferies Financial Group reaffirmed a “buy” rating and set a $70.00 price objective on shares of Lumentum in a research report on Friday, March 29th. Northland Securities reaffirmed a “buy” rating and set a $70.00 price objective on shares of Lumentum in a research report on Monday, April 22nd. DA Davidson reaffirmed a “buy” rating and set a $90.00 price objective on shares of Lumentum in a research report on Monday, May 6th. Rosenblatt Securities reissued a “buy” rating and issued a $80.00 price target on shares of Lumentum in a report on Tuesday, May 7th. Finally, Piper Jaffray Companies raised their price target on Lumentum to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, May 7th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $67.16.
In other news, EVP Jason Reinhardt sold 9,575 shares of the business’s stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $50.38, for a total value of $482,388.50. Following the completion of the sale, the executive vice president now directly owns 63,877 shares in the company, valued at $3,218,123.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Martin A. Kaplan sold 3,025 shares of the business’s stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $48.72, for a total value of $147,378.00. Following the completion of the sale, the director now owns 18,902 shares of the company’s stock, valued at $920,905.44. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,029 shares of company stock valued at $713,563. 0.55% of the stock is owned by company insiders.
Shares of NASDAQ:LITE traded down $0.89 during trading on Wednesday, hitting $45.27. The stock had a trading volume of 1,722,468 shares, compared to its average volume of 1,688,147. Lumentum Holdings Inc has a 12-month low of $37.00 and a 12-month high of $69.95. The stock has a market cap of $3.46 billion, a price-to-earnings ratio of 13.97, a PEG ratio of 0.90 and a beta of 0.68. The company has a quick ratio of 3.20, a current ratio of 3.96 and a debt-to-equity ratio of 0.55.
Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.22. The company had revenue of $433.00 million during the quarter, compared to analysts’ expectations of $428.33 million. Lumentum had a return on equity of 19.94% and a net margin of 1.57%. Lumentum’s quarterly revenue was up 44.8% on a year-over-year basis. During the same period last year, the business earned $0.78 earnings per share. As a group, equities analysts anticipate that Lumentum Holdings Inc will post 3.3 EPS for the current fiscal year.
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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