Sei Investments Co. trimmed its holdings in Lumentum Holdings Inc (NASDAQ:LITE) by 20.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,331 shares of the technology company’s stock after selling 2,367 shares during the period. Sei Investments Co.’s holdings in Lumentum were worth $540,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Lumentum in the second quarter worth $983,000. General American Investors Co. Inc. grew its stake in shares of Lumentum by 15.4% in the second quarter. General American Investors Co. Inc. now owns 150,000 shares of the technology company’s stock worth $8,685,000 after purchasing an additional 20,000 shares in the last quarter. D.A. Davidson & CO. bought a new position in shares of Lumentum in the second quarter worth $268,000. Victory Capital Management Inc. grew its stake in shares of Lumentum by 2.8% in the second quarter. Victory Capital Management Inc. now owns 954,342 shares of the technology company’s stock worth $55,256,000 after purchasing an additional 25,894 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Lumentum by 101.5% in the second quarter. First Trust Advisors LP now owns 121,160 shares of the technology company’s stock worth $7,015,000 after purchasing an additional 61,027 shares in the last quarter.
In related news, insider Matthew Joseph Sepe sold 1,466 shares of the firm’s stock in a transaction dated Monday, July 16th. The stock was sold at an average price of $58.38, for a total transaction of $85,585.08. Following the completion of the transaction, the insider now owns 17,898 shares of the company’s stock, valued at $1,044,885.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Christopher W. Coldren sold 3,416 shares of the firm’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $64.36, for a total value of $219,853.76. The disclosure for this sale can be found here. Insiders have sold 10,690 shares of company stock valued at $670,238 in the last ninety days. Company insiders own 0.76% of the company’s stock.
Several research firms have recently issued reports on LITE. MKM Partners decreased their price target on Lumentum to $78.00 and set a “buy” rating for the company in a research note on Thursday, August 9th. ValuEngine raised Lumentum from a “sell” rating to a “hold” rating in a research note on Friday, August 3rd. Craig Hallum set a $85.00 price target on Lumentum and gave the stock a “buy” rating in a research note on Wednesday, August 8th. TheStreet raised Lumentum from a “c” rating to a “b” rating in a research note on Thursday, August 9th. Finally, JPMorgan Chase & Co. set a $80.00 price target on Lumentum and gave the stock a “hold” rating in a research note on Thursday, August 9th. Four analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $80.20.
Shares of LITE stock opened at $61.00 on Friday. Lumentum Holdings Inc has a fifty-two week low of $41.95 and a fifty-two week high of $74.40. The stock has a market cap of $3.84 billion, a P/E ratio of 18.97, a PEG ratio of 0.92 and a beta of 0.13. The company has a quick ratio of 4.55, a current ratio of 5.27 and a debt-to-equity ratio of 0.36.
Lumentum (NASDAQ:LITE) last announced its earnings results on Wednesday, August 8th. The technology company reported $0.95 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.30. Lumentum had a return on equity of 25.10% and a net margin of 19.86%. The business had revenue of $301.10 million during the quarter, compared to analysts’ expectations of $288.56 million. During the same quarter last year, the business posted $0.39 earnings per share. The company’s quarterly revenue was up 35.2% on a year-over-year basis. sell-side analysts predict that Lumentum Holdings Inc will post 3.66 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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