Coastline Trust Co acquired a new stake in Lumentum Holdings Inc (NASDAQ:LITE) during the 2nd quarter, Holdings Channel.com reports. The firm acquired 2,670 shares of the technology company’s stock, valued at approximately $217,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Pendal Group Ltd lifted its position in shares of Lumentum by 70.0% during the 2nd quarter. Pendal Group Ltd now owns 2,861 shares of the technology company’s stock valued at $233,000 after buying an additional 1,178 shares in the last quarter. Alphinity Investment Management Pty Ltd lifted its holdings in Lumentum by 9.0% in the 2nd quarter. Alphinity Investment Management Pty Ltd now owns 497,056 shares of the technology company’s stock worth $40,475,000 after purchasing an additional 41,198 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in Lumentum by 46.2% in the 2nd quarter. New York State Common Retirement Fund now owns 121,888 shares of the technology company’s stock worth $9,925,000 after purchasing an additional 38,510 shares in the last quarter. CSat Investment Advisory L.P. lifted its holdings in Lumentum by 143.0% in the 2nd quarter. CSat Investment Advisory L.P. now owns 2,603 shares of the technology company’s stock worth $212,000 after purchasing an additional 1,532 shares in the last quarter. Finally, Gainplan LLC purchased a new position in Lumentum in the 2nd quarter worth approximately $285,000. Institutional investors and hedge funds own 93.58% of the company’s stock.
In other Lumentum news, CEO Alan S. Lowe sold 15,573 shares of the company’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $83.32, for a total value of $1,297,542.36. Following the completion of the sale, the chief executive officer now directly owns 138,802 shares in the company, valued at approximately $11,564,982.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Matthew Joseph Sepe sold 5,977 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $89.05, for a total value of $532,251.85. Following the completion of the sale, the chief accounting officer now owns 18,958 shares of the company’s stock, valued at $1,688,209.90. The disclosure for this sale can be found here. Insiders sold a total of 67,319 shares of company stock worth $5,982,241 in the last ninety days. 0.48% of the stock is currently owned by corporate insiders.
A number of analysts have issued reports on the company. DA Davidson raised Lumentum to a “buy” rating and lifted their price objective for the stock from $100.00 to $110.00 in a research note on Wednesday, August 12th. Rosenblatt Securities lifted their price objective on Lumentum from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Northland Securities lifted their price objective on Lumentum from $90.00 to $107.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 12th. Morgan Stanley lifted their price objective on Lumentum from $75.00 to $84.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 12th. Finally, Loop Capital assumed coverage on Lumentum in a research note on Thursday, July 23rd. They issued a “buy” rating and a $110.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $102.56.
Lumentum stock traded up $1.51 during mid-day trading on Friday, hitting $85.79. The company’s stock had a trading volume of 45,118 shares, compared to its average volume of 1,327,855. The company has a 50 day moving average of $87.12 and a 200-day moving average of $79.42. The stock has a market cap of $6.49 billion, a PE ratio of 48.29 and a beta of 1.03. The company has a debt-to-equity ratio of 0.67, a quick ratio of 6.58 and a current ratio of 7.24. Lumentum Holdings Inc has a one year low of $48.44 and a one year high of $96.74.
Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Tuesday, August 11th. The technology company reported $1.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.83 by $0.35. The company had revenue of $368.10 million for the quarter, compared to the consensus estimate of $349.73 million. Lumentum had a return on equity of 20.77% and a net margin of 8.07%. Lumentum’s quarterly revenue was down 9.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.92 EPS. On average, equities research analysts forecast that Lumentum Holdings Inc will post 5.01 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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