Pinnacle Associates Ltd. decreased its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 5.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,365,765 shares of the company’s stock after selling 73,869 shares during the period. Lumentum Holdings makes up about 1.1% of Pinnacle Associates Ltd.’s holdings, making the stock its 18th largest position. Pinnacle Associates Ltd. owned 2.27% of Lumentum Holdings worth $52,787,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of LITE. Teacher Retirement System of Texas raised its position in Lumentum Holdings by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 6,581 shares of the company’s stock valued at $159,000 after buying an additional 799 shares in the last quarter. Legal & General Group Plc increased its stake in Lumentum Holdings by 127.4% in the second quarter. Legal & General Group Plc now owns 9,344 shares of the company’s stock valued at $224,000 after buying an additional 5,235 shares in the last quarter. Aperio Group LLC purchased a new stake in Lumentum Holdings during the third quarter valued at about $245,000. First American Bank purchased a new stake in Lumentum Holdings during the third quarter valued at about $306,000. Finally, Stifel Financial Corp purchased a new stake in Lumentum Holdings during the second quarter valued at about $312,000. Hedge funds and other institutional investors own 84.16% of the company’s stock.
Shares of Lumentum Holdings Inc. (NASDAQ:LITE) traded up 4.43% during midday trading on Monday, hitting $49.55. The stock had a trading volume of 2,171,358 shares. The stock’s 50-day moving average price is $38.58 and its 200 day moving average price is $38.14. The company has a market cap of $3.00 billion, a price-to-earnings ratio of 208.19 and a beta of 0.73. Lumentum Holdings Inc. has a 52 week low of $20.80 and a 52 week high of $50.20.
Lumentum Holdings (NASDAQ:LITE) last released its earnings results on Tuesday, February 7th. The company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.06. The company earned $265 million during the quarter, compared to analysts’ expectations of $265.66 million. Lumentum Holdings had a net margin of 1.50% and a return on equity of 17.24%. Lumentum Holdings’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same period last year, the business earned $0.31 EPS. On average, equities analysts forecast that Lumentum Holdings Inc. will post $2.13 earnings per share for the current year.
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Several analysts have issued reports on LITE shares. B. Riley reissued a “buy” rating and issued a $51.75 price target on shares of Lumentum Holdings in a research note on Friday, October 28th. Stifel Nicolaus lifted their price target on Lumentum Holdings from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, October 28th. Zacks Investment Research raised Lumentum Holdings from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research note on Wednesday, December 28th. MKM Partners reissued a “buy” rating on shares of Lumentum Holdings in a research note on Thursday, December 22nd. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $51.50 price target on shares of Lumentum Holdings in a research note on Wednesday, February 8th. Three research analysts have rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $42.54.
In other Lumentum Holdings news, CEO Alan S. Lowe sold 6,113 shares of Lumentum Holdings stock in a transaction that occurred on Thursday, November 17th. The shares were sold at an average price of $40.68, for a total transaction of $248,676.84. Following the completion of the sale, the chief executive officer now directly owns 158,306 shares in the company, valued at approximately $6,439,888.08. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Alan S. Lowe sold 5,221 shares of Lumentum Holdings stock in a transaction that occurred on Tuesday, January 17th. The shares were sold at an average price of $36.05, for a total transaction of $188,217.05. Following the sale, the chief executive officer now owns 140,656 shares of the company’s stock, valued at $5,070,648.80. The disclosure for this sale can be found here. Insiders sold a total of 19,805 shares of company stock valued at $777,818 over the last quarter. 0.76% of the stock is owned by company insiders.
Lumentum Holdings Company Profile
Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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