Princeton Capital Management LLC Takes Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Princeton Capital Management LLC purchased a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 2,585 shares of the technology company’s stock, valued at approximately $217,000.

A number of other hedge funds have also recently added to or reduced their stakes in LITE. UMB Bank n.a. lifted its position in shares of Lumentum by 301.2% during the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after purchasing an additional 253 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock worth $31,000 after buying an additional 130 shares in the last quarter. Quarry LP boosted its position in Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after buying an additional 201 shares during the last quarter. J.Safra Asset Management Corp increased its stake in shares of Lumentum by 31.1% in the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock valued at $43,000 after buying an additional 122 shares during the period. Finally, Nomura Asset Management Co. Ltd. raised its position in shares of Lumentum by 67.5% during the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after acquiring an additional 270 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

Insider Activity at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the transaction, the chief financial officer now directly owns 51,976 shares in the company, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.19% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. UBS Group raised their target price on shares of Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Raymond James raised Lumentum from an “outperform” rating to a “strong-buy” rating and cut their target price for the company from $96.00 to $82.00 in a research note on Monday. Barclays upgraded shares of Lumentum from an “underweight” rating to an “overweight” rating and increased their price target for the company from $80.00 to $125.00 in a research report on Friday, January 17th. Jefferies Financial Group initiated coverage on shares of Lumentum in a report on Friday, February 21st. They set a “buy” rating for the company. Finally, BNP Paribas upgraded shares of Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 target price on the stock in a report on Tuesday, March 11th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Lumentum currently has a consensus rating of “Moderate Buy” and an average target price of $87.40.

Lumentum Stock Up 10.5 %

Lumentum stock opened at $73.63 on Tuesday. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The company’s 50-day moving average is $77.15 and its 200-day moving average is $75.90. The firm has a market capitalization of $5.10 billion, a PE ratio of -9.57 and a beta of 1.03. Lumentum Holdings Inc. has a fifty-two week low of $38.29 and a fifty-two week high of $104.00.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. Sell-side analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current 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.