Lumentum Holdings Inc. (NASDAQ:LITE) Shares Acquired by Polymer Capital Management HK LTD

Polymer Capital Management HK LTD increased its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 13.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 38,412 shares of the technology company’s stock after purchasing an additional 4,512 shares during the period. Polymer Capital Management HK LTD’s holdings in Lumentum were worth $3,225,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in LITE. Alliancebernstein L.P. lifted its position in shares of Lumentum by 1.4% in the 4th quarter. Alliancebernstein L.P. now owns 1,711,956 shares of the technology company’s stock worth $143,719,000 after buying an additional 23,136 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Lumentum by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 1,195,605 shares of the technology company’s stock worth $100,402,000 after acquiring an additional 9,442 shares during the last quarter. Norges Bank acquired a new position in Lumentum in the fourth quarter valued at approximately $68,962,000. Fisher Asset Management LLC grew its holdings in shares of Lumentum by 18.8% during the fourth quarter. Fisher Asset Management LLC now owns 687,311 shares of the technology company’s stock valued at $57,700,000 after purchasing an additional 108,740 shares during the last quarter. Finally, Emerald Advisers LLC raised its position in shares of Lumentum by 12.3% during the 4th quarter. Emerald Advisers LLC now owns 425,079 shares of the technology company’s stock worth $35,685,000 after purchasing an additional 46,544 shares during the period. Institutional investors and hedge funds own 94.05% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. UBS Group upped their price objective on Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Morgan Stanley reduced their target price on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, January 31st. Northland Securities raised their price target on shares of Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a research note on Friday, February 7th. Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and lifted their price target for the company from $80.00 to $125.00 in a report on Friday, January 17th. Finally, B. Riley increased their price objective on Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $87.40.

Lumentum Stock Performance

NASDAQ:LITE opened at $49.56 on Friday. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The company has a 50-day moving average of $71.46 and a 200-day moving average of $76.25. Lumentum Holdings Inc. has a twelve month low of $38.29 and a twelve month high of $104.00. The firm has a market cap of $3.43 billion, a price-to-earnings ratio of -6.44 and a beta of 1.14.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results 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 return on equity of 7.25% and a negative net margin of 36.98%. Analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction that occurred on 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 of the company’s stock, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.19% of the company’s stock.

Lumentum Profile

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.