FIL Ltd Raises Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

FIL Ltd raised its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 16,919.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 123,559 shares of the technology company’s stock after purchasing an additional 122,833 shares during the quarter. FIL Ltd’s holdings in Lumentum were worth $10,373,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in Lumentum in the 4th quarter worth approximately $68,962,000. Hel Ved Capital Management Ltd purchased a new stake in Lumentum in the fourth quarter worth $19,026,000. Arrowstreet Capital Limited Partnership bought a new stake in Lumentum in the fourth quarter valued at $15,945,000. Proficio Capital Partners LLC purchased a new position in Lumentum during the 4th quarter valued at $13,421,000. Finally, Lightrock Netherlands B.V. bought a new position in Lumentum in the 4th quarter worth $12,668,000. Institutional investors own 94.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Stifel Nicolaus boosted their price target on shares of Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Needham & Company LLC reiterated a “buy” rating and set a $110.00 target price on shares of Lumentum in a report on Friday, February 7th. Jefferies Financial Group assumed coverage on Lumentum in a research note on Friday, February 21st. They issued a “buy” rating for the company. Rosenblatt Securities restated a “buy” rating and set a $110.00 price target on shares of Lumentum in a research report on Friday, February 7th. Finally, Northland Securities upgraded Lumentum from a “market perform” rating to an “outperform” rating in a report on Monday, April 7th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Lumentum presently has a consensus rating of “Moderate Buy” and an average target price of $87.40.

Insider Buying and Selling at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the transaction, the chief financial officer now 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.19% of the stock is owned by corporate insiders.

Lumentum Trading Down 5.9 %

Shares of LITE stock opened at $51.27 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. Lumentum Holdings Inc. has a 12-month low of $38.29 and a 12-month high of $104.00. The stock has a market capitalization of $3.55 billion, a P/E ratio of -6.67 and a beta of 1.14. The firm’s 50 day moving average is $67.62 and its 200 day moving average is $75.82.

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

Lumentum Company 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.