22,990 Shares in Lumentum Holdings Inc. (NASDAQ:LITE) Acquired by Marvin & Palmer Associates Inc.

Marvin & Palmer Associates Inc. bought a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) during the fourth quarter, Holdings Channel.com reports. The fund bought 22,990 shares of the technology company’s stock, valued at approximately $1,930,000. Lumentum makes up 1.5% of Marvin & Palmer Associates Inc.’s holdings, making the stock its 26th biggest holding.

Other large investors have also recently made changes to their positions in the company. Atom Investors LP purchased a new stake in shares of Lumentum during the third quarter worth approximately $4,127,000. Robeco Institutional Asset Management B.V. purchased a new stake in shares of Lumentum during the fourth quarter worth approximately $646,000. SBI Securities Co. Ltd. purchased a new stake in shares of Lumentum during the fourth quarter worth approximately $739,000. Two Sigma Advisers LP increased its stake in shares of Lumentum by 24.7% during the third quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company’s stock worth $11,827,000 after buying an additional 37,000 shares during the period. Finally, West Tower Group LLC purchased a new position in Lumentum in the third quarter valued at approximately $444,000. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.19% of the company’s stock.

Lumentum Price Performance

LITE stock opened at $62.11 on Monday. 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 business has a 50 day simple moving average of $81.64 and a 200-day simple moving average of $75.22. Lumentum Holdings Inc. has a twelve month low of $38.29 and a twelve month high of $104.00. The company has a market capitalization of $4.30 billion, a P/E ratio of -8.08 and a beta of 1.03.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share 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%. As a group, equities analysts anticipate that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Morgan Stanley dropped their price target on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. Raymond James increased their price target on shares of Lumentum from $94.00 to $96.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Stifel Nicolaus increased their price target on shares of Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, February 7th. B. Riley increased their price target on shares of Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $110.00 price target on shares of Lumentum in a research note on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $88.07.

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.