Polymer Capital Management US LLC Invests $6.88 Million in Lumentum Holdings Inc. (NASDAQ:LITE)

Polymer Capital Management US LLC purchased a new stake in Lumentum Holdings Inc. (NASDAQ:LITE) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 81,900 shares of the technology company’s stock, valued at approximately $6,876,000. Lumentum makes up about 1.9% of Polymer Capital Management US LLC’s holdings, making the stock its 9th largest position.

Several other large investors have also recently bought and sold shares of LITE. Robeco Institutional Asset Management B.V. acquired a new position in shares of Lumentum in the fourth quarter valued at approximately $646,000. SBI Securities Co. Ltd. bought a new stake in Lumentum in the 4th quarter valued at $739,000. Two Sigma Advisers LP grew its holdings in Lumentum by 24.7% in the 3rd quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company’s stock valued at $11,827,000 after buying an additional 37,000 shares in the last quarter. Aigen Investment Management LP increased its position in Lumentum by 72.9% during the 4th quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company’s stock worth $1,464,000 after buying an additional 7,354 shares during the period. Finally, Zweig DiMenna Associates LLC acquired a new stake in shares of Lumentum during the fourth quarter worth $7,052,000. 94.05% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Morgan Stanley lowered 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 report on Friday, January 31st. Rosenblatt Securities reaffirmed a “buy” rating and set a $110.00 target price on shares of Lumentum in a report on Friday, February 7th. B. Riley lifted their price target on shares of Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. UBS Group increased their price target on Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Finally, Stifel Nicolaus lifted their price objective on Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a report on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $87.40.

Lumentum Stock Down 7.3 %

Shares of NASDAQ LITE opened at $49.56 on Monday. The stock has a 50-day moving average price of $71.46 and a two-hundred day moving average price of $76.38. Lumentum Holdings Inc. has a 12 month low of $38.29 and a 12 month high of $104.00. 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 market cap of $3.43 billion, a price-to-earnings ratio of -6.44 and a beta of 1.14.

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 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%. As a group, analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Insider Activity at Lumentum

In related 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 transaction of $170,154.48. Following the sale, the chief financial officer now directly owns 51,976 shares in the company, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.19% of the stock is currently owned by company insiders.

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.