Perigon Wealth Management LLC decreased its position in Lumentum Holdings Inc (NASDAQ:LITE) by 5.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,019 shares of the technology company’s stock after selling 174 shares during the quarter. Perigon Wealth Management LLC’s holdings in Lumentum were worth $246,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the business. Regent Investment Management LLC bought a new position in Lumentum in the second quarter valued at about $204,000. Copper Rock Capital Partners LLC lifted its holdings in Lumentum by 3,704.7% in the second quarter. Copper Rock Capital Partners LLC now owns 4,879,464 shares of the technology company’s stock valued at $371,313,000 after acquiring an additional 4,751,216 shares during the period. GWM Advisors LLC bought a new position in Lumentum in the second quarter valued at about $244,000. Stratos Wealth Partners LTD. bought a new position in Lumentum in the second quarter valued at about $205,000. Finally, Raymond James & Associates lifted its holdings in Lumentum by 8.7% in the second quarter. Raymond James & Associates now owns 178,628 shares of the technology company’s stock valued at $14,546,000 after acquiring an additional 14,327 shares during the period. 93.58% of the stock is currently owned by institutional investors.
A number of research analysts have weighed in on LITE shares. JPMorgan Chase & Co. increased their target price on Lumentum from $90.00 to $94.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Needham & Company LLC assumed coverage on Lumentum in a research note on Tuesday, May 26th. They issued a “buy” rating and a $105.00 price objective on the stock. BidaskClub raised Lumentum from a “hold” rating to a “buy” rating in a research note on Thursday. Zacks Investment Research raised Lumentum from a “sell” rating to a “hold” rating in a research note on Thursday. Finally, Raymond James raised their price objective on Lumentum from $90.00 to $97.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and seventeen have given a buy rating to the company’s stock. Lumentum presently has an average rating of “Buy” and an average price target of $93.15.
NASDAQ LITE opened at $92.83 on Friday. The stock has a market capitalization of $6.95 billion, a PE ratio of 63.58 and a beta of 1.00. The business has a 50 day simple moving average of $80.54 and a two-hundred day simple moving average of $78.06. The company has a debt-to-equity ratio of 0.67, a current ratio of 6.85 and a quick ratio of 6.24. Lumentum Holdings Inc has a 1-year low of $48.44 and a 1-year high of $93.23.
Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Tuesday, May 5th. The technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.21. The business had revenue of $402.80 million during the quarter, compared to analysts’ expectations of $408.54 million. Lumentum had a return on equity of 20.47% and a net margin of 6.66%. The firm’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.91 EPS. On average, analysts anticipate that Lumentum Holdings Inc will post 4.14 EPS for the current fiscal year.
In other news, CAO Matthew Joseph Sepe sold 2,896 shares of Lumentum stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $81.25, for a total value of $235,300.00. Following the completion of the transaction, the chief accounting officer now owns 22,275 shares in the company, valued at approximately $1,809,843.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Alan S. Lowe sold 15,573 shares of Lumentum stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $83.32, for a total value of $1,297,542.36. Following the completion of the transaction, the chief executive officer now owns 138,802 shares of the company’s stock, valued at approximately $11,564,982.64. The disclosure for this sale can be found here. Insiders have sold a total of 26,900 shares of company stock valued at $2,158,373 in the last 90 days. 0.48% of the stock is currently owned by company insiders.
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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.
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