Arnhold LLC Decreases Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

Arnhold LLC decreased its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 8.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 169,419 shares of the technology company’s stock after selling 16,438 shares during the quarter. Lumentum accounts for about 1.4% of Arnhold LLC’s holdings, making the stock its 27th biggest holding. Arnhold LLC owned 0.25% of Lumentum worth $14,223,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in LITE. Nebula Research & Development LLC acquired a new stake in shares of Lumentum in the 4th quarter valued at $288,000. Penn Capital Management Company LLC purchased a new position in Lumentum in the fourth quarter valued at $14,573,000. Hood River Capital Management LLC acquired a new stake in Lumentum in the fourth quarter valued at $32,810,000. Symmetry Investments LP raised its stake in Lumentum by 744.2% in the fourth quarter. Symmetry Investments LP now owns 96,235 shares of the technology company’s stock valued at $8,079,000 after buying an additional 84,835 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. boosted its position in shares of Lumentum by 8.1% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 838,289 shares of the technology company’s stock worth $70,374,000 after acquiring an additional 62,937 shares in the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Price Performance

NASDAQ:LITE opened at $58.77 on Friday. Lumentum Holdings Inc. has a 12-month low of $38.29 and a 12-month high of $104.00. The company’s 50-day moving average is $62.32 and its two-hundred day moving average is $74.99. The firm has a market cap of $4.07 billion, a price-to-earnings ratio of -7.64 and a beta of 1.14. 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 (NASDAQ:LITE) last issued 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 EPS for the current year.

Insider Transactions at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction 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 transaction, the chief financial officer now directly owns 51,976 shares in the company, valued at $4,071,799.84. This represents a 4.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Northland Capmk raised Lumentum from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Jefferies Financial Group initiated coverage on shares of Lumentum in a research report on Friday, February 21st. They set a “buy” rating for the company. JPMorgan Chase & Co. dropped their target price on shares of Lumentum from $105.00 to $73.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Northland Securities raised shares of Lumentum from a “market perform” rating to an “outperform” rating in a research report on Monday, April 7th. Finally, B. Riley raised 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 analysts have rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $82.60.

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.