Lumentum Holdings Inc. (NASDAQ:LITE) Stock Position Reduced by Shellback Capital LP

Shellback Capital LP lowered its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 3.9% during the 4th quarter, Holdings Channel reports. The firm owned 411,999 shares of the technology company’s stock after selling 16,774 shares during the quarter. Lumentum makes up about 2.4% of Shellback Capital LP’s holdings, making the stock its 10th biggest position. Shellback Capital LP’s holdings in Lumentum were worth $34,587,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. UMB Bank n.a. raised its position in shares of Lumentum by 301.2% during the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after buying an additional 253 shares in the last quarter. Jones Financial Companies Lllp raised its position in shares of Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after buying an additional 130 shares in the last quarter. CoreCap Advisors LLC raised its position in shares of Lumentum by 2,235.3% during the 4th quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock valued at $33,000 after buying an additional 380 shares in the last quarter. J.Safra Asset Management Corp raised its position in shares of Lumentum by 31.1% during the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock valued at $43,000 after buying an additional 122 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its position in shares of Lumentum by 27.2% during the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company’s stock valued at $64,000 after buying an additional 164 shares in the last quarter. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Lumentum Price Performance

Shares of LITE stock opened at $77.76 on Friday. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The company’s 50-day simple moving average is $61.30 and its two-hundred day simple moving average is $74.90. Lumentum Holdings Inc. has a one year low of $38.29 and a one year high of $104.00. The company has a market capitalization of $5.40 billion, a P/E ratio of -10.11 and a beta of 1.18.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.07. Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. The firm had revenue of $425.20 million for the quarter, compared to the consensus estimate of $418.18 million. During the same period last year, the firm earned $0.09 earnings per share. The company’s quarterly revenue was up 16.0% on a year-over-year basis. As a group, equities analysts anticipate that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Insider Activity at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the completion of the transaction, the chief financial officer now owns 51,976 shares of the company’s stock, valued at approximately $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 SEC, which is accessible through the SEC website. Also, insider Yuen Wupen sold 4,716 shares of the firm’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $76.87, for a total transaction of $362,518.92. Following the completion of the transaction, the insider now directly owns 82,957 shares of the company’s stock, valued at approximately $6,376,904.59. This represents a 5.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,314 shares of company stock valued at $850,460 over the last 90 days. Insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on LITE shares. UBS Group reduced their price objective on shares of Lumentum from $96.00 to $78.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 7th. Northland Securities set a $80.00 price objective on shares of Lumentum in a research report on Wednesday, May 7th. Rosenblatt Securities increased their price objective on shares of Lumentum from $85.00 to $94.00 and gave the stock a “buy” rating in a research report on Wednesday, May 7th. B. Riley increased their price objective on shares of Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Finally, BNP Paribas raised shares of Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price objective on the stock in a research report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $82.20.

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.