Two Sigma Advisers LP Grows Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

Two Sigma Advisers LP boosted its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 30.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 243,600 shares of the technology company’s stock after buying an additional 57,000 shares during the quarter. Two Sigma Advisers LP’s holdings in Lumentum were worth $20,450,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of LITE. Robeco Institutional Asset Management B.V. acquired a new position in shares of Lumentum during the fourth quarter valued at approximately $646,000. Crestline Management LP purchased a new stake in shares of Lumentum during the fourth quarter worth approximately $4,435,000. SBI Securities Co. Ltd. purchased a new stake in shares of Lumentum during the fourth quarter worth approximately $739,000. M&T Bank Corp raised its stake in Lumentum by 54.2% in the 4th quarter. M&T Bank Corp now owns 18,104 shares of the technology company’s stock valued at $1,520,000 after purchasing an additional 6,361 shares during the last quarter. Finally, Aigen Investment Management LP lifted its holdings in Lumentum by 72.9% in the 4th quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company’s stock valued at $1,464,000 after purchasing an additional 7,354 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Northland Capmk raised shares of Lumentum from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Jefferies Financial Group started coverage on shares of Lumentum in a research report on Friday, February 21st. They set a “buy” rating on the stock. UBS Group dropped their price objective on shares of Lumentum from $96.00 to $78.00 and set a “neutral” rating for the company in a research note on Wednesday, May 7th. Barclays set a $75.00 price objective on shares of Lumentum and gave the company an “overweight” rating in a report on Wednesday, May 7th. Finally, Rosenblatt Securities boosted their target price on Lumentum from $85.00 to $94.00 and gave the stock a “buy” rating in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $82.20.

Lumentum Price Performance

LITE stock opened at $77.11 on Wednesday. Lumentum Holdings Inc. has a 52-week low of $38.29 and a 52-week high of $104.00. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. The stock has a market cap of $5.35 billion, a price-to-earnings ratio of -10.03 and a beta of 1.18. The business has a fifty day moving average of $62.23 and a two-hundred day moving average of $75.23.

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

Insiders Place Their Bets

In other Lumentum news, insider Yuen Wupen sold 4,426 shares of the company’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $71.80, for a total transaction of $317,786.80. Following the transaction, the insider now directly owns 92,099 shares in the company, valued at $6,612,708.20. This represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jae Kim sold 4,577 shares of Lumentum stock in a transaction on Friday, May 16th. The shares were sold at an average price of $77.98, for a total value of $356,914.46. Following the completion of the sale, the senior vice president now directly owns 31,534 shares of the company’s stock, valued at $2,459,021.32. The trade was a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 14,298 shares of company stock valued at $1,081,764 over the last 90 days. 0.19% of the stock is 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.