Lumentum Holdings Inc. (NASDAQ:LITE) Shares Bought by Point72 Hong Kong Ltd

Point72 Hong Kong Ltd increased its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 10.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 314,206 shares of the technology company’s stock after acquiring an additional 30,497 shares during the period. Lumentum makes up 1.6% of Point72 Hong Kong Ltd’s portfolio, making the stock its 10th biggest position. Point72 Hong Kong Ltd owned approximately 0.46% of Lumentum worth $26,378,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Jefferies Financial Group assumed coverage on Lumentum in a report on Friday, February 21st. They set a “buy” rating on the stock. JPMorgan Chase & Co. dropped their price target 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. 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. Stifel Nicolaus boosted their target price on Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Finally, B. Riley upped their target price on Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. One equities 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $82.20.

Insider Activity

In related news, CFO Wajid Ali sold 2,172 shares of the business’s 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 transaction, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. The trade was a 4.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.19% of the stock is currently owned by corporate insiders.

Lumentum Trading Up 5.1%

Shares of LITE opened at $78.29 on Thursday. The business’s 50-day moving average price is $60.89 and its 200 day moving average price is $74.82. 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 stock has a market capitalization of $5.43 billion, a P/E ratio of -10.18 and a beta of 1.18. Lumentum Holdings Inc. has a 1-year low of $38.29 and a 1-year high of $104.00.

Lumentum (NASDAQ:LITE) last released its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.07. The business had revenue of $425.20 million for the quarter, compared to the consensus estimate of $418.18 million. Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. The firm’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period last year, the firm posted $0.09 earnings per share. Analysts expect that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Lumentum 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 (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.