Alpine Associates Management Inc. purchased a new position in shares of Lumentum Holdings Inc (NASDAQ:LITE) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 38,183 shares of the technology company’s stock, valued at approximately $2,437,000. Alpine Associates Management Inc. owned approximately 0.06% of Lumentum as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its stake in shares of Lumentum by 2,952.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 98,863 shares of the technology company’s stock worth $6,307,000 after acquiring an additional 95,624 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Lumentum during the 1st quarter worth about $269,000. Dimensional Fund Advisors LP boosted its stake in shares of Lumentum by 13.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 727,722 shares of the technology company’s stock worth $46,429,000 after acquiring an additional 84,905 shares in the last quarter. Cavalier Investments LLC bought a new stake in shares of Lumentum during the 1st quarter worth about $1,117,000. Finally, Municipal Employees Retirement System of Michigan boosted its stake in shares of Lumentum by 7.1% during the 1st quarter. Municipal Employees Retirement System of Michigan now owns 24,920 shares of the technology company’s stock worth $1,590,000 after acquiring an additional 1,650 shares in the last quarter.
In other news, CEO Alan S. Lowe sold 11,672 shares of the stock in a transaction that occurred on Monday, May 21st. The stock was sold at an average price of $63.02, for a total value of $735,569.44. Following the completion of the transaction, the chief executive officer now directly owns 208,062 shares of the company’s stock, valued at approximately $13,112,067.24. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Vincent Retort sold 1,156 shares of the stock in a transaction that occurred on Wednesday, May 16th. The stock was sold at an average price of $63.59, for a total value of $73,510.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,440 shares of company stock valued at $1,863,478. 0.76% of the stock is currently owned by insiders.
Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Wednesday, May 2nd. The technology company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.71 by $0.07. The firm had revenue of $299.00 million during the quarter, compared to analysts’ expectations of $292.30 million. Lumentum had a return on equity of 23.35% and a net margin of 13.63%. The company’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.49 EPS. analysts expect that Lumentum Holdings Inc will post 2.9 earnings per share for the current fiscal year.
Several research firms have recently issued reports on LITE. Stifel Nicolaus reiterated a “buy” rating and set a $79.00 price target on shares of Lumentum in a research note on Thursday, March 15th. Barclays increased their target price on Lumentum from $67.00 to $68.00 and gave the company an “overweight” rating in a research note on Wednesday, May 2nd. Zacks Investment Research upgraded Lumentum from a “hold” rating to a “buy” rating and set a $66.00 target price for the company in a research note on Friday, May 4th. BidaskClub upgraded Lumentum from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, March 14th. Finally, Drexel Hamilton set a $85.00 target price on Lumentum and gave the company a “buy” rating in a research note on Thursday, May 3rd. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Lumentum has an average rating of “Buy” and an average price target of $81.53.
Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. It 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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