Alpine Associates Management Inc. bought a new stake in Lumentum Holdings Inc (NASDAQ:LITE) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 38,183 shares of the technology company’s stock, valued at approximately $2,437,000. Alpine Associates Management Inc. owned 0.06% of Lumentum at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in LITE. Schwab Charles Investment Management Inc. boosted its stake in shares of Lumentum by 6.6% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 341,214 shares of the technology company’s stock valued at $16,686,000 after purchasing an additional 21,019 shares during the period. SG Americas Securities LLC boosted its stake in shares of Lumentum by 54.6% in the fourth quarter. SG Americas Securities LLC now owns 41,561 shares of the technology company’s stock valued at $2,032,000 after purchasing an additional 14,674 shares during the period. Mutual of America Capital Management LLC raised its holdings in Lumentum by 94.2% in the fourth quarter. Mutual of America Capital Management LLC now owns 92,036 shares of the technology company’s stock valued at $4,501,000 after acquiring an additional 44,647 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Lumentum by 42.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,797 shares of the technology company’s stock valued at $186,000 after acquiring an additional 1,135 shares in the last quarter. Finally, Moody Aldrich Partners LLC acquired a new stake in Lumentum in the fourth quarter valued at $476,000.
Shares of NASDAQ:LITE traded down $0.38 on Friday, reaching $57.67. 109,493 shares of the company’s stock were exchanged, compared to its average volume of 1,248,688. The stock has a market capitalization of $3.54 billion, a price-to-earnings ratio of 36.10, a price-to-earnings-growth ratio of 1.05 and a beta of 0.06. Lumentum Holdings Inc has a fifty-two week low of $41.95 and a fifty-two week high of $74.40. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.81 and a current ratio of 5.56.
In related news, CFO Aaron Tachibana sold 1,697 shares of the stock in a transaction dated Thursday, May 17th. The shares were sold at an average price of $63.40, for a total value of $107,589.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Alan S. Lowe sold 12,783 shares of the stock in a transaction dated Thursday, May 17th. The stock was sold at an average price of $63.50, for a total transaction of $811,720.50. Following the completion of the sale, the chief executive officer now directly owns 227,326 shares in the company, valued at approximately $14,435,201. The disclosure for this sale can be found here. Insiders have sold 29,440 shares of company stock worth $1,863,478 over the last three months. 0.76% of the stock is owned by corporate insiders.
Several analysts recently issued reports on LITE shares. Morgan Stanley set a $60.00 price target on shares of Lumentum and gave the company a “hold” rating in a report on Friday, March 9th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $79.00 price target on shares of Lumentum in a report on Thursday, March 15th. JPMorgan Chase & Co. started coverage on shares of Lumentum in a report on Thursday, May 3rd. They issued a “neutral” rating and a $74.00 price target on the stock. Zacks Investment Research raised shares of Lumentum from a “hold” rating to a “buy” rating and set a $66.00 price target on the stock in a report on Friday, May 4th. Finally, TheStreet cut shares of Lumentum from a “b+” rating to a “c” rating in a report on Friday, May 4th. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Lumentum has a consensus rating of “Buy” and an average target price of $81.39.
Lumentum Company Profile
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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