Hodges Capital Management Inc. Sells 32,165 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Hodges Capital Management Inc. reduced its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 29.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,630 shares of the technology company’s stock after selling 32,165 shares during the quarter. Hodges Capital Management Inc.’s holdings in Lumentum were worth $4,984,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in LITE. Dimensional Fund Advisors LP grew its position in Lumentum by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock worth $86,760,000 after acquiring an additional 130,838 shares during the last quarter. Atreides Management LP boosted its stake in Lumentum by 28.5% in the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock worth $107,177,000 after purchasing an additional 375,389 shares in the last quarter. Van Lanschot Kempen Investment Management N.V. grew its holdings in shares of Lumentum by 17.8% during the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock worth $58,803,000 after purchasing an additional 174,828 shares during the last quarter. Divisar Capital Management LLC increased its stake in shares of Lumentum by 5.8% in the second quarter. Divisar Capital Management LLC now owns 961,574 shares of the technology company’s stock valued at $48,963,000 after buying an additional 52,300 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Lumentum by 5.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company’s stock valued at $46,784,000 after buying an additional 37,109 shares during the last quarter. 94.05% of the stock is owned by institutional investors.

Lumentum Stock Up 0.2 %

NASDAQ:LITE opened at $92.84 on Friday. Lumentum Holdings Inc. has a 1 year low of $38.28 and a 1 year high of $95.92. The stock has a 50-day moving average price of $74.95 and a two-hundred day moving average price of $59.92. The stock has a market cap of $6.38 billion, a price-to-earnings ratio of -11.21 and a beta of 0.95. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87.

Insider Activity at Lumentum

In other news, CAO Matthew Joseph Sepe sold 8,172 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total value of $715,867.20. Following the sale, the chief accounting officer now directly owns 21,138 shares in the company, valued at $1,851,688.80. The trade was a 27.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Harold L. Covert sold 15,000 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total value of $1,307,550.00. Following the transaction, the director now owns 8,761 shares of the company’s stock, valued at approximately $763,696.37. The trade was a 63.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 101,797 shares of company stock worth $8,881,428. 0.19% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Northland Securities increased their price objective on shares of Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Bank of America raised their price target on shares of Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a report on Thursday, August 15th. B. Riley upped their price objective on Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Craig Hallum lifted their target price on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Finally, JPMorgan Chase & Co. boosted their target price on Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $74.85.

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.