Lecap Asset Management Ltd. Sells 18,894 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Lecap Asset Management Ltd. trimmed its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 73.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,857 shares of the technology company’s stock after selling 18,894 shares during the period. Lecap Asset Management Ltd.’s holdings in Lumentum were worth $576,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Signaturefd LLC lifted its position in shares of Lumentum by 13.8% during the 3rd quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock valued at $83,000 after acquiring an additional 158 shares during the period. Crossmark Global Holdings Inc. increased its stake in Lumentum by 4.0% in the fourth quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company’s stock valued at $365,000 after purchasing an additional 168 shares in the last quarter. Synovus Financial Corp boosted its position in shares of Lumentum by 1.5% during the 3rd quarter. Synovus Financial Corp now owns 13,225 shares of the technology company’s stock worth $838,000 after purchasing an additional 200 shares in the last quarter. Quarry LP grew its stake in shares of Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after buying an additional 201 shares during the period. Finally, UMB Bank n.a. increased its position in Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after buying an additional 253 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on LITE shares. Stifel Nicolaus increased their price target on Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a report on Friday. B. Riley increased their target price on Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday. Rosenblatt Securities restated a “buy” rating and set a $110.00 price target on shares of Lumentum in a research note on Friday. Barclays raised shares of Lumentum from an “underweight” rating to an “overweight” rating and raised their price objective for the company from $80.00 to $125.00 in a research note on Friday, January 17th. Finally, Susquehanna boosted their target price on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $88.07.

Insiders Place Their Bets

In other Lumentum news, Director Harold L. Covert sold 3,345 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $81.78, for a total value of $273,554.10. Following the completion of the sale, the director now directly owns 8,729 shares of the company’s stock, valued at $713,857.62. This trade represents a 27.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Penny Herscher sold 1,625 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $81.09, for a total value of $131,771.25. Following the transaction, the director now directly owns 6,852 shares in the company, valued at $555,628.68. This represents a 19.17 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 101,797 shares of company stock valued at $8,881,428. Company insiders own 0.19% of the company’s stock.

Lumentum Stock Performance

Shares of LITE opened at $85.90 on Friday. The stock has a 50 day moving average of $87.68 and a 200 day moving average of $71.49. The company has a market capitalization of $5.90 billion, a price-to-earnings ratio of -10.37 and a beta of 0.94. Lumentum Holdings Inc. has a 12 month low of $38.28 and a 12 month high of $104.00. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87.

Lumentum (NASDAQ:LITE) last released its earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 6.79% and a negative net margin of 40.70%. As a group, sell-side analysts forecast that Lumentum Holdings Inc. will post -0.02 earnings per share for the current year.

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. 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.