Lumentum Holdings Inc. $LITE Position Cut by King Luther Capital Management Corp

King Luther Capital Management Corp decreased its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 15.7% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 17,209 shares of the technology company’s stock after selling 3,209 shares during the period. King Luther Capital Management Corp’s holdings in Lumentum were worth $16,714,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of LITE. Red Spruce Capital LLC lifted its holdings in shares of Lumentum by 0.4% during the third quarter. Red Spruce Capital LLC now owns 3,200 shares of the technology company’s stock worth $3,108,000 after buying an additional 12 shares during the last quarter. CYBER HORNET ETFs LLC boosted its position in shares of Lumentum by 7.2% in the second quarter. CYBER HORNET ETFs LLC now owns 209 shares of the technology company’s stock valued at $179,000 after acquiring an additional 14 shares during the period. Hilltop National Bank grew its stake in shares of Lumentum by 26.8% in the second quarter. Hilltop National Bank now owns 71 shares of the technology company’s stock worth $61,000 after acquiring an additional 15 shares during the last quarter. TrinityBridge Ltd grew its stake in shares of Lumentum by 35.8% in the third quarter. TrinityBridge Ltd now owns 72 shares of the technology company’s stock worth $70,000 after acquiring an additional 19 shares during the last quarter. Finally, Signature Equity Partners LLC grew its stake in shares of Lumentum by 220.0% in the third quarter. Signature Equity Partners LLC now owns 32 shares of the technology company’s stock worth $31,000 after acquiring an additional 22 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Zacks Research downgraded shares of Lumentum from a “strong-buy” rating to a “hold” rating in a report on Monday, October 12th. Morgan Stanley boosted their price objective on shares of Lumentum from $900.00 to $1,000.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 12th. B. Riley Financial downgraded shares of Lumentum from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $1,142.00 to $770.00 in a report on Tuesday, November 3rd. Deutsche Bank started coverage on shares of Lumentum in a research report on Monday, August 31st. They set a “buy” rating and a $1,200.00 price objective for the company. Finally, Mizuho set a $1,132.00 target price on shares of Lumentum in a research note on Monday, November 2nd. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $1,053.17.

Key Stories Impacting Lumentum

Here are a few of the latest stories about LITE:

• Positive Sentiment: Lumentum shares rose 15% amid a broad technology rally. The move may reflect improved sector sentiment rather than company-specific news. Lumentum rises 15% amid broad technology rally
• Neutral Sentiment: Marvell added three independent directors to its board ahead of its proposed Lumentum acquisition. The appointments may be part of preparations for the transaction, but the article does not indicate a change in deal terms or closing certainty. Marvell adds three independent directors to board ahead of proposed Lumentum acquisition
• Negative Sentiment: UBS issued a pessimistic forecast for Lumentum, signaling a cautious outlook from the firm. UBS Group Issues Pessimistic Forecast for Lumentum

Insider Buying and Selling

In other news, insider Yuen Wupen sold 307 shares of the company’s stock in a transaction that occurred on Tuesday, September 29th. The stock was sold at an average price of $945.00, for a total value of $290,115.00. Following the sale, the insider directly owned 108,320 shares in the company, valued at approximately $102,362,400. This represents a 0.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Wajid Ali sold 24,542 shares of the stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $1,048.50, for a total value of $25,732,287.00. Following the completion of the transaction, the chief financial officer directly owned 75,074 shares of the company’s stock, valued at approximately $78,715,089. The trade was a 24.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 94,496 shares of company stock worth $85,978,498 over the last ninety days. Company insiders own 0.28% of the company’s stock.

Lumentum Trading Down 3.6%

Shares of LITE stock opened at $624.65 on Friday. The firm has a fifty day moving average of $872.23 and a 200-day moving average of $806.93. The stock has a market cap of $56.66 billion, a price-to-earnings ratio of -7.94 and a beta of 1.64. Lumentum Holdings Inc. has a 52-week low of $215.35 and a 52-week high of $1,143.00. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.27 and a current ratio of 1.61.

Lumentum (NASDAQ:LITE) last posted its earnings results on Monday, November 2nd. The technology company reported $4.57 earnings per share for the quarter, beating analysts’ consensus estimates of $4.22 by $0.35. Lumentum had a negative net margin of 175.82% and a positive return on equity of 28.85%. The business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the previous year, the firm posted $1.10 earnings per share. The firm’s revenue for the quarter was up 136.5% on a year-over-year basis. On average, equities research analysts forecast that Lumentum Holdings Inc. will post 19.93 earnings per share for the current fiscal year.

About Lumentum

Lumentum Holdings Inc. develops and manufactures optical and photonic products used in communications networks and industrial applications. Its offerings include optical components, modules and lasers that help transmit and process data across telecommunications and data center networks. The company also supplies lasers and related technologies for industrial uses, including precision manufacturing and semiconductor production. Its products serve customers in markets around the world. Lumentum became an independent public company in 2015 through a spin-off from JDSU, now Viavi Solutions.