North Growth Management Ltd. Cuts Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

North Growth Management Ltd. lessened its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 1.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 216,000 shares of the technology company’s stock after selling 3,000 shares during the period. Lumentum makes up approximately 3.5% of North Growth Management Ltd.’s holdings, making the stock its 7th largest holding. North Growth Management Ltd. owned approximately 0.31% of Lumentum worth $18,095,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Atreides Management LP raised its holdings in shares of 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 buying an additional 375,389 shares during the period. Point72 Hong Kong Ltd bought a new position in Lumentum in the 3rd quarter valued at $17,981,000. Pinnacle Associates Ltd. increased its stake in Lumentum by 50.4% in the third quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock worth $25,846,000 after purchasing an additional 136,659 shares during the period. Castleark Management LLC bought a new stake in shares of Lumentum during the third quarter worth $6,205,000. Finally, Emerald Advisers LLC boosted its stake in shares of Lumentum by 29.1% during the third quarter. Emerald Advisers LLC now owns 378,535 shares of the technology company’s stock valued at $23,992,000 after purchasing an additional 85,353 shares during the period. 94.05% of the stock is currently owned by institutional investors.

Lumentum Stock Performance

Shares of Lumentum stock opened at $85.90 on Friday. Lumentum Holdings Inc. has a 52-week low of $38.28 and a 52-week high of $104.00. The firm’s 50 day moving average price is $87.68 and its 200-day moving average price is $71.60. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.00% and a negative net margin of 36.98%. As a group, sell-side analysts predict that Lumentum Holdings Inc. will post -0.04 EPS for the current year.

Insider Activity at Lumentum

In other Lumentum news, Director Harold L. Covert sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Penny Herscher sold 1,625 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $81.09, for a total transaction of $131,771.25. Following the completion of the transaction, the director now directly owns 6,852 shares of the company’s stock, valued at approximately $555,628.68. This represents a 19.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,797 shares of company stock valued at $8,881,428 in the last ninety days. Corporate insiders own 0.19% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on LITE. B. Riley lifted their price objective on shares of Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Friday. Morgan Stanley decreased their price target on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, January 31st. Northland Securities raised their price objective on Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a report on Friday. Stifel Nicolaus lifted their target price on Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research report on Friday. Finally, Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and increased their price target for the stock from $80.00 to $125.00 in a research report on Friday, January 17th. 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. According to MarketBeat, Lumentum currently has a consensus rating of “Hold” and an average target price of $88.07.

Lumentum 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.