First Trust Advisors LP lowered its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 2.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 90,237 shares of the technology company’s stock after selling 2,036 shares during the period. First Trust Advisors LP owned 0.15% of Lumentum Holdings worth $5,148,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of LITE. Creative Planning raised its position in Lumentum Holdings by 15.1% in the 1st quarter. Creative Planning now owns 1,971 shares of the technology company’s stock worth $105,000 after purchasing an additional 258 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of Lumentum Holdings by 3.9% during the 1st quarter. State of Alaska Department of Revenue now owns 6,150 shares of the technology company’s stock valued at $328,000 after acquiring an additional 230 shares during the last quarter. Nationwide Fund Advisors raised its position in shares of Lumentum Holdings by 9.7% during the 1st quarter. Nationwide Fund Advisors now owns 86,654 shares of the technology company’s stock valued at $4,623,000 after acquiring an additional 7,657 shares during the last quarter. Tocqueville Asset Management L.P. raised its position in shares of Lumentum Holdings by 112.5% during the 1st quarter. Tocqueville Asset Management L.P. now owns 25,500 shares of the technology company’s stock valued at $1,360,000 after acquiring an additional 13,500 shares during the last quarter. Finally, Great West Life Assurance Co. Can raised its position in shares of Lumentum Holdings by 7.8% during the 1st quarter. Great West Life Assurance Co. Can now owns 76,101 shares of the technology company’s stock valued at $4,055,000 after acquiring an additional 5,507 shares during the last quarter. Hedge funds and other institutional investors own 95.74% of the company’s stock.
Several brokerages have commented on LITE. Piper Jaffray Companies reiterated an “overweight” rating and set a $68.00 target price on shares of Lumentum Holdings in a research report on Thursday. B. Riley reissued a “buy” rating and issued a $81.00 price target on shares of Lumentum Holdings in a report on Thursday. Stifel Nicolaus reissued a “buy” rating and issued a $73.00 price target on shares of Lumentum Holdings in a report on Thursday, September 7th. Needham & Company LLC reissued a “strong-buy” rating and issued a $80.00 price target on shares of Lumentum Holdings in a report on Wednesday, September 6th. Finally, BidaskClub raised shares of Lumentum Holdings from a “sell” rating to a “hold” rating in a report on Saturday, August 26th. One analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. Lumentum Holdings has an average rating of “Buy” and a consensus target price of $64.75.
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Shares of Lumentum Holdings Inc. (NASDAQ LITE) traded up 0.44% during midday trading on Friday, hitting $57.25. 2,416,338 shares of the stock were exchanged. The firm’s 50 day moving average is $57.76 and its 200-day moving average is $52.78. The stock’s market capitalization is $3.52 billion. Lumentum Holdings Inc. has a 1-year low of $32.90 and a 1-year high of $60.00.
Lumentum Holdings (NASDAQ:LITE) last announced its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.39 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.18. Lumentum Holdings had a negative net margin of 10.25% and a positive return on equity of 18.12%. The company had revenue of $222.70 million for the quarter, compared to the consensus estimate of $229.45 million. During the same period in the prior year, the firm posted $0.41 EPS. Lumentum Holdings’s revenue for the quarter was down 7.9% on a year-over-year basis. On average, analysts predict that Lumentum Holdings Inc. will post $3.02 EPS for the current year.
In related news, Director Penny Herscher sold 1,313 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total transaction of $69,641.52. Following the sale, the director now directly owns 26,464 shares of the company’s stock, valued at approximately $1,403,650.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Alan S. Lowe sold 28,095 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $51.20, for a total transaction of $1,438,464.00. Following the sale, the chief executive officer now directly owns 249,655 shares in the company, valued at approximately $12,782,336. The disclosure for this sale can be found here. Insiders have sold a total of 52,199 shares of company stock worth $2,692,047 over the last three months. 0.76% of the stock is currently owned by insiders.
Lumentum Holdings Company Profile
Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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