Federated Hermes Inc. Buys 497 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Federated Hermes Inc. lifted its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 11.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,004 shares of the technology company’s stock after purchasing an additional 497 shares during the quarter. Federated Hermes Inc.’s holdings in Lumentum were worth $420,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new stake in Lumentum during the 4th quarter valued at $68,962,000. Hel Ved Capital Management Ltd bought a new position in shares of Lumentum in the 4th quarter worth about $19,026,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of Lumentum during the fourth quarter valued at approximately $15,945,000. Proficio Capital Partners LLC bought a new position in shares of Lumentum during the fourth quarter valued at $13,421,000. Finally, Lightrock Netherlands B.V. bought a new stake in Lumentum during the 4th quarter valued at about $12,668,000. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Stock Down 0.4 %

Shares of NASDAQ:LITE opened at $52.00 on Friday. The business has a 50-day moving average price of $64.81 and a 200 day moving average price of $75.41. Lumentum Holdings Inc. has a 12-month low of $38.29 and a 12-month high of $104.00. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The company has a market capitalization of $3.60 billion, a price-to-earnings ratio of -6.76 and a beta of 1.14.

Lumentum (NASDAQ:LITE) last released its quarterly 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 7.25% and a negative net margin of 36.98%. Sell-side analysts expect that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Insider Activity

In other news, CFO Wajid Ali sold 2,172 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the completion of the transaction, the chief financial officer now owns 51,976 shares in the company, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on LITE. BNP Paribas raised shares of Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price target on the stock in a report on Tuesday, March 11th. Northland Securities upgraded shares of Lumentum from a “market perform” rating to an “outperform” rating in a research report on Monday, April 7th. Raymond James raised Lumentum from an “outperform” rating to a “strong-buy” rating and lowered their price target for the stock from $96.00 to $82.00 in a report on Monday, March 24th. B. Riley raised their price objective on Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Finally, UBS Group increased their price objective on shares of Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Two analysts have rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $87.93.

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.