First Trust Advisors LP Has $7.30 Million Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

First Trust Advisors LP raised its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 529.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 86,981 shares of the technology company’s stock after purchasing an additional 73,155 shares during the period. First Trust Advisors LP’s holdings in Lumentum were worth $7,302,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. UMB Bank n.a. boosted its position in Lumentum by 301.2% during the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after purchasing an additional 253 shares during the last quarter. Jones Financial Companies Lllp raised its stake in shares of Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock worth $31,000 after purchasing an additional 130 shares in the last quarter. J.Safra Asset Management Corp lifted its holdings in shares of Lumentum by 31.1% during the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock valued at $43,000 after buying an additional 122 shares during the last quarter. Quadrant Capital Group LLC grew its stake in shares of Lumentum by 27.2% in the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company’s stock valued at $64,000 after buying an additional 164 shares in the last quarter. Finally, Daiwa Securities Group Inc. acquired a new position in Lumentum in the fourth quarter worth approximately $67,000. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Lumentum

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

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on LITE. Rosenblatt Securities dropped their price target on shares of Lumentum from $110.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Raymond James upgraded Lumentum from an “outperform” rating to a “strong-buy” rating and cut their target price for the company from $96.00 to $82.00 in a report on Monday, March 24th. Northland Securities upgraded Lumentum from a “market perform” rating to an “outperform” rating in a research note on Monday, April 7th. Morgan Stanley cut their price objective on Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. Finally, BNP Paribas raised Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 target price for the company in a research report on Tuesday, March 11th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $82.60.

Lumentum Price Performance

Lumentum stock opened at $59.96 on Wednesday. The business has a 50 day simple moving average of $61.24 and a 200 day simple moving average of $74.88. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The company has a market capitalization of $4.15 billion, a PE ratio of -7.80 and a beta of 1.14. Lumentum Holdings Inc. has a one year low of $38.29 and a one year high of $104.00.

Lumentum (NASDAQ:LITE) last issued its earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. On average, sell-side analysts forecast that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

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.