Vanguard Group Inc. Increases Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Vanguard Group Inc. increased its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 0.6% in the first quarter, HoldingsChannel.com reports. The firm owned 7,430,185 shares of the technology company’s stock after acquiring an additional 47,811 shares during the quarter. Vanguard Group Inc. owned 0.11% of Lumentum worth $463,198,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in LITE. CoreCap Advisors LLC grew its stake in Lumentum by 2,235.3% in the 4th quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock valued at $33,000 after acquiring an additional 380 shares during the last quarter. Skandinaviska Enskilda Banken AB publ acquired a new stake in Lumentum in the 1st quarter valued at about $25,000. Rakuten Securities Inc. grew its stake in Lumentum by 164.4% in the 1st quarter. Rakuten Securities Inc. now owns 476 shares of the technology company’s stock valued at $30,000 after acquiring an additional 296 shares during the last quarter. Golden State Wealth Management LLC grew its stake in Lumentum by 103.2% in the 1st quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company’s stock valued at $32,000 after acquiring an additional 260 shares during the last quarter. Finally, UMB Bank n.a. grew its stake in Lumentum by 132.9% in the 1st quarter. UMB Bank n.a. now owns 785 shares of the technology company’s stock valued at $49,000 after acquiring an additional 448 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on LITE. Needham & Company LLC reissued a “buy” rating and issued a $145.00 price objective (up from $135.00) on shares of Lumentum in a research note on Wednesday. Morgan Stanley lifted their price target on shares of Lumentum from $92.00 to $100.00 and gave the stock an “equal weight” rating in a report on Wednesday. Wall Street Zen upgraded shares of Lumentum from a “hold” rating to a “buy” rating in a report on Saturday. B. Riley lifted their price target on shares of Lumentum from $73.00 to $83.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Raymond James Financial lifted their price target on shares of Lumentum from $125.00 to $145.00 and gave the stock a “strong-buy” rating in a report on Wednesday. Four analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Lumentum has an average rating of “Moderate Buy” and a consensus price target of $124.00.

Lumentum Price Performance

LITE opened at $115.86 on Friday. The company’s 50 day simple moving average is $98.59 and its 200 day simple moving average is $78.85. The company has a debt-to-equity ratio of 2.26, a quick ratio of 3.53 and a current ratio of 4.37. Lumentum Holdings Inc. has a 1 year low of $45.65 and a 1 year high of $129.98. The stock has a market capitalization of $8.04 billion, a PE ratio of 503.74 and a beta of 1.33.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Tuesday, August 12th. The technology company reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.09. The firm had revenue of $480.70 million for the quarter, compared to analysts’ expectations of $465.27 million. Lumentum had a net margin of 1.57% and a negative return on equity of 3.02%. Lumentum’s revenue was up 55.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.06 earnings per share. As a group, sell-side analysts expect that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Insider Buying and Selling at Lumentum

In other Lumentum news, insider Yuen Wupen sold 265 shares of Lumentum stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $99.92, for a total transaction of $26,478.80. Following the transaction, the insider directly owned 79,773 shares of the company’s stock, valued at $7,970,918.16. The trade was a 0.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Alan S. Lowe sold 20,000 shares of Lumentum stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $93.47, for a total transaction of $1,869,400.00. Following the transaction, the director directly owned 230,471 shares in the company, valued at approximately $21,542,124.37. This trade represents a 7.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 76,000 shares of company stock valued at $7,260,909. 0.19% of the stock is currently owned by corporate insiders.

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.