Valliance Asset Management Ltd Buys New Shares in Lumentum Holdings Inc. (NASDAQ:LITE)

Valliance Asset Management Ltd bought a new stake in Lumentum Holdings Inc. (NASDAQ:LITE) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 25,000 shares of the technology company’s stock, valued at approximately $2,099,000. Lumentum accounts for approximately 3.8% of Valliance Asset Management Ltd’s holdings, making the stock its 7th largest position.

Other hedge funds have also made changes to their positions in the company. Atom Investors LP bought a new stake in shares of Lumentum in the third quarter valued at about $4,127,000. Robeco Institutional Asset Management B.V. bought a new position in Lumentum during the fourth quarter worth about $646,000. Two Sigma Advisers LP lifted its stake in Lumentum by 24.7% during the third quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company’s stock worth $11,827,000 after purchasing an additional 37,000 shares during the period. West Tower Group LLC bought a new position in Lumentum during the third quarter worth about $444,000. Finally, Zweig DiMenna Associates LLC bought a new position in Lumentum during the fourth quarter worth about $7,052,000. Institutional investors own 94.05% of the company’s stock.

Insider Buying and Selling at Lumentum

In other Lumentum news, insider Vincent Retort sold 41,710 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $89.52, for a total value of $3,733,879.20. Following the transaction, the insider now directly owns 147,515 shares of the company’s stock, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Wajid Ali sold 29,887 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the completion of the transaction, the chief financial officer now directly owns 56,492 shares in the company, valued at approximately $4,805,209.52. The trade was a 34.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 73,769 shares of company stock valued at $6,446,222. 0.19% of the stock is currently owned by insiders.

Analyst Ratings Changes

LITE has been the subject of a number of analyst reports. Stifel Nicolaus raised their price target on shares of Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. UBS Group raised their price target on shares of Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Raymond James raised their price target on shares of Lumentum from $94.00 to $96.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Susquehanna raised their price target on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research note on Friday, November 8th. Finally, B. Riley raised their price objective on shares of Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. 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 data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $88.07.

Lumentum Stock Performance

Shares of Lumentum stock opened at $73.35 on Friday. 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 firm has a market cap of $5.08 billion, a P/E ratio of -9.54 and a beta of 0.94. The firm has a 50 day simple moving average of $85.22 and a 200 day simple moving average of $73.69. Lumentum Holdings Inc. has a fifty-two week low of $38.28 and a fifty-two week high of $104.00.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. Sell-side analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share 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.