West Michigan Advisors LLC Buys New Position in Lumentum Holdings Inc. (NASDAQ:LITE)

West Michigan Advisors LLC purchased a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 3,435 shares of the technology company’s stock, valued at approximately $288,000.

Other hedge funds also recently made changes to their positions in the company. Atom Investors LP bought a new stake in shares of Lumentum in the third quarter worth $4,127,000. Robeco Institutional Asset Management B.V. bought a new stake in Lumentum during the 4th quarter worth about $646,000. Two Sigma Advisers LP boosted its stake in shares of Lumentum by 24.7% during the 3rd quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company’s stock worth $11,827,000 after buying an additional 37,000 shares during the last quarter. West Tower Group LLC bought a new position in shares of Lumentum in the 3rd quarter valued at about $444,000. Finally, Zweig DiMenna Associates LLC acquired a new stake in shares of Lumentum in the fourth quarter valued at about $7,052,000. 94.05% of the stock is owned by institutional investors.

Lumentum Stock Performance

NASDAQ:LITE opened at $70.33 on Friday. 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 stock has a 50 day simple moving average of $83.66 and a 200 day simple moving average of $74.65. Lumentum Holdings Inc. has a 1-year low of $38.28 and a 1-year high of $104.00. The stock has a market cap of $4.87 billion, a P/E ratio of -9.15 and a beta of 0.94.

Lumentum (NASDAQ:LITE) last posted its 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 return on equity of 7.25% and a negative net margin of 36.98%. Research analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Insider Buying and Selling at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of Lumentum 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 transaction, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at $4,071,799.84. The trade was a 4.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.19% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on LITE. Northland Securities boosted their price target on Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a research report on Friday, February 7th. Needham & Company LLC restated a “buy” rating and set a $110.00 target price on shares of Lumentum in a report on Friday, February 7th. Morgan Stanley cut their price target on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, January 31st. Rosenblatt Securities reissued a “buy” rating and issued a $110.00 price objective on shares of Lumentum in a research report on Friday, February 7th. Finally, Susquehanna upped their target price on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Lumentum has a consensus rating of “Hold” and an average price target of $88.07.

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.