CIBC Asset Management Inc Acquires Shares of 4,823 Lumentum Holdings Inc (LITE)

CIBC Asset Management Inc acquired a new position in shares of Lumentum Holdings Inc (NASDAQ:LITE) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 4,823 shares of the technology company’s stock, valued at approximately $236,000.

Other institutional investors have also recently added to or reduced their stakes in the company. SeaCrest Wealth Management LLC bought a new position in Lumentum during the 4th quarter worth approximately $128,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Lumentum by 42.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,797 shares of the technology company’s stock worth $186,000 after acquiring an additional 1,135 shares during the last quarter. Virtu KCG Holdings LLC bought a new position in Lumentum during the 2nd quarter worth approximately $226,000. Los Angeles Capital Management & Equity Research Inc. bought a new position in Lumentum during the 3rd quarter worth approximately $234,000. Finally, First Allied Advisory Services Inc. bought a new position in Lumentum during the 3rd quarter worth approximately $237,000.

A number of brokerages have weighed in on LITE. Barclays raised shares of Lumentum from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $65.00 to $67.00 in a research note on Wednesday, January 10th. Loop Capital began coverage on shares of Lumentum in a research note on Monday, January 29th. They issued a “buy” rating and a $65.00 price target on the stock. B. Riley reaffirmed a “buy” rating and issued a $85.00 price target (up previously from $81.00) on shares of Lumentum in a research note on Wednesday, January 31st. BidaskClub raised shares of Lumentum from a “sell” rating to a “hold” rating in a research note on Wednesday, January 31st. Finally, Northland Securities reaffirmed a “buy” rating and issued a $82.00 price target on shares of Lumentum in a research note on Wednesday, February 7th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $72.31.

In other news, EVP Jason Reinhardt sold 9,308 shares of Lumentum stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $56.82, for a total value of $528,880.56. Following the sale, the executive vice president now directly owns 59,635 shares in the company, valued at $3,388,460.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Penny Herscher sold 822 shares of Lumentum stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $50.61, for a total transaction of $41,601.42. Following the completion of the sale, the director now owns 34,793 shares in the company, valued at $1,760,873.73. The disclosure for this sale can be found here. Insiders sold 33,515 shares of company stock worth $1,907,356 over the last quarter. 0.76% of the stock is owned by corporate insiders.

Shares of Lumentum Holdings Inc (NASDAQ LITE) opened at $57.10 on Thursday. The company has a quick ratio of 4.16, a current ratio of 4.84 and a debt-to-equity ratio of 0.38. Lumentum Holdings Inc has a fifty-two week low of $40.35 and a fifty-two week high of $68.63. The stock has a market cap of $3,540.00 and a P/E ratio of 39.38.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Tuesday, February 6th. The technology company reported $1.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.67. Lumentum had a net margin of 8.97% and a return on equity of 24.06%. The company had revenue of $404.60 million for the quarter, compared to the consensus estimate of $357.03 million. During the same period last year, the company earned $0.57 earnings per share. The firm’s revenue was up 52.7% compared to the same quarter last year. sell-side analysts predict that Lumentum Holdings Inc will post 2.85 EPS for the current fiscal year.

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About Lumentum

Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).

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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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