Lumentum Holdings Inc. (NASDAQ:LITE) is Point72 Hong Kong Ltd’s 10th Largest Position

Point72 Hong Kong Ltd grew its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 10.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 314,206 shares of the technology company’s stock after buying an additional 30,497 shares during the quarter. Lumentum makes up about 1.6% of Point72 Hong Kong Ltd’s investment portfolio, making the stock its 10th largest holding. Point72 Hong Kong Ltd’s holdings in Lumentum were worth $26,378,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Robeco Institutional Asset Management B.V. acquired a new stake in Lumentum in the fourth quarter valued at approximately $646,000. Crestline Management LP acquired a new stake in shares of Lumentum in the 4th quarter valued at $4,435,000. SBI Securities Co. Ltd. bought a new stake in Lumentum in the fourth quarter worth $739,000. M&T Bank Corp increased its position in Lumentum by 54.2% during the fourth quarter. M&T Bank Corp now owns 18,104 shares of the technology company’s stock worth $1,520,000 after buying an additional 6,361 shares during the last quarter. Finally, Aigen Investment Management LP raised its holdings in Lumentum by 72.9% during the fourth quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company’s stock valued at $1,464,000 after buying an additional 7,354 shares in the last quarter. Institutional investors own 94.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on LITE shares. Jefferies Financial Group began coverage on Lumentum in a research note on Friday, February 21st. They set a “buy” rating for the company. UBS Group decreased their target price on Lumentum from $96.00 to $78.00 and set a “neutral” rating for the company in a research report on Wednesday, May 7th. JPMorgan Chase & Co. dropped their price target on shares of Lumentum from $105.00 to $73.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Northland Capmk raised shares of Lumentum from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Finally, Stifel Nicolaus raised their target price on shares of Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $82.20.

Lumentum Stock Performance

NASDAQ LITE opened at $78.29 on Thursday. The company’s fifty day moving average is $60.89 and its two-hundred day moving average is $74.82. Lumentum Holdings Inc. has a 52-week low of $38.29 and a 52-week high of $104.00. 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 capitalization of $5.43 billion, a price-to-earnings ratio of -10.18 and a beta of 1.18.

Lumentum (NASDAQ:LITE) last released its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.07. The business had revenue of $425.20 million for the quarter, compared to the consensus estimate of $418.18 million. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period last year, the business earned $0.09 earnings per share. Equities research analysts forecast that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Insider Transactions at Lumentum

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