8,669 Shares in Lumentum Holdings Inc. (NASDAQ:LITE) Purchased by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. acquired a new stake in Lumentum Holdings Inc. (NASDAQ:LITE) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 8,669 shares of the technology company’s stock, valued at approximately $728,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Capital World Investors grew its stake in Lumentum by 108.3% in the 4th quarter. Capital World Investors now owns 3,600,132 shares of the technology company’s stock valued at $302,231,000 after buying an additional 1,871,572 shares during the last quarter. Norges Bank bought a new stake in shares of Lumentum during the fourth quarter worth approximately $68,962,000. Nuveen Asset Management LLC grew its position in shares of Lumentum by 98.9% in the fourth quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company’s stock valued at $103,122,000 after purchasing an additional 610,938 shares during the last quarter. Balyasny Asset Management L.P. increased its stake in shares of Lumentum by 419.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 444,147 shares of the technology company’s stock worth $37,286,000 after purchasing an additional 583,330 shares during the period. Finally, Capital Research Global Investors bought a new position in shares of Lumentum during the fourth quarter worth approximately $42,415,000. Institutional investors own 94.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on LITE. JPMorgan Chase & Co. decreased their price objective on Lumentum from $105.00 to $73.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. B. Riley boosted their target price on shares of Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Barclays set a $75.00 price target on shares of Lumentum and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. Northland Securities set a $80.00 price objective on shares of Lumentum in a report on Wednesday, May 7th. Finally, Raymond James decreased their target price on shares of Lumentum from $82.00 to $80.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Lumentum presently has a consensus rating of “Moderate Buy” and a consensus target price of $82.20.

Insider Activity at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction dated 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 in the company, valued at approximately $4,071,799.84. This trade represents a 4.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Yuen Wupen sold 4,426 shares of Lumentum stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $71.80, for a total value of $317,786.80. Following the sale, the insider now directly owns 92,099 shares in the company, valued at $6,612,708.20. The trade was a 4.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,314 shares of company stock valued at $850,460 in the last quarter. Insiders own 0.19% of the company’s stock.

Lumentum Trading Down 0.7%

Shares of LITE stock opened at $77.76 on Friday. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. Lumentum Holdings Inc. has a fifty-two week low of $38.29 and a fifty-two week high of $104.00. The company has a market cap of $5.40 billion, a PE ratio of -10.11 and a beta of 1.18. The stock’s fifty day moving average price is $61.30 and its two-hundred day moving average price is $74.90.

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