First Citizens Bank & Trust Co. Purchases 558 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

First Citizens Bank & Trust Co. increased its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 13.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,647 shares of the technology company’s stock after acquiring an additional 558 shares during the period. First Citizens Bank & Trust Co.’s holdings in Lumentum were worth $390,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quarry LP boosted its stake in Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after purchasing an additional 201 shares in the last quarter. UMB Bank n.a. lifted its position in Lumentum by 301.2% during the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after buying an additional 253 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in Lumentum during the 3rd quarter worth about $33,000. Point72 DIFC Ltd acquired a new stake in Lumentum in the 2nd quarter valued at about $36,000. Finally, Nomura Asset Management Co. Ltd. increased its position in Lumentum by 67.5% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after acquiring an additional 270 shares in the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Lumentum

In other Lumentum news, Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total value of $1,307,550.00. Following the sale, the director now directly owns 8,761 shares in the company, valued at approximately $763,696.37. The trade was a 63.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Wajid Ali sold 29,887 shares of the business’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the sale, the chief financial officer now directly owns 56,492 shares in the company, valued at $4,805,209.52. This trade represents a 34.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,797 shares of company stock valued at $8,881,428 in the last 90 days. 0.19% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and issued a $110.00 price target on shares of Lumentum in a report on Thursday, January 9th. Morgan Stanley lifted their price objective on Lumentum from $76.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Northland Securities upped their target price on shares of Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Raymond James lifted their price target on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Susquehanna increased their price objective 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 research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Lumentum has a consensus rating of “Moderate Buy” and an average price target of $81.92.

Lumentum Price Performance

NASDAQ LITE opened at $74.17 on Tuesday. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. The stock has a market cap of $5.10 billion, a price-to-earnings ratio of -8.96 and a beta of 0.94. The business has a 50 day simple moving average of $87.78 and a 200 day simple moving average of $69.93. Lumentum Holdings Inc. has a 52-week low of $38.28 and a 52-week high of $104.00.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Thursday, November 7th. The technology company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.48). The company had revenue of $336.90 million for the quarter, compared to the consensus estimate of $326.94 million. Lumentum had a negative return on equity of 6.79% and a negative net margin of 40.70%. During the same period in the prior year, the company earned ($0.10) EPS. Analysts anticipate that Lumentum Holdings Inc. will post -0.02 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.