189,936 Shares in Lumentum Holdings Inc. (NASDAQ:LITE) Purchased by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership purchased a new stake in Lumentum Holdings Inc. (NASDAQ:LITE) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 189,936 shares of the technology company’s stock, valued at approximately $15,945,000.

Other hedge funds also recently modified their holdings of the company. Quarry LP increased its position in shares of Lumentum by 85.5% during the third quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after purchasing an additional 201 shares during the period. UMB Bank n.a. increased its holdings in Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after buying an additional 253 shares during the period. Jones Financial Companies Lllp raised its stake in shares of Lumentum by 54.2% in the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after buying an additional 130 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Lumentum by 67.5% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after acquiring an additional 270 shares during the period. Finally, J.Safra Asset Management Corp boosted its position in shares of Lumentum by 31.1% during the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock valued at $43,000 after acquiring an additional 122 shares in the last quarter. Institutional investors own 94.05% of the company’s stock.

Analyst Ratings Changes

LITE has been the subject of a number of analyst reports. Rosenblatt Securities restated a “buy” rating and set a $110.00 price target on shares of Lumentum in a research note on Friday, February 7th. UBS Group raised their target price on Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Stifel Nicolaus upped their price target on Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Morgan Stanley cut their price objective on Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, January 31st. Finally, B. Riley upped their target price on shares of Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $87.40.

Insider Buying and Selling

In related 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 transaction of $170,154.48. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.19% of the stock is currently owned by insiders.

Lumentum Stock Down 7.3 %

NASDAQ LITE opened at $49.56 on Friday. The stock has a market capitalization of $3.43 billion, a P/E ratio of -6.44 and a beta of 1.14. 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 quick ratio of 3.60 and a current ratio of 4.76. The stock has a fifty day moving average of $71.46 and a 200-day moving average of $76.13.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) EPS 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%. On average, equities research analysts forecast that Lumentum Holdings Inc. will post 0.03 EPS for the current 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.