Emerald Mutual Fund Advisers Trust Maintains Stake in Lumentum Holdings Inc. (LITE)
Emerald Mutual Fund Advisers Trust held its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 377,590 shares of the company’s stock at the end of the second quarter. Emerald Mutual Fund Advisers Trust’s holdings in Lumentum Holdings were worth $9,138,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Legal & General Group Plc raised its position in shares of Lumentum Holdings by 133.1% in the first quarter. Legal & General Group Plc now owns 4,109 shares of the company’s stock valued at $111,000 after buying an additional 2,346 shares during the last quarter. LaSalle Street Capital Management LLC increased its stake in Lumentum Holdings by 3.2% in the second quarter. LaSalle Street Capital Management LLC now owns 9,441 shares of the company’s stock worth $228,000 after buying an additional 292 shares during the period. AMP Capital Investors Ltd acquired a new stake in Lumentum Holdings during the first quarter worth about $277,000. Miles Capital Inc. acquired a new stake in Lumentum Holdings during the first quarter worth about $278,000. Finally, American Century Companies Inc. acquired a new stake in Lumentum Holdings during the second quarter worth about $354,000. Institutional investors and hedge funds own 74.97% of the company’s stock.
Lumentum Holdings Inc. (NASDAQ:LITE) traded up 2.56% during mid-day trading on Thursday, hitting $44.48. 896,461 shares of the stock were exchanged. The company’s market cap is $2.67 billion. Lumentum Holdings Inc. has a one year low of $13.97 and a one year high of $44.69. The company has a 50-day moving average price of $37.76 and a 200-day moving average price of $29.01.
Lumentum Holdings (NASDAQ:LITE) last announced its quarterly earnings results on Tuesday, August 9th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.05. The business earned $241.70 million during the quarter, compared to analyst estimates of $238.52 million. Lumentum Holdings had a return on equity of 11.91% and a net margin of 1.01%. The firm’s revenue was up 15.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.15 EPS. On average, analysts predict that Lumentum Holdings Inc. will post $1.87 earnings per share for the current fiscal year.
LITE has been the subject of a number of research analyst reports. Needham & Company LLC raised shares of Lumentum Holdings from a “buy” rating to a “strong-buy” rating and increased their target price for the stock from $35.00 to $40.00 in a research report on Monday, July 25th. Zacks Investment Research raised shares of Lumentum Holdings from a “hold” rating to a “strong-buy” rating and set a $38.00 target price for the company in a research report on Tuesday, August 16th. Piper Jaffray Cos. reissued an “overweight” rating and set a $38.00 target price (up previously from $32.00) on shares of Lumentum Holdings in a research report on Saturday, August 13th. MKM Partners increased their target price on shares of Lumentum Holdings from $28.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, July 20th. Finally, Jefferies Group increased their target price on shares of Lumentum Holdings from $39.00 to $51.50 and gave the stock a “buy” rating in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $38.54.
In other news, CEO Alan S. Lowe sold 174,222 shares of Lumentum Holdings stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $34.03, for a total transaction of $5,928,774.66. Following the completion of the sale, the chief executive officer now directly owns 38,880 shares in the company, valued at approximately $1,323,086.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Aaron Tachibana sold 6,086 shares of Lumentum Holdings stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $34.64, for a total value of $210,819.04. Following the sale, the chief financial officer now owns 13,239 shares of the company’s stock, valued at $458,598.96. The disclosure for this sale can be found here. Insiders own 0.76% of the company’s stock.
Lumentum Holdings Company Profile
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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