Engineers Gate Manager LP Takes Position in Lumentum Holdings Inc. (LITE)
Engineers Gate Manager LP bought a new position in Lumentum Holdings Inc. (NASDAQ:LITE) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 15,768 shares of the technology company’s stock, valued at approximately $900,000.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Kennedy Capital Management Inc. raised its holdings in Lumentum Holdings by 24.2% in the second quarter. Kennedy Capital Management Inc. now owns 383,304 shares of the technology company’s stock worth $21,867,000 after purchasing an additional 74,769 shares during the period. Artemis Investment Management LLP bought a new stake in shares of Lumentum Holdings during the second quarter worth $4,938,000. Swiss National Bank increased its position in shares of Lumentum Holdings by 28.0% during the second quarter. Swiss National Bank now owns 101,520 shares of the technology company’s stock worth $5,792,000 after acquiring an additional 22,200 shares in the last quarter. Pacad Investment Ltd. bought a new stake in shares of Lumentum Holdings during the second quarter worth $331,000. Finally, Chicago Equity Partners LLC increased its position in shares of Lumentum Holdings by 20.1% during the second quarter. Chicago Equity Partners LLC now owns 14,655 shares of the technology company’s stock worth $836,000 after acquiring an additional 2,455 shares in the last quarter. Institutional investors own 95.74% of the company’s stock.
In other Lumentum Holdings news, CEO Alan S. Lowe sold 7,916 shares of the company’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $52.62, for a total transaction of $416,539.92. Following the transaction, the chief executive officer now owns 141,162 shares in the company, valued at $7,427,944.44. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Penny Herscher sold 1,313 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $53.04, for a total transaction of $69,641.52. Following the transaction, the director now owns 26,464 shares in the company, valued at approximately $1,403,650.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,199 shares of company stock worth $2,692,047. Corporate insiders own 0.76% of the company’s stock.
Lumentum Holdings Inc. (NASDAQ:LITE) opened at 57.05 on Friday. The company has a 50-day moving average of $57.89 and a 200-day moving average of $51.58. The company’s market cap is $3.51 billion. Lumentum Holdings Inc. has a 52-week low of $32.90 and a 52-week high of $60.00.
Lumentum Holdings (NASDAQ:LITE) last released its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.18. Lumentum Holdings had a negative net margin of 10.25% and a positive return on equity of 18.12%. The firm had revenue of $222.70 million for the quarter, compared to the consensus estimate of $229.45 million. During the same quarter in the prior year, the company posted $0.41 earnings per share. The business’s revenue was down 7.9% on a year-over-year basis. On average, equities research analysts expect that Lumentum Holdings Inc. will post $3.02 earnings per share for the current fiscal year.
Several brokerages have recently issued reports on LITE. Barclays PLC reissued a “hold” rating on shares of Lumentum Holdings in a research report on Friday, July 14th. Piper Jaffray Companies reissued an “overweight” rating and set a $68.00 price objective on shares of Lumentum Holdings in a research report on Thursday. BidaskClub downgraded shares of Lumentum Holdings from a “hold” rating to a “sell” rating in a research report on Saturday, August 19th. Zacks Investment Research downgraded shares of Lumentum Holdings from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 23rd. Finally, B. Riley reissued a “buy” rating and set a $77.00 price objective (up previously from $58.00) on shares of Lumentum Holdings in a research report on Tuesday, June 27th. One analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $64.75.
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Lumentum Holdings 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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