Lumentum Holdings Inc. (LITE) Position Increased by Swiss National Bank
Swiss National Bank increased its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 28.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 101,520 shares of the technology company’s stock after buying an additional 22,200 shares during the period. Swiss National Bank owned 0.17% of Lumentum Holdings worth $5,792,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in LITE. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Lumentum Holdings by 111.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,662 shares of the technology company’s stock worth $152,000 after buying an additional 1,406 shares in the last quarter. Creative Planning boosted its holdings in Lumentum Holdings by 54.2% during the second quarter. Creative Planning now owns 3,039 shares of the technology company’s stock worth $173,000 after buying an additional 1,068 shares in the last quarter. LS Investment Advisors LLC boosted its holdings in Lumentum Holdings by 69.1% during the first quarter. LS Investment Advisors LLC now owns 3,494 shares of the technology company’s stock worth $186,000 after buying an additional 1,428 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in Lumentum Holdings during the first quarter worth $206,000. Finally, World Asset Management Inc purchased a new stake in Lumentum Holdings during the second quarter worth $211,000. 95.74% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently issued reports on LITE. Zacks Investment Research downgraded shares of Lumentum Holdings from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 23rd. B. Riley reissued a “buy” rating and set a $77.00 price target (up from $58.00) on shares of Lumentum Holdings in a report on Tuesday, June 27th. Piper Jaffray Companies reissued an “overweight” rating and set a $68.00 price target on shares of Lumentum Holdings in a report on Thursday, September 14th. Stifel Nicolaus reissued a “buy” rating and set a $73.00 price target on shares of Lumentum Holdings in a report on Saturday, July 22nd. Finally, BidaskClub downgraded shares of Lumentum Holdings from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $64.75.
In related news, Director Penny Herscher sold 1,313 shares of the business’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total value of $69,641.52. Following the sale, the director now directly owns 26,464 shares in the company, valued at approximately $1,403,650.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Alan S. Lowe sold 28,095 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $51.20, for a total transaction of $1,438,464.00. Following the completion of the sale, the chief executive officer now owns 249,655 shares in the company, valued at $12,782,336. The disclosure for this sale can be found here. Insiders sold a total of 52,199 shares of company stock worth $2,692,047 over the last quarter. Insiders own 0.76% of the company’s stock.
Shares of Lumentum Holdings Inc. (NASDAQ LITE) opened at 59.35 on Tuesday. Lumentum Holdings Inc. has a 12 month low of $32.90 and a 12 month high of $60.00. The firm’s market capitalization is $3.65 billion. The stock has a 50 day moving average of $58.03 and a 200-day moving average of $56.41.
Lumentum Holdings (NASDAQ:LITE) last released its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.39 EPS for the quarter, topping the 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 business had revenue of $222.70 million for the quarter, compared to analyst estimates of $229.45 million. During the same period in the previous year, the firm earned $0.41 EPS. The business’s revenue for the quarter was down 7.9% compared to the same quarter last year. On average, equities research analysts anticipate that Lumentum Holdings Inc. will post $3.02 EPS for the current fiscal year.
About Lumentum Holdings
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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