Essex Investment Management Co. LLC decreased its holdings in shares of Lumentum Holdings Inc (NASDAQ:LITE) by 47.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,523 shares of the technology company’s stock after selling 21,304 shares during the quarter. Essex Investment Management Co. LLC’s holdings in Lumentum were worth $1,410,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of LITE. Fortaleza Asset Management Inc. bought a new stake in Lumentum during the 2nd quarter valued at $110,000. Mount Yale Investment Advisors LLC bought a new stake in Lumentum during the 1st quarter valued at $121,000. Summit Trail Advisors LLC raised its holdings in Lumentum by 4,901.2% during the 1st quarter. Summit Trail Advisors LLC now owns 161,989 shares of the technology company’s stock valued at $162,000 after acquiring an additional 158,750 shares during the period. Cerebellum GP LLC bought a new stake in Lumentum during the 2nd quarter valued at $184,000. Finally, FNY Investment Advisers LLC bought a new stake in Lumentum during the 2nd quarter valued at $190,000.

In related news, insider Matthew Joseph Sepe sold 2,000 shares of the company’s stock in a transaction on Friday, August 24th. The shares were sold at an average price of $64.91, for a total value of $129,820.00. Following the completion of the transaction, the insider now directly owns 15,332 shares in the company, valued at $995,200.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Christopher W. Coldren sold 3,416 shares of the company’s stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $64.36, for a total transaction of $219,853.76. The disclosure for this sale can be found here. Insiders have sold a total of 9,224 shares of company stock valued at $584,653 over the last 90 days. Company insiders own 0.55% of the company’s stock.

A number of brokerages have issued reports on LITE. BidaskClub raised shares of Lumentum from a “buy” rating to a “strong-buy” rating in a report on Friday. ValuEngine raised shares of Lumentum from a “sell” rating to a “hold” rating in a report on Friday, October 12th. JPMorgan Chase & Co. raised shares of Lumentum from a “neutral” rating to an “overweight” rating and set a $80.00 target price on the stock in a report on Thursday, October 11th. Northland Securities boosted their target price on shares of Lumentum from $86.00 to $90.00 and gave the company an “outperform” rating in a report on Monday, October 1st. Finally, Needham & Company LLC boosted their target price on shares of Lumentum from $80.00 to $90.00 and gave the company a “strong-buy” rating in a report on Wednesday, September 5th. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company’s stock. Lumentum has a consensus rating of “Buy” and a consensus target price of $79.95.

LITE opened at $62.22 on Friday. The firm has a market cap of $3.80 billion, a PE ratio of 19.20, a PEG ratio of 0.91 and a beta of 0.19. The company has a quick ratio of 4.55, a current ratio of 5.27 and a debt-to-equity ratio of 0.36. Lumentum Holdings Inc has a one year low of $41.95 and a one year high of $74.40.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Wednesday, August 8th. The technology company reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.30. The firm had revenue of $301.10 million during the quarter, compared to analyst estimates of $288.56 million. Lumentum had a net margin of 19.86% and a return on equity of 25.10%. The business’s revenue for the quarter was up 35.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.39 EPS. Sell-side analysts forecast that Lumentum Holdings Inc will post 3.66 EPS 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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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