Princeton Capital Management LLC grew its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 7.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,019 shares of the technology company’s stock after purchasing an additional 1,178 shares during the period. Princeton Capital Management LLC’s holdings in Lumentum were worth $1,463,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Vantage Consulting Group Inc acquired a new stake in shares of Lumentum during the 4th quarter valued at about $47,000. Signaturefd LLC boosted its position in Lumentum by 71.4% in the first quarter. Signaturefd LLC now owns 528 shares of the technology company’s stock valued at $48,000 after buying an additional 220 shares in the last quarter. Valley Brook Capital Group acquired a new position in Lumentum in the fourth quarter valued at about $49,000. Bedel Financial Consulting Inc. boosted its position in Lumentum by 1,063.8% in the first quarter. Bedel Financial Consulting Inc. now owns 547 shares of the technology company’s stock valued at $50,000 after buying an additional 500 shares in the last quarter. Finally, AllSquare Wealth Management LLC acquired a new position in Lumentum in the first quarter valued at about $50,000. Institutional investors own 89.90% of the company’s stock.
A number of equities analysts have commented on the stock. Susquehanna reduced their price target on shares of Lumentum from $120.00 to $90.00 and set a “positive” rating on the stock in a research report on Thursday, May 13th. Needham & Company LLC dropped their target price on shares of Lumentum from $123.00 to $87.00 and set a “buy” rating for the company in a research note on Thursday, May 13th. They noted that the move was a valuation call. Susquehanna Bancshares reissued a “buy” rating and set a $120.00 price target on shares of Lumentum in a research note on Friday, February 19th. Rosenblatt Securities dropped their price target on shares of Lumentum from $97.00 to $80.00 and set a “neutral” rating for the company in a research note on Thursday, May 13th. Finally, Zacks Investment Research downgraded shares of Lumentum from a “hold” rating to a “sell” rating in a research note on Wednesday, March 17th. One analyst has rated the stock with a sell rating, five have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Lumentum has an average rating of “Buy” and a consensus target price of $94.65.
Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Wednesday, May 12th. The technology company reported $1.40 EPS for the quarter, hitting analysts’ consensus estimates of $1.40. The business had revenue of $419.50 million for the quarter, compared to analyst estimates of $434.02 million. Lumentum had a net margin of 21.60% and a return on equity of 21.50%. Lumentum’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the firm earned $1.26 earnings per share. On average, equities analysts expect that Lumentum Holdings Inc. will post 5.15 EPS for the current fiscal year.
In other Lumentum news, CFO Wajid Ali sold 6,481 shares of the stock in a transaction dated Friday, June 4th. The shares were sold at an average price of $82.50, for a total transaction of $534,682.50. Following the sale, the chief financial officer now directly owns 65,921 shares in the company, valued at $5,438,482.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.32% of the company’s stock.
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 in 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.
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