Mason Street Advisors LLC acquired a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 9,271 shares of the company’s stock, valued at approximately $224,000.
A number of other hedge funds have also recently bought and sold shares of the stock. Legal & General Group Plc boosted its stake in Lumentum Holdings by 133.1% in the first quarter. Legal & General Group Plc now owns 4,109 shares of the company’s stock worth $111,000 after buying an additional 2,346 shares during the period. PineBridge Investments L.P. boosted its stake in shares of Lumentum Holdings by 4.1% in the second quarter. PineBridge Investments L.P. now owns 6,015 shares of the company’s stock worth $146,000 after buying an additional 239 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in shares of Lumentum Holdings by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 6,581 shares of the company’s stock worth $159,000 after buying an additional 799 shares during the last quarter. Pacad Investment Ltd. bought a new stake in shares of Lumentum Holdings during the second quarter worth approximately $160,000. Finally, ProShare Advisors LLC bought a new stake in shares of Lumentum Holdings during the second quarter worth approximately $214,000. Institutional investors own 74.97% of the company’s stock.
Shares of Lumentum Holdings Inc. (NASDAQ:LITE) opened at 40.73 on Wednesday. The stock has a 50 day moving average price of $38.88 and a 200-day moving average price of $29.49. The firm’s market cap is $2.45 billion. Lumentum Holdings Inc. has a 52-week low of $13.97 and a 52-week high of $45.25.
Lumentum Holdings (NASDAQ:LITE) last issued its earnings results on Tuesday, August 9th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.05. Lumentum Holdings had a net margin of 1.01% and a return on equity of 11.91%. The company earned $241.70 million during the quarter, compared to analysts’ expectations of $238.52 million. During the same period last year, the company posted $0.15 earnings per share. The firm’s quarterly revenue was up 15.7% compared to the same quarter last year. On average, equities analysts anticipate that Lumentum Holdings Inc. will post $1.88 EPS for the current fiscal year.
A number of equities analysts have recently weighed in on LITE shares. B. Riley reaffirmed a “buy” rating and issued a $41.50 price objective on shares of Lumentum Holdings in a research note on Monday, August 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Lumentum Holdings in a research note on Wednesday, June 15th. Zacks Investment Research raised Lumentum Holdings from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 6th. Stifel Nicolaus increased their price target on Lumentum Holdings from $31.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday, August 10th. Finally, JPMorgan Chase & Co. reissued a “buy” rating on shares of Lumentum Holdings in a research note on Monday, August 8th. Three investment analysts have rated the stock with a sell rating, one has given a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $39.29.
In other news, COO Vincent Retort sold 39,473 shares of the firm’s stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $30.00, for a total transaction of $1,184,190.00. Following the completion of the transaction, the chief operating officer now directly owns 40,060 shares of the company’s stock, valued at approximately $1,201,800. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Alan S. Lowe sold 4,351 shares of the firm’s stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of $41.82, for a total transaction of $181,958.82. Following the transaction, the chief executive officer now directly owns 151,220 shares of the company’s stock, valued at $6,324,020.40. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by company insiders.
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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