Guggenheim Capital LLC Raises Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

Guggenheim Capital LLC boosted its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 32.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,364 shares of the technology company’s stock after buying an additional 2,562 shares during the quarter. Guggenheim Capital LLC’s holdings in Lumentum were worth $870,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of LITE. HighTower Advisors LLC acquired a new stake in shares of Lumentum in the third quarter worth $216,000. Tidal Investments LLC boosted its holdings in Lumentum by 35.6% in the third quarter. Tidal Investments LLC now owns 18,669 shares of the technology company’s stock valued at $1,183,000 after purchasing an additional 4,899 shares during the last quarter. Synovus Financial Corp boosted its holdings in Lumentum by 1.5% in the third quarter. Synovus Financial Corp now owns 13,225 shares of the technology company’s stock valued at $838,000 after purchasing an additional 200 shares during the last quarter. GAMMA Investing LLC grew its position in Lumentum by 33.3% during the 4th quarter. GAMMA Investing LLC now owns 1,192 shares of the technology company’s stock worth $100,000 after purchasing an additional 298 shares during the period. Finally, Friedenthal Financial purchased a new position in shares of Lumentum during the 4th quarter valued at about $773,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the transaction, the chief financial officer now owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.19% of the stock is owned by corporate insiders.

Lumentum Stock Performance

Shares of NASDAQ:LITE opened at $55.30 on Thursday. The business’s 50 day moving average price is $62.70 and its 200-day moving average price is $75.05. Lumentum Holdings Inc. has a 1 year low of $38.29 and a 1 year high of $104.00. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The firm has a market capitalization of $3.83 billion, a PE ratio of -7.19 and a beta of 1.14.

Lumentum (NASDAQ:LITE) last released its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. As a group, equities research analysts expect that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

LITE has been the topic of several analyst reports. Jefferies Financial Group initiated coverage on Lumentum in a report on Friday, February 21st. They set a “buy” rating on the stock. B. Riley raised their price objective on shares of Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. JPMorgan Chase & Co. decreased their target price on shares of Lumentum from $105.00 to $73.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Stifel Nicolaus lifted their price objective on shares of Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a report on Friday, February 7th. Finally, Barclays lowered their target price on shares of Lumentum from $125.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $82.60.

About Lumentum

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 (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.