AO Asset Management LP trimmed its holdings in Lumentum Holdings Inc (NASDAQ:LITE) by 43.5% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 233,900 shares of the technology company’s stock after selling 179,800 shares during the period. Lumentum comprises about 3.0% of AO Asset Management LP’s portfolio, making the stock its 13th largest holding. AO Asset Management LP’s holdings in Lumentum were worth $11,438,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in LITE. Bank of New York Mellon Corp increased its holdings in Lumentum by 58.0% in the 4th quarter. Bank of New York Mellon Corp now owns 4,005,797 shares of the technology company’s stock worth $195,883,000 after buying an additional 1,470,587 shares in the last quarter. Eagle Asset Management Inc. bought a new stake in Lumentum in the 4th quarter worth about $40,918,000. Whale Rock Capital Management LLC increased its holdings in Lumentum by 86.0% in the 3rd quarter. Whale Rock Capital Management LLC now owns 1,590,359 shares of the technology company’s stock worth $86,436,000 after buying an additional 735,239 shares in the last quarter. Carillon Tower Advisers Inc. bought a new stake in Lumentum in the 4th quarter worth about $29,089,000. Finally, Artemis Investment Management LLP increased its holdings in Lumentum by 676.1% in the 3rd quarter. Artemis Investment Management LLP now owns 672,022 shares of the technology company’s stock worth $36,541,000 after buying an additional 585,432 shares in the last quarter.
Lumentum Holdings Inc (LITE) opened at $60.10 on Wednesday. The stock has a market capitalization of $3,720.00 and a P/E ratio of -34.34. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.16 and a current ratio of 4.84. Lumentum Holdings Inc has a 52 week low of $40.35 and a 52 week high of $68.63.
In related news, CEO Alan S. Lowe sold 4,511 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $58.52, for a total value of $263,983.72. Following the transaction, the chief executive officer now directly owns 238,998 shares of the company’s stock, valued at approximately $13,986,162.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Vincent Retort sold 3,112 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $58.97, for a total value of $183,514.64. Following the completion of the transaction, the chief operating officer now directly owns 92,541 shares in the company, valued at $5,457,142.77. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 49,861 shares of company stock valued at $2,875,627. 0.76% of the stock is currently owned by corporate insiders.
Several research firms recently commented on LITE. BidaskClub upgraded Lumentum from a “hold” rating to a “buy” rating in a report on Thursday, February 22nd. Barclays upgraded Lumentum from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $65.00 to $67.00 in a report on Wednesday, January 10th. TheStreet upgraded Lumentum from a “c” rating to a “b-” rating in a report on Wednesday, February 7th. UBS Group began coverage on Lumentum in a report on Wednesday, January 31st. They issued a “buy” rating and a $57.00 price objective for the company. Finally, B. Riley restated a “buy” rating and set a $85.00 price target (up from $81.00) on shares of Lumentum in a research note on Wednesday, February 7th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $72.31.
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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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