Tocqueville Asset Management L.P. lessened its holdings in Lumentum Holdings Inc (NASDAQ:LITE) by 7.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 48,400 shares of the technology company’s stock after selling 3,875 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in Lumentum were worth $2,367,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. SeaCrest Wealth Management LLC purchased a new stake in Lumentum in the 4th quarter worth $128,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Lumentum by 42.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,797 shares of the technology company’s stock worth $186,000 after buying an additional 1,135 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Lumentum in the 3rd quarter worth $234,000. CIBC Asset Management Inc purchased a new stake in Lumentum in the 4th quarter worth $236,000. Finally, First Allied Advisory Services Inc. purchased a new stake in Lumentum in the 3rd quarter worth $237,000.
Lumentum Holdings Inc (LITE) opened at $68.98 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 4.84 and a quick ratio of 4.16. Lumentum Holdings Inc has a 1-year low of $40.35 and a 1-year high of $69.25. The company has a market cap of $4,304.04, a PE ratio of 28.27, a P/E/G ratio of 1.30 and a beta of -0.09.
In related news, CFO Aaron Tachibana sold 2,000 shares of the stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $65.00, for a total value of $130,000.00. Following the completion of the transaction, the chief financial officer now owns 68,530 shares of the company’s stock, valued at approximately $4,454,450. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Jason Reinhardt sold 9,308 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $56.82, for a total transaction of $528,880.56. Following the completion of the transaction, the executive vice president now directly owns 59,635 shares of the company’s stock, valued at approximately $3,388,460.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 48,039 shares of company stock valued at $2,798,935. 0.76% of the stock is owned by insiders.
LITE has been the subject of several research reports. Morgan Stanley set a $60.00 price objective on shares of Lumentum and gave the company a “hold” rating in a report on Friday. Barclays raised shares of Lumentum from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $65.00 to $67.00 in a report on Wednesday, January 10th. BidaskClub downgraded shares of Lumentum from a “hold” rating to a “sell” rating in a report on Friday, December 29th. Northland Securities reissued a “buy” rating and set a $82.00 price objective on shares of Lumentum in a report on Wednesday, February 7th. Finally, TheStreet raised shares of Lumentum from a “c” rating to a “b-” rating in a report on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and fifteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $73.19.
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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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