Polar Capital LLP Buys 14,102 Shares of Lumentum Holdings Inc (LITE)

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Polar Capital LLP lifted its stake in shares of Lumentum Holdings Inc (NASDAQ:LITE) by 3.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 447,464 shares of the technology company’s stock after acquiring an additional 14,102 shares during the period. Polar Capital LLP’s holdings in Lumentum were worth $18,798,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. American International Group Inc. boosted its stake in Lumentum by 18.3% in the fourth quarter. American International Group Inc. now owns 198,913 shares of the technology company’s stock valued at $8,356,000 after acquiring an additional 30,810 shares in the last quarter. Geode Capital Management LLC boosted its stake in Lumentum by 25.0% in the fourth quarter. Geode Capital Management LLC now owns 841,361 shares of the technology company’s stock valued at $35,345,000 after acquiring an additional 168,489 shares in the last quarter. Front Street Capital Management Inc. boosted its stake in Lumentum by 124.8% in the fourth quarter. Front Street Capital Management Inc. now owns 92,552 shares of the technology company’s stock valued at $3,888,000 after acquiring an additional 51,384 shares in the last quarter. Magnus Financial Group LLC acquired a new position in Lumentum in the fourth quarter valued at $256,000. Finally, California State Teachers Retirement System boosted its stake in Lumentum by 21.1% in the fourth quarter. California State Teachers Retirement System now owns 116,156 shares of the technology company’s stock valued at $4,880,000 after acquiring an additional 20,221 shares in the last quarter. 85.36% of the stock is currently owned by institutional investors and hedge funds.

Several equities analysts have issued reports on the stock. Zacks Investment Research downgraded shares of Lumentum from a “buy” rating to a “hold” rating in a research note on Friday, November 16th. Rosenblatt Securities set a $80.00 price objective on shares of Lumentum and gave the company a “buy” rating in a research note on Thursday, March 7th. ValuEngine downgraded shares of Lumentum from a “hold” rating to a “sell” rating in a research note on Friday, December 7th. BidaskClub upgraded shares of Lumentum from a “hold” rating to a “buy” rating in a research note on Friday, November 23rd. Finally, TheStreet downgraded shares of Lumentum from a “b” rating to a “c+” rating in a research note on Thursday, November 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $67.79.

In related news, EVP Jason Reinhardt sold 9,575 shares of the stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $50.38, for a total transaction of $482,388.50. Following the completion of the transaction, the executive vice president now directly owns 63,877 shares of the company’s stock, valued at $3,218,123.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Harold L. Covert sold 3,017 shares of the stock in a transaction dated Thursday, February 14th. The stock was sold at an average price of $46.01, for a total transaction of $138,812.17. Following the transaction, the director now directly owns 20,000 shares of the company’s stock, valued at $920,200. The disclosure for this sale can be found here. Insiders have sold 15,617 shares of company stock valued at $768,579 over the last three months. 0.55% of the stock is currently owned by corporate insiders.

Shares of LITE opened at $51.37 on Friday. Lumentum Holdings Inc has a fifty-two week low of $37.00 and a fifty-two week high of $74.05. The stock has a market cap of $3.91 billion, a PE ratio of 15.85, a price-to-earnings-growth ratio of 0.93 and a beta of 0.64. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.17 and a quick ratio of 3.24.

Lumentum (NASDAQ:LITE) last announced its earnings results on Tuesday, February 5th. The technology company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.15. The business had revenue of $373.70 million during the quarter, compared to the consensus estimate of $365.08 million. Lumentum had a net margin of 7.50% and a return on equity of 20.24%. The business’s quarterly revenue was down 7.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.67 earnings per share. On average, sell-side analysts anticipate that Lumentum Holdings Inc will post 3.37 EPS for the current year.

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Lumentum Profile

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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

Read More: Insider Trading

Want to see what other hedge funds are holding LITE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lumentum Holdings Inc (NASDAQ:LITE).

Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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