Strategy Asset Managers LLC Acquires New Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Strategy Asset Managers LLC acquired a new stake in Lumentum Holdings Inc. (NASDAQ:LITE) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,292 shares of the technology company’s stock, valued at approximately $209,000.

Several other hedge funds have also made changes to their positions in LITE. Vantage Consulting Group Inc acquired a new position in shares of Lumentum in the fourth quarter valued at approximately $47,000. Signaturefd LLC grew its holdings in shares of Lumentum by 71.4% in the first quarter. Signaturefd LLC now owns 528 shares of the technology company’s stock valued at $48,000 after purchasing an additional 220 shares in the last quarter. Valley Brook Capital Group acquired a new position in shares of Lumentum in the fourth quarter valued at approximately $49,000. Bedel Financial Consulting Inc. grew its holdings in shares of Lumentum by 1,063.8% in the first quarter. Bedel Financial Consulting Inc. now owns 547 shares of the technology company’s stock valued at $50,000 after purchasing an additional 500 shares in the last quarter. Finally, AllSquare Wealth Management LLC acquired a new position in shares of Lumentum in the first quarter valued at approximately $50,000. Hedge funds and other institutional investors own 89.90% of the company’s stock.

A number of brokerages recently weighed in on LITE. Rosenblatt Securities dropped their price objective on shares of Lumentum from $97.00 to $80.00 and set a “neutral” rating for the company in a report on Thursday, May 13th. Morgan Stanley reiterated an “equal weight” rating and set a $81.00 price target on shares of Lumentum in a report on Thursday, May 13th. Zacks Investment Research cut shares of Lumentum from a “hold” rating to a “sell” rating in a report on Wednesday, March 17th. Craig Hallum lowered their price target on shares of Lumentum from $120.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, May 13th. Finally, Susquehanna lowered their price target on shares of Lumentum from $120.00 to $90.00 and set a “positive” rating for the company in a report on Thursday, May 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $94.65.

LITE stock opened at $81.28 on Friday. The firm has a fifty day simple moving average of $84.72. Lumentum Holdings Inc. has a 12 month low of $65.67 and a 12 month high of $112.08. The stock has a market cap of $6.17 billion, a P/E ratio of 17.26 and a beta of 0.95. The company has a debt-to-equity ratio of 0.36, a quick ratio of 3.50 and a current ratio of 3.81.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Wednesday, May 12th. The technology company reported $1.40 EPS for the quarter, meeting the consensus estimate of $1.40. Lumentum had a net margin of 21.60% and a return on equity of 21.50%. The firm had revenue of $419.50 million during the quarter, compared to the consensus estimate of $434.02 million. During the same quarter in the prior year, the firm earned $1.26 EPS. Lumentum’s revenue for the quarter was up 4.1% on a year-over-year basis. As a group, research analysts anticipate that Lumentum Holdings Inc. will post 5.15 EPS for the current year.

In related news, CFO Wajid Ali sold 6,481 shares of the company’s stock in a transaction on Friday, June 4th. The shares were sold at an average price of $82.50, for a total value of $534,682.50. Following the completion of the sale, the chief financial officer now owns 65,921 shares in the company, valued at approximately $5,438,482.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.32% of the stock is owned by corporate insiders.

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 in 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.

See Also: Accumulation/Distribution

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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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