Oak Ridge Investments LLC purchased a new position in shares of Lumentum Holdings (NASDAQ:LITE) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 111,856 shares of the technology company’s stock, valued at approximately $7,136,000. Oak Ridge Investments LLC owned 0.18% of Lumentum at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in LITE. Bank of New York Mellon Corp raised its position in shares of Lumentum by 58.0% during 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 purchasing an additional 1,470,587 shares during the period. Eagle Asset Management Inc. acquired a new stake in Lumentum in the 4th quarter valued at approximately $40,918,000. Carillon Tower Advisers Inc. acquired a new stake in Lumentum in the 4th quarter valued at approximately $29,089,000. AXA increased its position in Lumentum by 48.4% in the 4th quarter. AXA now owns 1,411,087 shares of the technology company’s stock valued at $69,002,000 after acquiring an additional 460,315 shares during the period. Finally, Element Capital Management LLC acquired a new stake in Lumentum in the 4th quarter valued at approximately $17,890,000.
LITE has been the topic of several analyst reports. Morgan Stanley set a $60.00 target price on Lumentum and gave the company a “hold” rating in a research report on Friday, March 9th. Zacks Investment Research cut Lumentum from a “buy” rating to a “hold” rating in a research report on Tuesday, May 8th. MKM Partners raised their target price on Lumentum to $88.00 and gave the company a “buy” rating in a research report on Wednesday, March 14th. BidaskClub upgraded Lumentum from a “hold” rating to a “buy” rating in a research report on Friday, May 4th. Finally, Northland Securities restated a “buy” rating and issued a $82.00 target price on shares of Lumentum in a research report on Wednesday, February 7th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Lumentum currently has an average rating of “Buy” and an average target price of $81.53.
Shares of Lumentum opened at $61.35 on Thursday, MarketBeat Ratings reports. Lumentum Holdings has a 1 year low of $41.95 and a 1 year high of $74.40. The firm has a market cap of $3.81 billion, a PE ratio of 38.58, a PEG ratio of 1.13 and a beta of 0.06. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.81 and a current ratio of 5.56.
Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Wednesday, May 2nd. The technology company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.07. Lumentum had a return on equity of 23.35% and a net margin of 13.63%. The company had revenue of $299.00 million for the quarter, compared to analysts’ expectations of $292.30 million. During the same period last year, the firm earned $0.49 EPS. The firm’s revenue for the quarter was up 16.8% on a year-over-year basis. research analysts expect that Lumentum Holdings will post 2.89 earnings per share for the current year.
In other news, General Counsel Judy G. Hamel sold 2,000 shares of Lumentum stock in a transaction on Monday, March 12th. The stock was sold at an average price of $71.00, for a total transaction of $142,000.00. Following the transaction, the general counsel now directly owns 26,773 shares in the company, valued at approximately $1,900,883. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Aaron Tachibana sold 1,697 shares of Lumentum stock in a transaction on Thursday, May 17th. The shares were sold at an average price of $63.40, for a total value of $107,589.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,551 shares of company stock worth $2,865,359. 0.76% of the stock is owned by insiders.
Lumentum Company Profile
Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. It 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.
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