First Citizens Bank & Trust Co. Purchases 558 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

First Citizens Bank & Trust Co. boosted its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 13.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,647 shares of the technology company’s stock after acquiring an additional 558 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Lumentum were worth $390,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Atreides Management LP raised its position in shares of Lumentum by 28.5% in the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock valued at $107,177,000 after purchasing an additional 375,389 shares during the period. Point72 Hong Kong Ltd bought a new position in Lumentum in the 3rd quarter valued at about $17,981,000. Pinnacle Associates Ltd. lifted its position in Lumentum by 50.4% during the third quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock worth $25,846,000 after acquiring an additional 136,659 shares during the last quarter. Castleark Management LLC bought a new stake in shares of Lumentum during the third quarter worth approximately $6,205,000. Finally, Emerald Advisers LLC grew its position in shares of Lumentum by 29.1% in the third quarter. Emerald Advisers LLC now owns 378,535 shares of the technology company’s stock valued at $23,992,000 after purchasing an additional 85,353 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Lumentum Price Performance

Shares of LITE opened at $74.17 on Tuesday. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The stock has a market cap of $5.10 billion, a PE ratio of -8.96 and a beta of 0.94. Lumentum Holdings Inc. has a 12-month low of $38.28 and a 12-month high of $104.00. The business has a 50-day simple moving average of $87.78 and a two-hundred day simple moving average of $69.93.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Thursday, November 7th. The technology company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.48). Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. The firm had revenue of $336.90 million during the quarter, compared to analyst estimates of $326.94 million. During the same period in the prior year, the company earned ($0.10) EPS. Analysts anticipate that Lumentum Holdings Inc. will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Wajid Ali sold 29,887 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the completion of the sale, the chief financial officer now owns 56,492 shares of the company’s stock, valued at $4,805,209.52. This trade represents a 34.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Vincent Retort sold 41,710 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $89.52, for a total value of $3,733,879.20. Following the completion of the transaction, the insider now directly owns 147,515 shares in the company, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,797 shares of company stock valued at $8,881,428 over the last ninety days. 0.19% of the stock is owned by company insiders.

Analysts Set New Price Targets

LITE has been the topic of several recent research reports. Morgan Stanley increased their price objective on Lumentum from $76.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Northland Securities lifted their price objective on shares of Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. Barclays upgraded shares of Lumentum from an “underweight” rating to an “overweight” rating and increased their target price for the stock from $80.00 to $125.00 in a research report on Friday, January 17th. Needham & Company LLC reiterated a “buy” rating and issued a $110.00 price target on shares of Lumentum in a research report on Thursday, January 9th. Finally, Susquehanna increased their price target on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $81.92.

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 (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.