Polymer Capital Management HK LTD Raises Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Polymer Capital Management HK LTD increased its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 13.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,412 shares of the technology company’s stock after purchasing an additional 4,512 shares during the quarter. Polymer Capital Management HK LTD owned approximately 0.06% of Lumentum worth $3,225,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Quarry LP grew its holdings in shares of Lumentum by 85.5% during the third quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after buying an additional 201 shares in the last quarter. UMB Bank n.a. boosted its position in Lumentum by 301.2% during the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after acquiring an additional 253 shares during the last quarter. Jones Financial Companies Lllp grew its stake in Lumentum by 54.2% in the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock worth $31,000 after acquiring an additional 130 shares during the period. Nomura Asset Management Co. Ltd. raised its holdings in Lumentum by 67.5% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after acquiring an additional 270 shares during the last quarter. Finally, J.Safra Asset Management Corp lifted its stake in shares of Lumentum by 31.1% during the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock worth $43,000 after purchasing an additional 122 shares during the period. Institutional investors and hedge funds own 94.05% of the company’s stock.

Wall Street Analysts Forecast Growth

LITE has been the subject of several analyst reports. Barclays upgraded Lumentum from an “underweight” rating to an “overweight” rating and upped their target price for the company from $80.00 to $125.00 in a research note on Friday, January 17th. BNP Paribas upgraded shares of Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price objective on the stock in a report on Tuesday, March 11th. Stifel Nicolaus raised their target price on shares of Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. UBS Group upped their price target on shares of Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $110.00 price objective on shares of Lumentum in a research note on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Lumentum has a consensus rating of “Moderate Buy” and an average price target of $87.40.

Lumentum Trading Down 7.3 %

NASDAQ LITE opened at $49.56 on Friday. The company’s fifty day simple moving average is $71.46 and its 200-day simple moving average is $76.25. The stock has a market cap of $3.43 billion, a P/E ratio of -6.44 and a beta of 1.14. Lumentum Holdings Inc. has a 52 week low of $38.29 and a 52 week high of $104.00. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. Equities research analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Insider Activity at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the sale, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at $4,071,799.84. This represents a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.19% of the stock is currently owned by company 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 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.