Polymer Capital Management US LLC Takes Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Polymer Capital Management US LLC acquired a new position in Lumentum Holdings Inc. (NASDAQ:LITE) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 81,900 shares of the technology company’s stock, valued at approximately $6,876,000. Lumentum accounts for approximately 1.9% of Polymer Capital Management US LLC’s investment portfolio, making the stock its 9th biggest position. Polymer Capital Management US LLC owned approximately 0.12% of Lumentum as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Polymer Capital Management HK LTD raised its stake in shares of Lumentum by 13.3% during the fourth quarter. Polymer Capital Management HK LTD now owns 38,412 shares of the technology company’s stock worth $3,225,000 after buying an additional 4,512 shares during the last quarter. Federated Hermes Inc. raised its position in shares of Lumentum by 11.0% during the 4th quarter. Federated Hermes Inc. now owns 5,004 shares of the technology company’s stock valued at $420,000 after acquiring an additional 497 shares during the last quarter. MIG Capital LLC acquired a new position in shares of Lumentum in the 4th quarter valued at $337,000. Quadrant Capital Group LLC boosted its position in shares of Lumentum by 27.2% in the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company’s stock worth $64,000 after purchasing an additional 164 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Lumentum by 16,912.6% in the fourth quarter. Russell Investments Group Ltd. now owns 50,017 shares of the technology company’s stock valued at $4,199,000 after purchasing an additional 49,723 shares during the last quarter. 94.05% of the stock is owned by institutional investors.

Insider Transactions at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of the business’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the transaction, the chief financial officer now directly owns 51,976 shares in the company, valued at $4,071,799.84. The trade was a 4.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

LITE has been the subject of several analyst reports. Northland Securities boosted their target price on Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a research report on Friday, February 7th. Raymond James raised shares of Lumentum from an “outperform” rating to a “strong-buy” rating and lowered their target price for the company from $96.00 to $82.00 in a research note on Monday, March 24th. UBS Group lifted 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. Needham & Company LLC restated a “buy” rating and issued a $110.00 price objective on shares of Lumentum in a research report on Friday, February 7th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $110.00 target price on shares of Lumentum in a report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Lumentum presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.40.

Lumentum Price Performance

NASDAQ LITE opened at $49.56 on Monday. The firm’s 50 day moving average is $71.46 and its 200-day moving average is $76.38. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. The company has a market capitalization of $3.43 billion, a PE ratio of -6.44 and a beta of 1.14. Lumentum Holdings Inc. has a 12-month low of $38.29 and a 12-month high of $104.00.

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

About Lumentum

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.