Capital World Investors Has $302.23 Million Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Capital World Investors grew its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 108.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 3,600,132 shares of the technology company’s stock after buying an additional 1,871,572 shares during the period. Capital World Investors owned about 0.05% of Lumentum worth $302,231,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in LITE. UMB Bank n.a. increased its position in Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after purchasing an additional 253 shares during the last quarter. Jones Financial Companies Lllp raised its position in Lumentum by 54.2% during the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after acquiring an additional 130 shares in the last quarter. J.Safra Asset Management Corp lifted its stake in Lumentum by 31.1% in the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock valued at $43,000 after acquiring an additional 122 shares during the last quarter. Quadrant Capital Group LLC grew its position in Lumentum by 27.2% in the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company’s stock worth $64,000 after acquiring an additional 164 shares in the last quarter. Finally, Daiwa Securities Group Inc. acquired a new position in shares of Lumentum during the 4th quarter worth $67,000. 94.05% of the stock is owned by hedge funds and other institutional investors.

Lumentum Stock Performance

NASDAQ:LITE opened at $52.00 on Monday. 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 firm has a 50-day moving average price of $64.26 and a 200 day moving average price of $75.48. The firm has a market capitalization of $3.60 billion, a PE ratio of -6.76 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 announced its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. Research analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on LITE shares. BNP Paribas upgraded shares of Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price objective for the company in a report on Tuesday, March 11th. Northland Securities raised Lumentum from a “market perform” rating to an “outperform” rating in a report on Monday, April 7th. Northland Capmk upgraded Lumentum from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. B. Riley upped their target price on Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Finally, Raymond James raised shares of Lumentum from an “outperform” rating to a “strong-buy” rating and dropped their price target for the company from $96.00 to $82.00 in a research report on Monday, March 24th. Two analysts have rated the stock with a sell rating, three have given a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Lumentum presently has an average rating of “Moderate Buy” and a consensus target price of $87.93.

Insider Activity at Lumentum

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

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.