Lumentum Holdings Inc. (NASDAQ:LITE) is Shellback Capital LP’s 10th Largest Position

Shellback Capital LP trimmed its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 3.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 411,999 shares of the technology company’s stock after selling 16,774 shares during the period. Lumentum makes up approximately 2.4% of Shellback Capital LP’s holdings, making the stock its 10th largest position. Shellback Capital LP owned approximately 0.60% of Lumentum worth $34,587,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. J.Safra Asset Management Corp increased its position in shares of Lumentum by 31.1% during 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 in the last quarter. Jones Financial Companies Lllp increased its position in shares of 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. Quadrant Capital Group LLC increased its position in shares of Lumentum by 27.2% during the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company’s stock valued at $64,000 after acquiring an additional 164 shares in the last quarter. Crossmark Global Holdings Inc. increased its position in shares of Lumentum by 4.0% during the fourth quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company’s stock valued at $365,000 after acquiring an additional 168 shares in the last quarter. Finally, Manchester Capital Management LLC increased its position in shares of Lumentum by 22.6% during the fourth quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company’s stock valued at $86,000 after acquiring an additional 190 shares in the last quarter. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. BNP Paribas raised shares of Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price target for the company in a research report on Tuesday, March 11th. B. Riley raised their price target on shares of Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Barclays set a $75.00 target price on shares of Lumentum and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. Northland Securities set a $80.00 target price on shares of Lumentum in a research report on Wednesday, May 7th. Finally, Jefferies Financial Group initiated coverage on shares of Lumentum in a research report on Friday, February 21st. They issued a “buy” rating for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $82.20.

Insider Activity at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the business’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 owns 51,976 shares in the company, valued at $4,071,799.84. The trade was a 4.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Yuen Wupen sold 4,716 shares of the business’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $76.87, for a total transaction of $362,518.92. Following the completion of the sale, the insider now owns 82,957 shares in the company, valued at approximately $6,376,904.59. The trade was a 5.38% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,314 shares of company stock worth $850,460. 0.19% of the stock is owned by corporate insiders.

Lumentum Trading Down 0.7%

Shares of LITE stock opened at $77.76 on Friday. Lumentum Holdings Inc. has a 1 year low of $38.29 and a 1 year high of $104.00. The firm has a fifty day moving average price of $61.30 and a 200-day moving average price of $74.90. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The company has a market cap of $5.40 billion, a price-to-earnings ratio of -10.11 and a beta of 1.18.

Lumentum (NASDAQ:LITE) last released its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.07. Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. The company had revenue of $425.20 million for the quarter, compared to analysts’ expectations of $418.18 million. During the same quarter in the previous year, the company earned $0.09 EPS. Lumentum’s revenue for the quarter was up 16.0% on a year-over-year basis. As a group, equities analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current 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.