DigitalBridge Group Inc. Reduces Stock Position in Lumentum Holdings Inc. (NASDAQ:LITE)

DigitalBridge Group Inc. trimmed its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 21.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 378,273 shares of the technology company’s stock after selling 102,053 shares during the period. Lumentum comprises about 2.3% of DigitalBridge Group Inc.’s holdings, making the stock its 15th biggest position. DigitalBridge Group Inc. owned about 0.55% of Lumentum worth $31,756,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of LITE. Robeco Institutional Asset Management B.V. acquired a new position in Lumentum during the fourth quarter worth $646,000. Crestline Management LP purchased a new position in shares of Lumentum in the fourth quarter valued at $4,435,000. SBI Securities Co. Ltd. acquired a new position in shares of Lumentum during the 4th quarter worth $739,000. M&T Bank Corp boosted its position in shares of Lumentum by 54.2% in the 4th quarter. M&T Bank Corp now owns 18,104 shares of the technology company’s stock worth $1,520,000 after buying an additional 6,361 shares in the last quarter. Finally, Aigen Investment Management LP grew its stake in Lumentum by 72.9% in the 4th quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company’s stock valued at $1,464,000 after acquiring an additional 7,354 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Insider Activity

In other news, insider Yuen Wupen sold 4,426 shares of the business’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $71.80, for a total transaction of $317,786.80. Following the completion of the sale, the insider now owns 92,099 shares in the company, valued at approximately $6,612,708.20. The trade was a 4.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jae Kim sold 4,577 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $77.98, for a total transaction of $356,914.46. Following the sale, the senior vice president now directly owns 31,534 shares of the company’s stock, valued at approximately $2,459,021.32. This trade represents a 12.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold 14,298 shares of company stock valued at $1,081,764 in the last ninety days. Company insiders own 0.19% of the company’s stock.

Lumentum Price Performance

Shares of NASDAQ:LITE opened at $75.77 on Friday. The company has a market cap of $5.26 billion, a P/E ratio of -9.85 and a beta of 1.18. The business has a fifty day simple moving average of $62.83 and a 200-day simple moving average of $75.39. Lumentum Holdings Inc. has a 52 week low of $38.29 and a 52 week high of $104.00. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94.

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. BNP Paribas upgraded shares of Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 target price for the company in a research report on Tuesday, March 11th. Jefferies Financial Group initiated coverage on shares of Lumentum in a research note on Friday, February 21st. They set a “buy” rating for the company. Morgan Stanley reduced their target price on Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. B. Riley raised their price target 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 cut their price target on Lumentum from $82.00 to $80.00 and set a “strong-buy” rating for the company in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $82.20.

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.