Legacy Capital Group California Inc. Has $291,000 Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

Legacy Capital Group California Inc. lowered its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 47.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 3,467 shares of the technology company’s stock after selling 3,180 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Lumentum were worth $291,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Atreides Management LP raised its holdings in shares of Lumentum by 28.5% in the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock valued at $107,177,000 after purchasing an additional 375,389 shares during the period. Geode Capital Management LLC increased its position in Lumentum by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock worth $75,198,000 after buying an additional 15,799 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Lumentum by 5.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company’s stock valued at $46,784,000 after buying an additional 37,109 shares during the period. Pinnacle Associates Ltd. lifted its position in shares of Lumentum by 50.4% in the third quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock valued at $25,846,000 after buying an additional 136,659 shares during the last quarter. Finally, Emerald Advisers LLC boosted its stake in shares of Lumentum by 29.1% during the 3rd quarter. Emerald Advisers LLC now owns 378,535 shares of the technology company’s stock worth $23,992,000 after acquiring an additional 85,353 shares during the period. Institutional investors own 94.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on LITE shares. Susquehanna increased their price target on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research note on Friday, November 8th. Morgan Stanley cut their target price on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, January 31st. Barclays raised shares of Lumentum from an “underweight” rating to an “overweight” rating and lifted their target price for the stock from $80.00 to $125.00 in a report on Friday, January 17th. Rosenblatt Securities reissued a “buy” rating and issued a $110.00 price target on shares of Lumentum in a report on Friday, February 7th. Finally, Stifel Nicolaus boosted their price objective on Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Lumentum presently has an average rating of “Hold” and a consensus target price of $88.07.

Lumentum Trading Down 3.9 %

Shares of NASDAQ:LITE opened at $73.35 on Friday. The company has a market capitalization of $5.08 billion, a P/E ratio of -9.54 and a beta of 0.94. 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 business’s 50 day simple moving average is $85.22 and its 200 day simple moving average is $73.46. Lumentum Holdings Inc. has a 1 year low of $38.28 and a 1 year high of $104.00.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results 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%. On average, research analysts anticipate that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Insider Buying and Selling at Lumentum

In related news, insider Vincent Retort sold 41,710 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the sale, the insider now owns 147,515 shares in the company, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Wajid Ali sold 2,172 shares of the business’s stock in a transaction that occurred on 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 owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 73,769 shares of company stock valued at $6,446,222 in the last ninety days. 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.