Handelsbanken Fonder AB Cuts Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

Handelsbanken Fonder AB decreased its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 9.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 20,147 shares of the technology company’s stock after selling 2,200 shares during the period. Handelsbanken Fonder AB’s holdings in Lumentum were worth $1,691,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in LITE. Creative Planning boosted its stake in shares of Lumentum by 36.0% in the 3rd quarter. Creative Planning now owns 6,914 shares of the technology company’s stock valued at $438,000 after purchasing an additional 1,831 shares in the last quarter. Signaturefd LLC boosted its stake in shares of Lumentum by 13.8% in the 3rd quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock valued at $83,000 after purchasing an additional 158 shares in the last quarter. International Assets Investment Management LLC boosted its stake in shares of Lumentum by 6,238.0% in the 3rd quarter. International Assets Investment Management LLC now owns 21,169 shares of the technology company’s stock valued at $1,342,000 after purchasing an additional 20,835 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Lumentum by 7.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 7,848 shares of the technology company’s stock valued at $497,000 after purchasing an additional 535 shares in the last quarter. Finally, Pinnacle Associates Ltd. boosted its stake in shares of Lumentum by 50.4% in the 3rd quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock valued at $25,846,000 after purchasing an additional 136,659 shares in the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Stock Down 2.9 %

Shares of Lumentum stock opened at $70.39 on Wednesday. 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 50-day moving average of $84.44 and a 200 day moving average of $74.32. The firm has a market cap of $4.87 billion, a price-to-earnings ratio of -9.15 and a beta of 0.94. 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) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. As a group, sell-side analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Barclays raised shares of Lumentum from an “underweight” rating to an “overweight” rating and increased their price target for the company from $80.00 to $125.00 in a research report on Friday, January 17th. Jefferies Financial Group assumed coverage on shares of Lumentum in a research report on Friday, February 21st. They set a “buy” rating for the company. Needham & Company LLC reissued a “buy” rating and set a $110.00 price target on shares of Lumentum in a research report on Friday, February 7th. B. Riley increased 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. Finally, UBS Group increased their price target on shares of Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Lumentum has an average rating of “Hold” and an average price target of $88.07.

Insider Buying and Selling

In related news, CFO Wajid Ali sold 29,887 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $85.06, for a total value of $2,542,188.22. Following the completion of the transaction, the chief financial officer now directly owns 56,492 shares in the company, valued at $4,805,209.52. This trade represents a 34.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.19% of the stock is 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.