Lumentum Holdings Inc. (NASDAQ:LITE) Shares Acquired by Cornerstone Investment Partners LLC

Cornerstone Investment Partners LLC increased its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 10.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,868 shares of the technology company’s stock after purchasing an additional 627 shares during the quarter. Cornerstone Investment Partners LLC’s holdings in Lumentum were worth $577,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. SBI Securities Co. Ltd. acquired a new stake in Lumentum during the fourth quarter valued at $739,000. Jones Financial Companies Lllp grew its holdings in shares of Lumentum by 54.2% in the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after purchasing an additional 130 shares during the period. West Michigan Advisors LLC acquired a new stake in Lumentum during the fourth quarter worth $288,000. Fisher Asset Management LLC raised its stake in shares of Lumentum by 18.8% in the 4th quarter. Fisher Asset Management LLC now owns 687,311 shares of the technology company’s stock valued at $57,700,000 after acquiring an additional 108,740 shares during the period. Finally, Versor Investments LP purchased a new stake in shares of Lumentum in the 4th quarter valued at $336,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

Insider Transactions at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction on 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 sale, the chief financial officer now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.19% of the company’s stock.

Lumentum Stock Performance

Shares of LITE stock opened at $65.69 on Tuesday. The stock has a fifty day moving average price of $83.30 and a 200 day moving average price of $74.95. The stock has a market cap of $4.55 billion, a PE ratio of -8.54 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. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76.

Lumentum (NASDAQ:LITE) last released 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 return on equity of 7.25% and a negative net margin of 36.98%. Sell-side analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

LITE has been the subject of several recent research reports. Rosenblatt Securities reiterated a “buy” rating and issued a $110.00 price objective on shares of Lumentum in a research note on Friday, February 7th. Raymond James raised their price objective on Lumentum from $94.00 to $96.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. UBS Group lifted their target price on shares of Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Northland Securities upped their price objective on Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a research note on Friday, February 7th. Finally, B. Riley lifted their target price on Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, Lumentum has a consensus rating of “Hold” and an average target price of $88.07.

Lumentum Company 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.