Brighton Jones LLC Purchases Shares of 7,987 Lumentum Holdings Inc. (LITE)
Brighton Jones LLC purchased a new position in Lumentum Holdings Inc. (NASDAQ:LITE) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 7,987 shares of the technology company’s stock, valued at approximately $456,000.
Several other hedge funds have also recently made changes to their positions in the company. State of Alaska Department of Revenue increased its stake in Lumentum Holdings by 3.9% in the first quarter. State of Alaska Department of Revenue now owns 6,150 shares of the technology company’s stock valued at $328,000 after buying an additional 230 shares during the period. Myriad Asset Management Ltd. bought a new stake in Lumentum Holdings during the first quarter valued at $8,853,000. Great West Life Assurance Co. Can increased its stake in Lumentum Holdings by 7.8% in the first quarter. Great West Life Assurance Co. Can now owns 76,101 shares of the technology company’s stock valued at $4,055,000 after buying an additional 5,507 shares during the period. Lebenthal Lisanti Capital Growth LLC increased its stake in Lumentum Holdings by 195.4% in the second quarter. Lebenthal Lisanti Capital Growth LLC now owns 36,345 shares of the technology company’s stock valued at $2,073,000 after buying an additional 24,040 shares during the period. Finally, SpiderRock Advisors LLC increased its stake in Lumentum Holdings by 325.2% in the second quarter. SpiderRock Advisors LLC now owns 5,428 shares of the technology company’s stock valued at $311,000 after buying an additional 7,838 shares during the period. Institutional investors and hedge funds own 95.74% of the company’s stock.
Shares of Lumentum Holdings Inc. (NASDAQ LITE) opened at 56.60 on Tuesday. Lumentum Holdings Inc. has a 52-week low of $32.90 and a 52-week high of $68.63. The stock’s 50 day moving average is $59.24 and its 200 day moving average is $53.83. The stock’s market capitalization is $3.48 billion.
Lumentum Holdings (NASDAQ:LITE) last announced its earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.18. Lumentum Holdings had a negative net margin of 10.25% and a positive return on equity of 18.12%. The business had revenue of $222.70 million for the quarter, compared to analyst estimates of $229.45 million. During the same quarter in the previous year, the firm posted $0.41 earnings per share. Lumentum Holdings’s revenue was down 7.9% compared to the same quarter last year. Equities research analysts expect that Lumentum Holdings Inc. will post $3.02 earnings per share for the current fiscal year.
LITE has been the subject of several research reports. BidaskClub downgraded shares of Lumentum Holdings from a “hold” rating to a “sell” rating in a report on Saturday, August 19th. Barclays PLC reiterated a “hold” rating on shares of Lumentum Holdings in a report on Friday, July 14th. DA Davidson initiated coverage on shares of Lumentum Holdings in a report on Thursday, June 22nd. They issued a “neutral” rating and a $77.00 target price for the company. Piper Jaffray Companies reiterated an “overweight” rating and issued a $68.00 target price on shares of Lumentum Holdings in a report on Thursday, August 10th. Finally, Zacks Investment Research downgraded shares of Lumentum Holdings from a “buy” rating to a “hold” rating in a report on Tuesday, August 15th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $64.75.
In related news, CEO Alan S. Lowe sold 28,095 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $51.20, for a total transaction of $1,438,464.00. Following the transaction, the chief executive officer now owns 249,655 shares of the company’s stock, valued at $12,782,336. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Vincent Retort sold 14,875 shares of the business’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $51.59, for a total transaction of $767,401.25. Following the transaction, the chief operating officer now directly owns 92,694 shares in the company, valued at approximately $4,782,083.46. The disclosure for this sale can be found here. Insiders have sold 52,199 shares of company stock worth $2,692,047 in the last ninety days. 0.76% of the stock is currently owned by insiders.
About Lumentum Holdings
Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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