Legal & General Group Plc lessened its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 17.5% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 95,992 shares of the technology company’s stock after selling 20,382 shares during the quarter. Legal & General Group Plc’s holdings in Lumentum were worth $7,874,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the business. PARK CIRCLE Co increased its stake in Lumentum by 80.0% in the 2nd quarter. PARK CIRCLE Co now owns 360 shares of the technology company’s stock valued at $30,000 after buying an additional 160 shares during the period. IFP Advisors Inc grew its position in Lumentum by 32.5% in the second quarter. IFP Advisors Inc now owns 758 shares of the technology company’s stock worth $61,000 after acquiring an additional 186 shares in the last quarter. Kovack Advisors Inc. grew its position in Lumentum by 6.3% in the second quarter. Kovack Advisors Inc. now owns 3,720 shares of the technology company’s stock worth $305,000 after acquiring an additional 219 shares in the last quarter. Princeton Capital Management LLC grew its position in Lumentum by 1.4% in the second quarter. Princeton Capital Management LLC now owns 16,242 shares of the technology company’s stock worth $1,332,000 after acquiring an additional 223 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in Lumentum in the second quarter worth approximately $72,000. Hedge funds and other institutional investors own 87.83% of the company’s stock.
Several analysts recently issued reports on LITE shares. Rosenblatt Securities upped their price objective on shares of Lumentum from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Thursday, August 19th. Needham & Company LLC increased their price target on shares of Lumentum from $87.00 to $100.00 and gave the company a “buy” rating in a report on Monday, July 19th. Zacks Investment Research raised shares of Lumentum from a “sell” rating to a “hold” rating in a report on Tuesday, July 20th. Loop Capital increased their price target on shares of Lumentum from $90.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, August 19th. Finally, Craig Hallum increased their price objective on shares of Lumentum from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, August 19th. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Lumentum currently has a consensus rating of “Buy” and an average price target of $95.63.
Lumentum (NASDAQ:LITE) last announced its earnings results on Tuesday, August 17th. The technology company reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.09. The business had revenue of $392.10 million during the quarter, compared to analysts’ expectations of $382.17 million. Lumentum had a net margin of 22.80% and a return on equity of 20.42%. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the company posted $1.18 EPS. On average, equities analysts anticipate that Lumentum Holdings Inc. will post 4.58 earnings per share for the current year.
In other Lumentum news, CAO Matthew Joseph Sepe sold 3,145 shares of the stock in a transaction dated Monday, August 23rd. The shares were sold at an average price of $86.37, for a total transaction of $271,633.65. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Wajid Ali sold 6,481 shares of the stock in a transaction dated Wednesday, August 18th. The stock was sold at an average price of $82.50, for a total transaction of $534,682.50. Following the sale, the chief financial officer now directly owns 70,314 shares in the company, valued at approximately $5,800,905. The disclosure for this sale can be found here. Insiders have sold a total of 25,146 shares of company stock valued at $2,144,141 in the last quarter. 0.30% of the stock is currently owned by corporate insiders.
Lumentum Holdings, Inc engages in the provision of optical and photonic products. It operates through the Optical Communications (OpComms) and Commercial Lasers segments. The OpComms segment includes a range of components, modules, and subsystems to support customers including carrier networks of access (local), metro (intracity), long-haul (city-to-city and worldwide), and submarine (undersea) applications.
Further Reading: How to read a candlestick chart
Want to see what other hedge funds are holding LITE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lumentum Holdings Inc. (NASDAQ:LITE).
Receive News & Ratings for Lumentum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lumentum and related companies with MarketBeat.com's FREE daily email newsletter.