Lumentum Holdings Inc. (LITE) Position Raised by Bayesian Capital Management LP
Bayesian Capital Management LP increased its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 100.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,607 shares of the technology company’s stock after purchasing an additional 4,307 shares during the period. Bayesian Capital Management LP’s holdings in Lumentum Holdings were worth $491,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in LITE. BlackRock Inc. raised its holdings in Lumentum Holdings by 151,490.5% during the first quarter. BlackRock Inc. now owns 6,441,080 shares of the technology company’s stock worth $343,632,000 after purchasing an additional 6,436,831 shares in the last quarter. Wellington Management Group LLP raised its holdings in Lumentum Holdings by 702.0% during the first quarter. Wellington Management Group LLP now owns 1,480,805 shares of the technology company’s stock worth $79,000,000 after purchasing an additional 1,296,173 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Lumentum Holdings by 71.2% during the second quarter. Bank of New York Mellon Corp now owns 2,662,272 shares of the technology company’s stock worth $151,883,000 after purchasing an additional 1,107,107 shares in the last quarter. Whale Rock Capital Management LLC bought a new stake in Lumentum Holdings during the first quarter worth approximately $51,341,000. Finally, Columbus Circle Investors bought a new stake in Lumentum Holdings during the second quarter worth approximately $34,743,000. 95.74% of the stock is currently owned by hedge funds and other institutional investors.
Lumentum Holdings Inc. (NASDAQ:LITE) traded down 1.54% during trading on Friday, reaching $54.35. 1,479,190 shares of the company’s stock traded hands. Lumentum Holdings Inc. has a 12 month low of $32.90 and a 12 month high of $60.00. The firm’s 50 day moving average is $58.20 and its 200 day moving average is $58.20. The company’s market cap is $3.34 billion.
Lumentum Holdings (NASDAQ:LITE) last announced its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.39 earnings per share for the quarter, beating the Thomson Reuters’ 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 period in the prior year, the business posted $0.41 earnings per share. Lumentum Holdings’s revenue was down 7.9% compared to the same quarter last year. Analysts anticipate that Lumentum Holdings Inc. will post $3.01 EPS for the current year.
In other Lumentum Holdings news, CEO Alan S. Lowe sold 7,916 shares of the stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $52.62, for a total value of $416,539.92. Following the sale, the chief executive officer now directly owns 141,162 shares in the company, valued at $7,427,944.44. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Alan S. Lowe sold 28,095 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $51.20, for a total transaction of $1,438,464.00. Following the completion of the sale, the chief executive officer now owns 249,655 shares in the company, valued at $12,782,336. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,199 shares of company stock worth $2,692,047. Company insiders own 0.76% of the company’s stock.
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LITE has been the topic of several recent analyst reports. BidaskClub cut Lumentum Holdings from a “hold” rating to a “sell” rating in a report on Saturday, August 19th. Needham & Company LLC reissued a “strong-buy” rating and set a $80.00 target price on shares of Lumentum Holdings in a report on Wednesday, September 6th. B. Riley reissued a “buy” rating and set a $81.00 target price on shares of Lumentum Holdings in a report on Thursday, September 14th. Barclays PLC reissued a “hold” rating on shares of Lumentum Holdings in a report on Friday, July 14th. Finally, DA Davidson initiated coverage on Lumentum Holdings in a report on Thursday, June 22nd. They issued a “neutral” rating and a $77.00 price target on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $65.75.
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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