Lumentum Holdings Inc. $LITE Shares Acquired by Empowered Funds LLC

Empowered Funds LLC increased its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 21.5% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 5,075 shares of the technology company’s stock after purchasing an additional 899 shares during the period. Empowered Funds LLC’s holdings in Lumentum were worth $3,567,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. boosted its position in shares of Lumentum by 36.8% during the first quarter. Advisors Asset Management Inc. now owns 945 shares of the technology company’s stock worth $59,000 after buying an additional 254 shares during the period. NewEdge Advisors LLC raised its holdings in shares of Lumentum by 109.9% in the 1st quarter. NewEdge Advisors LLC now owns 11,986 shares of the technology company’s stock valued at $747,000 after buying an additional 6,275 shares during the period. Hsbc Holdings PLC acquired a new position in Lumentum during the 2nd quarter worth about $298,000. Arrowstreet Capital Limited Partnership acquired a new position in Lumentum during the 2nd quarter worth about $1,712,000. Finally, Baird Financial Group Inc. purchased a new position in Lumentum during the 2nd quarter valued at about $217,000. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on LITE. Loop Capital lifted their target price on Lumentum from $900.00 to $1,400.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Zacks Research lowered shares of Lumentum from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. BNP Paribas Exane upped their target price on shares of Lumentum from $1,040.00 to $1,300.00 in a research note on Wednesday, May 6th. UBS Group boosted their target price on Lumentum from $455.00 to $960.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Finally, Susquehanna upped their price target on Lumentum from $550.00 to $1,100.00 and gave the stock a “positive” rating in a report on Monday, April 20th. Fourteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,012.67.

Insider Activity at Lumentum

In other news, Director Isaac Hosojiro Harris sold 4,000 shares of Lumentum stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $860.00, for a total transaction of $3,440,000.00. Following the sale, the director owned 8,400 shares in the company, valued at approximately $7,224,000. The trade was a 32.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Brian Lillie sold 11,951 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $981.64, for a total value of $11,731,579.64. Following the completion of the sale, the director directly owned 13,959 shares of the company’s stock, valued at $13,702,712.76. The trade was a 46.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 41,260 shares of company stock valued at $38,859,220. Corporate insiders own 0.43% of the company’s stock.

Lumentum Trading Up 9.2%

NASDAQ LITE opened at $779.89 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.14 and a quick ratio of 0.97. The firm’s fifty day moving average price is $817.73 and its 200 day moving average price is $742.29. The company has a market capitalization of $60.68 billion, a price-to-earnings ratio of 144.42 and a beta of 1.50. Lumentum Holdings Inc. has a 12 month low of $106.16 and a 12 month high of $1,085.68.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Tuesday, May 5th. The technology company reported $2.37 earnings per share for the quarter, beating analysts’ consensus estimates of $2.27 by $0.10. Lumentum had a net margin of 17.61% and a return on equity of 24.81%. The firm had revenue of $808.40 million during the quarter, compared to analysts’ expectations of $810.21 million. During the same period in the previous year, the company earned $0.57 earnings per share. Lumentum’s quarterly revenue was up 90.1% compared to the same quarter last year. On average, sell-side analysts expect that Lumentum Holdings Inc. will post 6.42 earnings per share for the current fiscal year.

Lumentum Profile

Lumentum Holdings Inc, headquartered in San Jose, California, is a leading provider of photonic technologies that enable high-speed optical communication networks and advanced industrial applications. The company designs and manufactures a broad range of lasers, optical modules and subsystems tailored to the evolving requirements of telecommunications carriers, cloud data centers and enterprise networking.

Its core product portfolio includes tunable and fixed-wavelength laser transmitters, coherent optical engines, transceivers for long-haul, metro and data center interconnects, as well as test and measurement instruments.