The Manufacturers Life Insurance Company Increases Stake in Lumentum Holdings Inc (LITE)
The Manufacturers Life Insurance Company grew its stake in shares of Lumentum Holdings Inc (NASDAQ:LITE) by 20.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 46,853 shares of the technology company’s stock after buying an additional 7,812 shares during the period. The Manufacturers Life Insurance Company owned 0.08% of Lumentum Holdings worth $2,673,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Cubist Systematic Strategies LLC purchased a new stake in shares of Lumentum Holdings during the 2nd quarter valued at $388,000. State Street Corp grew its stake in shares of Lumentum Holdings by 16.3% during the 2nd quarter. State Street Corp now owns 1,491,562 shares of the technology company’s stock valued at $85,095,000 after buying an additional 208,872 shares during the period. Lyon Street Capital LLC purchased a new stake in shares of Lumentum Holdings during the 2nd quarter valued at $4,323,000. Kayak Investment Partners LLC grew its stake in shares of Lumentum Holdings by 59.8% during the 2nd quarter. Kayak Investment Partners LLC now owns 204,326 shares of the technology company’s stock valued at $11,657,000 after buying an additional 76,477 shares during the period. Finally, Shelton Capital Management purchased a new stake in shares of Lumentum Holdings during the 2nd quarter valued at $314,000. 95.74% of the stock is owned by institutional investors.
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Lumentum Holdings Inc (NASDAQ LITE) opened at $59.30 on Friday. Lumentum Holdings Inc has a 1-year low of $34.15 and a 1-year high of $68.63. The company has a market cap of $3.67 billion and a price-to-earnings ratio of 41.15. The company has a debt-to-equity ratio of 0.50, a current ratio of 5.21 and a quick ratio of 4.26.
Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.18. Lumentum Holdings had a negative net margin of 9.32% and a positive return on equity of 15.99%. The firm 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 business posted $0.41 EPS. The firm’s revenue was down 7.9% compared to the same quarter last year. equities analysts expect that Lumentum Holdings Inc will post 2.59 earnings per share for the current fiscal year.
In other Lumentum Holdings news, CEO Alan S. Lowe sold 7,916 shares of the business’s 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 transaction, the chief executive officer now owns 141,162 shares in the company, valued at approximately $7,427,944.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Alan S. Lowe sold 4,364 shares of the business’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $54.59, for a total transaction of $238,230.76. The disclosure for this sale can be found here. Insiders sold a total of 87,269 shares of company stock worth $4,602,526 in the last quarter. 0.76% of the stock is currently owned by company insiders.
Several brokerages have recently issued reports on LITE. B. Riley reissued a “buy” rating and set a $77.00 price objective on shares of Lumentum Holdings in a research note on Thursday, August 3rd. Jefferies Group LLC reissued a “buy” rating and set a $75.00 price objective on shares of Lumentum Holdings in a research note on Wednesday. MKM Partners boosted their price objective on shares of Lumentum Holdings to $71.00 and gave the company a “neutral” rating in a research note on Thursday. Piper Jaffray Companies reissued an “overweight” rating and set a $68.00 price objective on shares of Lumentum Holdings in a research note on Thursday, August 10th. Finally, Barclays PLC boosted their price objective on shares of Lumentum Holdings from $50.00 to $59.00 and gave the company an “equal weight” rating in a research note on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $68.06.
Lumentum Holdings Profile
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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