Alliancebernstein L.P. lifted its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 14.5% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 2,102,853 shares of the technology company’s stock after acquiring an additional 265,723 shares during the period. Alliancebernstein L.P. owned approximately 3.44% of Lumentum Holdings worth $119,968,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of LITE. Creative Planning grew its stake in shares of Lumentum Holdings by 15.1% during the first quarter. Creative Planning now owns 1,971 shares of the technology company’s stock worth $105,000 after acquiring an additional 258 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Lumentum Holdings by 111.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,662 shares of the technology company’s stock worth $152,000 after acquiring an additional 1,406 shares during the last quarter. LS Investment Advisors LLC grew its stake in shares of Lumentum Holdings by 69.1% during the first quarter. LS Investment Advisors LLC now owns 3,494 shares of the technology company’s stock worth $186,000 after acquiring an additional 1,428 shares during the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of Lumentum Holdings during the first quarter worth about $206,000. Finally, World Asset Management Inc purchased a new stake in shares of Lumentum Holdings during the second quarter worth about $211,000. Institutional investors and hedge funds own 95.74% of the company’s stock.
Shares of Lumentum Holdings Inc. (LITE) opened at 56.40 on Friday. The company has a 50-day moving average price of $57.97 and a 200-day moving average price of $54.40. The stock’s market cap is $3.47 billion. Lumentum Holdings Inc. has a 12 month low of $32.90 and a 12 month high of $68.63.
Lumentum Holdings (NASDAQ:LITE) last released its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.18. The firm had revenue of $222.70 million for the quarter, compared to the consensus estimate of $229.45 million. Lumentum Holdings had a positive return on equity of 18.12% and a negative net margin of 10.25%. The firm’s quarterly revenue was down 7.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 EPS. On average, analysts expect that Lumentum Holdings Inc. will post $3.02 EPS for the current fiscal year.
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In related news, CEO Alan S. Lowe sold 28,095 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 249,655 shares in the company, valued at approximately $12,782,336. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Vincent Retort sold 14,875 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $51.59, for a total value of $767,401.25. Following the transaction, the chief operating officer now 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 a total of 52,199 shares of company stock worth $2,692,047 in the last 90 days. 0.76% of the stock is currently owned by company insiders.
A number of equities research analysts have recently weighed in on the company. Barclays PLC restated a “hold” rating on shares of Lumentum Holdings in a research note on Friday, July 14th. Stifel Nicolaus restated a “buy” rating and set a $73.00 price target on shares of Lumentum Holdings in a research note on Saturday, July 22nd. B. Riley restated a “buy” rating and set a $77.00 price target (up previously from $58.00) on shares of Lumentum Holdings in a research note on Tuesday, June 27th. BidaskClub lowered Lumentum Holdings from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Finally, DA Davidson assumed coverage on Lumentum Holdings in a research note on Thursday, June 22nd. They set a “neutral” rating and a $77.00 price target on the stock. One analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $64.75.
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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