Castleark Management LLC Invests $10.65 Million in Lumentum Holdings Inc. (LITE)

Castleark Management LLC bought a new stake in Lumentum Holdings Inc. (NASDAQ:LITE) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 186,650 shares of the technology company’s stock, valued at approximately $10,648,000. Castleark Management LLC owned about 0.30% of Lumentum Holdings at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of LITE. Riverhead Capital Management LLC grew its position in shares of Lumentum Holdings by 71.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock valued at $118,000 after buying an additional 862 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Lumentum Holdings by 111.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,662 shares of the technology company’s stock valued at $152,000 after buying an additional 1,406 shares during the last quarter. Creative Planning grew its position in shares of Lumentum Holdings by 54.2% in the 2nd quarter. Creative Planning now owns 3,039 shares of the technology company’s stock valued at $173,000 after buying an additional 1,068 shares during the last quarter. LS Investment Advisors LLC grew its position in shares of Lumentum Holdings by 2.1% in the 2nd quarter. LS Investment Advisors LLC now owns 3,569 shares of the technology company’s stock valued at $204,000 after buying an additional 75 shares during the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in shares of Lumentum Holdings in the 1st quarter valued at $206,000. 95.74% of the stock is currently owned by hedge funds and other institutional investors.

Lumentum Holdings (NASDAQ:LITE) last issued its earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.18. The company had revenue of $222.70 million for the quarter, compared to analysts’ expectations of $229.45 million. Lumentum Holdings had a negative net margin of 10.25% and a positive return on equity of 18.12%. The firm’s revenue was down 7.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.41 earnings per share.

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In other news, Director Penny Herscher sold 1,313 shares of the company’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total transaction of $69,641.52. Following the completion of the transaction, the director now owns 26,464 shares in the company, valued at $1,403,650.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Vincent Retort sold 30,706 shares of the company’s stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $54.46, for a total transaction of $1,672,248.76. Following the transaction, the chief operating officer now owns 110,770 shares of the company’s stock, valued at approximately $6,032,534.20. The disclosure for this sale can be found here. Insiders have sold 87,269 shares of company stock worth $4,602,526 over the last three months. 0.76% of the stock is owned by corporate insiders.

LITE has been the topic of a number of recent analyst reports. Stifel Nicolaus reaffirmed a “buy” rating and issued a $73.00 target price (up from $53.00) on shares of Lumentum Holdings in a research report on Thursday, June 22nd. DA Davidson initiated coverage on shares of Lumentum Holdings in a research report on Thursday, June 22nd. They issued a “neutral” rating and a $77.00 target price on the stock. BidaskClub raised shares of Lumentum Holdings from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 23rd. B. Riley reaffirmed a “buy” rating and issued a $77.00 target price (up from $58.00) on shares of Lumentum Holdings in a research report on Tuesday, June 27th. Finally, Zacks Investment Research raised shares of Lumentum Holdings from a “strong sell” rating to a “hold” rating and set a $65.00 target price on the stock in a research report on Wednesday, July 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Lumentum Holdings currently has a consensus rating of “Buy” and a consensus target price of $66.31.

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).

Institutional Ownership by Quarter for Lumentum Holdings (NASDAQ:LITE)

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