Meritage Portfolio Management Invests $10.66 Million in Lumentum Holdings Inc (LITE)

Meritage Portfolio Management bought a new stake in Lumentum Holdings Inc (NASDAQ:LITE) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 177,861 shares of the technology company’s stock, valued at approximately $10,663,000. Lumentum makes up approximately 1.0% of Meritage Portfolio Management’s investment portfolio, making the stock its 16th biggest position.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. MetLife Investment Advisors LLC raised its stake in shares of Lumentum by 152.9% in the second quarter. MetLife Investment Advisors LLC now owns 68,098 shares of the technology company’s stock valued at $3,943,000 after purchasing an additional 41,174 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Lumentum by 101.5% in the second quarter. First Trust Advisors LP now owns 121,160 shares of the technology company’s stock valued at $7,015,000 after purchasing an additional 61,027 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Lumentum by 7.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 379,953 shares of the technology company’s stock valued at $22,000,000 after purchasing an additional 27,127 shares in the last quarter. Stevens Capital Management LP raised its stake in shares of Lumentum by 424.8% in the second quarter. Stevens Capital Management LP now owns 32,592 shares of the technology company’s stock valued at $1,887,000 after purchasing an additional 26,382 shares in the last quarter. Finally, Northern Trust Corp raised its stake in shares of Lumentum by 24.4% in the second quarter. Northern Trust Corp now owns 976,037 shares of the technology company’s stock valued at $56,514,000 after purchasing an additional 191,336 shares in the last quarter.

A number of brokerages recently commented on LITE. BidaskClub upgraded Lumentum from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 28th. DA Davidson dropped their price objective on Lumentum to $92.00 and set a “buy” rating for the company in a research note on Monday, July 23rd. JPMorgan Chase & Co. upgraded Lumentum from a “neutral” rating to an “overweight” rating and set a $80.00 price objective for the company in a research note on Thursday, October 11th. Piper Jaffray Companies reiterated an “overweight” rating and set a $85.00 price objective on shares of Lumentum in a research note on Wednesday, August 8th. Finally, Northland Securities increased their price objective on Lumentum from $86.00 to $90.00 and gave the stock an “outperform” rating in a research note on Monday, October 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $79.75.

In other news, insider Matthew Joseph Sepe sold 2,000 shares of the stock in a transaction on Friday, August 24th. The stock was sold at an average price of $64.91, for a total transaction of $129,820.00. Following the sale, the insider now owns 15,332 shares in the company, valued at $995,200.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Penny Herscher sold 1,313 shares of the stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $58.85, for a total value of $77,270.05. Following the sale, the director now owns 18,910 shares in the company, valued at approximately $1,112,853.50. The disclosure for this sale can be found here. Insiders have sold 9,224 shares of company stock worth $584,653 in the last 90 days. Company insiders own 0.55% of the company’s stock.

Shares of LITE stock opened at $55.69 on Wednesday. The company has a current ratio of 5.27, a quick ratio of 4.55 and a debt-to-equity ratio of 0.36. The firm has a market cap of $3.52 billion, a PE ratio of 17.19, a price-to-earnings-growth ratio of 0.79 and a beta of 0.18. Lumentum Holdings Inc has a 52 week low of $41.95 and a 52 week high of $74.40.

Lumentum (NASDAQ:LITE) last announced its earnings results on Wednesday, August 8th. The technology company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.65 by $0.30. The company had revenue of $301.10 million for the quarter, compared to analysts’ expectations of $288.56 million. Lumentum had a return on equity of 25.10% and a net margin of 19.86%. The business’s revenue for the quarter was up 35.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.39 earnings per share. As a group, equities analysts predict that Lumentum Holdings Inc will post 3.71 EPS for the current year.

Lumentum Company Profile

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments, Optical Communications and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

Read More: Leveraged Buyout (LBO)

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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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