Pinnacle Associates Ltd. reduced its position in shares of Lumentum Holdings Inc (NASDAQ:LITE) by 7.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 995,020 shares of the technology company’s stock after selling 79,101 shares during the quarter. Lumentum accounts for 1.2% of Pinnacle Associates Ltd.’s investment portfolio, making the stock its 9th biggest holding. Pinnacle Associates Ltd. owned about 1.30% of Lumentum worth $53,144,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in LITE. Advisory Services Network LLC raised its stake in Lumentum by 83.6% during the 2nd quarter. Advisory Services Network LLC now owns 953 shares of the technology company’s stock valued at $51,000 after purchasing an additional 434 shares during the period. DekaBank Deutsche Girozentrale raised its stake in Lumentum by 95.0% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 2,919 shares of the technology company’s stock valued at $153,000 after purchasing an additional 1,422 shares during the period. World Asset Management Inc acquired a new stake in Lumentum during the 1st quarter valued at $202,000. Commerzbank Aktiengesellschaft FI acquired a new stake in Lumentum during the 2nd quarter valued at $202,000. Finally, Janney Montgomery Scott LLC acquired a new stake in Lumentum during the 1st quarter valued at $203,000. 94.74% of the stock is currently owned by institutional investors.
Shares of NASDAQ LITE traded up $2.04 during mid-day trading on Monday, reaching $60.65. The company had a trading volume of 54,286 shares, compared to its average volume of 1,654,285. Lumentum Holdings Inc has a twelve month low of $37.00 and a twelve month high of $69.95. The company has a debt-to-equity ratio of 0.56, a quick ratio of 3.76 and a current ratio of 4.53. The stock has a market capitalization of $4.36 billion, a PE ratio of 18.37, a price-to-earnings-growth ratio of 1.09 and a beta of 1.36. The stock’s 50 day moving average is $55.46 and its 200-day moving average is $52.62.
Several analysts have issued reports on the stock. Jefferies Financial Group cut their target price on shares of Lumentum from $75.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, May 21st. Rosenblatt Securities reaffirmed a “buy” rating and issued a $80.00 price target on shares of Lumentum in a research note on Tuesday, May 7th. Needham & Company LLC reaffirmed a “strong-buy” rating and issued a $70.00 price target (up from $62.00) on shares of Lumentum in a research note on Friday, August 9th. Craig Hallum upped their price target on shares of Lumentum from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, Northland Securities reaffirmed a “buy” rating and issued a $71.25 price target on shares of Lumentum in a research note on Monday, July 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. Lumentum has an average rating of “Buy” and a consensus price target of $69.13.
In other Lumentum news, SVP Judy G. Hamel sold 803 shares of the stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $60.00, for a total transaction of $48,180.00. Following the transaction, the senior vice president now directly owns 42,510 shares of the company’s stock, valued at $2,550,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Matthew Joseph Sepe sold 4,811 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $59.88, for a total transaction of $288,082.68. Following the transaction, the insider now directly owns 17,747 shares in the company, valued at $1,062,690.36. The disclosure for this sale can be found here. Corporate insiders own 0.55% of the company’s stock.
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.
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