Lumentum Holdings Inc. (NASDAQ:LITE) Shares Purchased by Quarry LP

Quarry LP grew its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 85.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 436 shares of the technology company’s stock after purchasing an additional 201 shares during the quarter. Quarry LP’s holdings in Lumentum were worth $28,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of LITE. Envestnet Portfolio Solutions Inc. boosted its holdings in Lumentum by 30.5% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 11,824 shares of the technology company’s stock worth $602,000 after acquiring an additional 2,762 shares during the period. Leeward Investments LLC MA lifted its holdings in Lumentum by 5.6% in the 2nd quarter. Leeward Investments LLC MA now owns 377,152 shares of the technology company’s stock worth $19,205,000 after buying an additional 20,046 shares in the last quarter. Legacy Capital Group California Inc. purchased a new position in Lumentum in the 2nd quarter valued at about $346,000. JB Capital LLC grew its stake in shares of Lumentum by 85.0% during the second quarter. JB Capital LLC now owns 31,069 shares of the technology company’s stock valued at $1,582,000 after acquiring an additional 14,271 shares in the last quarter. Finally, Van Lanschot Kempen Investment Management N.V. increased its position in shares of Lumentum by 17.8% during the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock worth $58,803,000 after acquiring an additional 174,828 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Wall Street Analyst Weigh In

LITE has been the subject of a number of recent analyst reports. B. Riley raised their price objective on Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Morgan Stanley lifted their price target on shares of Lumentum from $61.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 14th. Jefferies Financial Group upped their price target on shares of Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Bank of America raised their price objective on shares of Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Thursday, August 15th. Finally, Susquehanna upped their target price on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research note on Friday, November 8th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $74.85.

Lumentum Price Performance

Shares of LITE opened at $90.75 on Friday. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. The company has a market cap of $6.23 billion, a P/E ratio of -10.96 and a beta of 0.95. Lumentum Holdings Inc. has a 12 month low of $38.28 and a 12 month high of $95.92. The stock has a fifty day moving average price of $76.94 and a 200 day moving average price of $61.02.

Insider Transactions at Lumentum

In related news, CFO Wajid Ali sold 29,887 shares of the stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $85.06, for a total value of $2,542,188.22. Following the completion of the transaction, the chief financial officer now directly owns 56,492 shares of the company’s stock, valued at $4,805,209.52. This represents a 34.60 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total value of $715,867.20. Following the completion of the sale, the chief accounting officer now owns 21,138 shares in the company, valued at approximately $1,851,688.80. This represents a 27.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,797 shares of company stock worth $8,881,428. Insiders own 0.19% of the company’s stock.

About Lumentum

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 (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.