Polymer Capital Management HK LTD Buys New Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Polymer Capital Management HK LTD purchased a new position in Lumentum Holdings Inc. (NASDAQ:LITE) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 33,900 shares of the technology company’s stock, valued at approximately $2,149,000.

Several other large investors also recently bought and sold shares of the company. Envestnet Portfolio Solutions Inc. increased its position in shares of Lumentum by 30.5% during the second 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 last quarter. Mcdonald Partners LLC raised its position in shares of Lumentum by 1.6% in the 2nd quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company’s stock valued at $1,010,000 after purchasing an additional 318 shares in the last quarter. Leeward Investments LLC MA boosted its stake in shares of Lumentum by 5.6% during the 2nd quarter. Leeward Investments LLC MA now owns 377,152 shares of the technology company’s stock valued at $19,205,000 after buying an additional 20,046 shares during the last quarter. Legacy Capital Group California Inc. acquired a new stake in shares of Lumentum during the second quarter worth approximately $346,000. Finally, JB Capital LLC increased its stake in shares of Lumentum by 85.0% in the second quarter. JB Capital LLC now owns 31,069 shares of the technology company’s stock worth $1,582,000 after buying an additional 14,271 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Barclays boosted their target price on shares of Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a research report on Monday, November 11th. Rosenblatt Securities increased their target price on shares of Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Northland Securities lifted their price target on shares of Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Craig Hallum raised their target price on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Finally, Raymond James lifted their target price on Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $74.85.

Lumentum Price Performance

Shares of NASDAQ LITE opened at $88.70 on Wednesday. Lumentum Holdings Inc. has a twelve month low of $38.28 and a twelve month high of $91.21. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. The firm has a 50-day moving average of $73.15 and a two-hundred day moving average of $59.03. The company has a market capitalization of $6.09 billion, a price-to-earnings ratio of -10.71 and a beta of 0.95.

Insider Activity at Lumentum

In related news, CFO Wajid Ali sold 29,887 shares of Lumentum stock in a transaction dated 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 transaction, the chief financial officer now owns 56,492 shares of the company’s stock, valued at approximately $4,805,209.52. This trade represents a 34.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Penny Herscher sold 1,625 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $81.09, for a total transaction of $131,771.25. Following the sale, the director now directly owns 6,852 shares of the company’s stock, valued at $555,628.68. This represents a 19.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,797 shares of company stock valued at $8,881,428 over the last ninety days. Insiders own 0.19% of the company’s stock.

Lumentum 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 (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.