Fox Run Management L.L.C. Cuts Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Fox Run Management L.L.C. reduced its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 20.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,281 shares of the technology company’s stock after selling 1,909 shares during the period. Fox Run Management L.L.C.’s holdings in Lumentum were worth $611,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GSA Capital Partners LLP purchased a new stake in shares of Lumentum during the 3rd quarter worth approximately $230,000. Charles Schwab Investment Management Inc. raised its stake in Lumentum by 5.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company’s stock valued at $46,784,000 after purchasing an additional 37,109 shares in the last quarter. West Tower Group LLC bought a new position in Lumentum during the third quarter valued at $444,000. Goodman Financial Corp grew its stake in shares of Lumentum by 1.3% in the 3rd quarter. Goodman Financial Corp now owns 259,618 shares of the technology company’s stock worth $16,455,000 after buying an additional 3,355 shares in the last quarter. Finally, Eventide Asset Management LLC bought a new stake in shares of Lumentum in the 3rd quarter worth about $1,675,000. 94.05% of the stock is owned by institutional investors.

Insider Activity at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the sale, the chief financial officer now owns 51,976 shares of the company’s stock, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.19% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

LITE has been the subject of a number of analyst reports. B. Riley increased their price target on shares of Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, February 7th. BNP Paribas upgraded Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 target price for the company in a report on Tuesday, March 11th. Needham & Company LLC restated a “buy” rating and set a $110.00 price target on shares of Lumentum in a report on Friday, February 7th. Barclays raised shares of Lumentum from an “underweight” rating to an “overweight” rating and lifted their price objective for the stock from $80.00 to $125.00 in a research note on Friday, January 17th. Finally, Raymond James raised shares of Lumentum from an “outperform” rating to a “strong-buy” rating and reduced their target price for the company from $96.00 to $82.00 in a research note on Monday. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $87.40.

Lumentum Price Performance

Shares of LITE stock opened at $73.63 on Tuesday. Lumentum Holdings Inc. has a twelve month low of $38.29 and a twelve month high of $104.00. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The stock has a fifty day simple moving average of $77.15 and a two-hundred day simple moving average of $75.90. The stock has a market capitalization of $5.10 billion, a price-to-earnings ratio of -9.57 and a beta of 1.03.

Lumentum (NASDAQ:LITE) last issued its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. On average, analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

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.