Lumentum Holdings Inc. (LITE) Position Raised by Riverhead Capital Management LLC
Riverhead Capital Management LLC increased its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 71.8% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,062 shares of the technology company’s stock after buying an additional 862 shares during the period. Riverhead Capital Management LLC’s holdings in Lumentum Holdings were worth $118,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the stock. Alliancebernstein L.P. raised its position in shares of Lumentum Holdings by 14.5% in the second quarter. Alliancebernstein L.P. now owns 2,102,853 shares of the technology company’s stock worth $119,968,000 after buying an additional 265,723 shares in the last quarter. AXA raised its position in shares of Lumentum Holdings by 12.2% in the second quarter. AXA now owns 744,491 shares of the technology company’s stock worth $42,473,000 after buying an additional 80,979 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Lumentum Holdings by 60.5% in the second quarter. Wells Fargo & Company MN now owns 110,876 shares of the technology company’s stock worth $6,326,000 after buying an additional 41,808 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in shares of Lumentum Holdings in the second quarter worth $900,000. Finally, Kennedy Capital Management Inc. raised its position in shares of Lumentum Holdings by 24.2% in the second quarter. Kennedy Capital Management Inc. now owns 383,304 shares of the technology company’s stock worth $21,867,000 after buying an additional 74,769 shares in the last quarter. Institutional investors own 95.74% of the company’s stock.
In related news, CEO Alan S. Lowe sold 4,364 shares of the stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $54.59, for a total value of $238,230.76. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Alan S. Lowe sold 7,916 shares of the stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $52.62, for a total value of $416,539.92. Following the completion of the sale, the chief executive officer now owns 141,162 shares in the company, valued at approximately $7,427,944.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 87,269 shares of company stock worth $4,602,526. Company insiders own 0.76% of the company’s stock.
A number of research firms recently commented on LITE. Needham & Company LLC increased their target price on Lumentum Holdings from $56.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Monday, June 12th. Stifel Nicolaus reissued a “buy” rating and issued a $73.00 target price (up previously from $53.00) on shares of Lumentum Holdings in a research note on Thursday, June 22nd. DA Davidson began coverage on Lumentum Holdings in a research note on Thursday, June 22nd. They issued a “neutral” rating and a $77.00 target price on the stock. BidaskClub raised Lumentum Holdings from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 23rd. Finally, B. Riley reissued a “buy” rating and issued a $77.00 target price (up previously from $58.00) on shares of Lumentum Holdings in a research note on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. Lumentum Holdings has a consensus rating of “Buy” and a consensus target price of $66.06.
Shares of Lumentum Holdings Inc. (LITE) opened at 55.30 on Friday. Lumentum Holdings Inc. has a 1-year low of $32.90 and a 1-year high of $60.00. The company has a 50 day moving average price of $55.94 and a 200 day moving average price of $55.94. The company’s market capitalization is $3.40 billion.
Lumentum Holdings (NASDAQ:LITE) last posted its earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.18. The firm had revenue of $222.70 million for the quarter, compared to the consensus estimate of $229.45 million. Lumentum Holdings had a positive return on equity of 18.12% and a negative net margin of 10.25%. The business’s quarterly revenue was down 7.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.41 earnings per share. Equities analysts predict that Lumentum Holdings Inc. will post $3.04 EPS for the current fiscal year.
Lumentum Holdings Company Profile
Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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