Pinnacle Associates Ltd. lessened its holdings in Lumentum Holdings Inc (NASDAQ:LITE) by 7.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 995,020 shares of the technology company’s stock after selling 79,101 shares during the period. Lumentum makes up 1.2% of Pinnacle Associates Ltd.’s portfolio, making the stock its 9th biggest position. Pinnacle Associates Ltd.’s holdings in Lumentum were worth $53,144,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LITE. Advisory Services Network LLC increased its holdings in shares of Lumentum by 83.6% during the second quarter. Advisory Services Network LLC now owns 953 shares of the technology company’s stock worth $51,000 after buying an additional 434 shares in the last quarter. DekaBank Deutsche Girozentrale increased its holdings in shares of Lumentum by 95.0% during the second quarter. DekaBank Deutsche Girozentrale now owns 2,919 shares of the technology company’s stock worth $153,000 after buying an additional 1,422 shares in the last quarter. World Asset Management Inc acquired a new stake in shares of Lumentum during the first quarter worth approximately $202,000. Commerzbank Aktiengesellschaft FI acquired a new stake in shares of Lumentum during the second quarter worth approximately $202,000. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Lumentum during the first quarter worth approximately $203,000. 94.74% of the stock is owned by institutional investors.

In other Lumentum news, insider Matthew Joseph Sepe sold 4,811 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $59.88, for a total value of $288,082.68. Following the transaction, the insider now directly owns 17,747 shares of the company’s stock, valued at $1,062,690.36. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Judy G. Hamel sold 803 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now directly owns 42,510 shares in the company, valued at $2,550,600. The disclosure for this sale can be found here. Company insiders own 0.55% of the company’s stock.

Several analysts have recently weighed in on the stock. BidaskClub raised shares of Lumentum from a “hold” rating to a “buy” rating in a report on Saturday, August 10th. B. Riley reaffirmed a “buy” rating and set a $71.00 price objective (up previously from $68.00) on shares of Lumentum in a report on Friday, August 9th. DA Davidson set a $75.00 price objective on shares of Lumentum and gave the stock a “buy” rating in a report on Monday, May 20th. Northland Securities reaffirmed a “buy” rating and set a $71.25 price objective on shares of Lumentum in a report on Monday, July 1st. Finally, MKM Partners reaffirmed a “buy” rating and set a $76.00 price objective (up previously from $60.00) on shares of Lumentum in a report on Friday, August 9th. One analyst has rated the stock with a sell rating, one has given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $69.13.

Shares of Lumentum stock traded up $2.04 during midday 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. The company has a current ratio of 4.53, a quick ratio of 3.76 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $4.36 billion, a price-to-earnings ratio of 18.37, a price-to-earnings-growth ratio of 1.09 and a beta of 1.36. The stock has a fifty day simple moving average of $55.46 and a 200 day simple moving average of $52.62. Lumentum Holdings Inc has a 1-year low of $37.00 and a 1-year high of $69.95.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, August 8th. The technology company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.21. The business had revenue of $404.60 million during the quarter, compared to analyst estimates of $383.54 million. Lumentum had a negative net margin of 2.33% and a positive return on equity of 18.19%. Lumentum’s revenue for the quarter was up 34.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.95 earnings per share. Sell-side analysts expect that Lumentum Holdings Inc will post 3.75 earnings per share for the current year.

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 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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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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