Mitsubishi UFJ Trust & Banking Corp Cuts Stake in Lumentum Holdings Inc. $LITE

Mitsubishi UFJ Trust & Banking Corp trimmed its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 54.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 5,245 shares of the technology company’s stock after selling 6,262 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Lumentum were worth $1,933,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Lumentum by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 7,485,282 shares of the technology company’s stock valued at $1,217,930,000 after purchasing an additional 41,975 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Lumentum by 8,579.2% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,563,210 shares of the technology company’s stock valued at $254,350,000 after purchasing an additional 1,545,199 shares during the last quarter. Alliancebernstein L.P. grew its position in Lumentum by 4.4% during the 3rd quarter. Alliancebernstein L.P. now owns 1,085,119 shares of the technology company’s stock valued at $176,560,000 after purchasing an additional 45,953 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Lumentum by 707.0% during the 4th quarter. Assenagon Asset Management S.A. now owns 994,478 shares of the technology company’s stock valued at $366,555,000 after purchasing an additional 871,249 shares during the last quarter. Finally, Holocene Advisors LP purchased a new stake in Lumentum during the 3rd quarter valued at about $136,401,000. 94.05% of the stock is owned by hedge funds and other institutional investors.

Lumentum Stock Performance

Shares of NASDAQ LITE opened at $976.18 on Tuesday. The firm’s 50-day moving average price is $760.12 and its 200-day moving average price is $486.41. The company has a quick ratio of 0.45, a current ratio of 0.61 and a debt-to-equity ratio of 0.06. The company has a market cap of $69.70 billion, a PE ratio of 299.44 and a beta of 1.53. Lumentum Holdings Inc. has a 52-week low of $60.38 and a 52-week high of $1,004.94.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Tuesday, February 3rd. The technology company reported $1.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.26. The firm had revenue of $665.50 million for the quarter, compared to the consensus estimate of $646.74 million. Lumentum had a net margin of 11.95% and a return on equity of 17.27%. The business’s quarterly revenue was up 65.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.42 EPS. As a group, analysts anticipate that Lumentum Holdings Inc. will post 5.87 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on LITE shares. Zacks Research downgraded shares of Lumentum from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. Weiss Ratings reissued a “hold (c)” rating on shares of Lumentum in a research report on Tuesday, April 21st. JPMorgan Chase & Co. increased their price objective on shares of Lumentum to $950.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. Barclays raised their price target on shares of Lumentum to $750.00 and gave the company an “equal weight” rating in a report on Tuesday, March 3rd. Finally, TD Cowen raised their price target on shares of Lumentum from $675.00 to $875.00 and gave the company a “hold” rating in a report on Friday, April 10th. Eleven investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $757.25.

Insider Buying and Selling at Lumentum

In related news, CFO Wajid Ali sold 5,302 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $691.13, for a total value of $3,664,371.26. Following the transaction, the chief financial officer owned 66,287 shares of the company’s stock, valued at approximately $45,812,934.31. This trade represents a 7.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Penny Herscher sold 4,849 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $535.48, for a total transaction of $2,596,542.52. Following the completion of the transaction, the director directly owned 6,057 shares in the company, valued at approximately $3,243,402.36. The trade was a 44.46% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 65,775 shares of company stock worth $38,851,343. 0.43% of the stock is owned by corporate insiders.

About Lumentum

Lumentum Holdings Inc, headquartered in San Jose, California, is a leading provider of photonic technologies that enable high-speed optical communication networks and advanced industrial applications. The company designs and manufactures a broad range of lasers, optical modules and subsystems tailored to the evolving requirements of telecommunications carriers, cloud data centers and enterprise networking.

Its core product portfolio includes tunable and fixed-wavelength laser transmitters, coherent optical engines, transceivers for long-haul, metro and data center interconnects, as well as test and measurement instruments.