ValueAct Holdings L.P. Invests $79.33 Million in Lumentum Holdings Inc. (NASDAQ:LITE)

ValueAct Holdings L.P. acquired a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) in the 2nd quarter, HoldingsChannel reports. The firm acquired 967,049 shares of the technology company’s stock, valued at approximately $79,327,000. Lumentum makes up approximately 0.9% of ValueAct Holdings L.P.’s portfolio, making the stock its 12th largest position.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Alliancebernstein L.P. boosted its stake in Lumentum by 41.7% in the second quarter. Alliancebernstein L.P. now owns 4,182,074 shares of the technology company’s stock valued at $343,056,000 after acquiring an additional 1,230,759 shares during the last quarter. Alyeska Investment Group L.P. boosted its stake in Lumentum by 7,429.8% in the second quarter. Alyeska Investment Group L.P. now owns 618,500 shares of the technology company’s stock valued at $50,736,000 after acquiring an additional 610,286 shares during the last quarter. Melqart Asset Management UK Ltd bought a new position in Lumentum in the first quarter valued at approximately $32,429,000. Westfield Capital Management Co. LP boosted its stake in Lumentum by 30.6% in the second quarter. Westfield Capital Management Co. LP now owns 1,009,035 shares of the technology company’s stock valued at $82,771,000 after acquiring an additional 236,380 shares during the last quarter. Finally, Federated Hermes Inc. boosted its stake in Lumentum by 109.8% in the first quarter. Federated Hermes Inc. now owns 304,426 shares of the technology company’s stock valued at $27,809,000 after acquiring an additional 159,320 shares during the last quarter. 87.83% of the stock is currently owned by institutional investors and hedge funds.

Shares of LITE traded up $1.52 during midday trading on Thursday, reaching $86.67. The stock had a trading volume of 12,501 shares, compared to its average volume of 549,474. The firm has a market cap of $6.29 billion, a PE ratio of 17.19 and a beta of 0.94. The company has a current ratio of 3.67, a quick ratio of 3.37 and a debt-to-equity ratio of 0.40. The firm has a 50 day simple moving average of $84.63 and a 200-day simple moving average of $84.18. Lumentum Holdings Inc. has a one year low of $65.67 and a one year high of $112.08.

Lumentum (NASDAQ:LITE) last announced its earnings results on Tuesday, August 17th. The technology company reported $1.15 EPS for the quarter, topping the consensus estimate of $1.06 by $0.09. The business had revenue of $392.10 million during the quarter, compared to the consensus estimate of $382.17 million. Lumentum had a net margin of 22.80% and a return on equity of 20.42%. Lumentum’s revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.18 EPS. As a group, research analysts forecast that Lumentum Holdings Inc. will post 4.58 EPS for the current fiscal year.

In other Lumentum news, CFO Wajid Ali sold 6,481 shares of the business’s stock in a transaction dated Wednesday, August 18th. The shares were sold at an average price of $82.50, for a total value of $534,682.50. Following the completion of the sale, the chief financial officer now owns 70,314 shares of the company’s stock, valued at approximately $5,800,905. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Matthew Joseph Sepe sold 3,145 shares of the business’s stock in a transaction dated Monday, August 23rd. The shares were sold at an average price of $86.37, for a total transaction of $271,633.65. The disclosure for this sale can be found here. Insiders have sold a total of 25,146 shares of company stock valued at $2,144,141 in the last ninety days. 0.32% of the stock is currently owned by insiders.

Several equities research analysts have weighed in on the stock. Needham & Company LLC increased their target price on shares of Lumentum from $87.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, July 19th. Loop Capital increased their target price on shares of Lumentum from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, August 19th. Craig Hallum increased their target price on shares of Lumentum from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, August 19th. Raymond James lowered shares of Lumentum from a “strong-buy” rating to an “outperform” rating and set a $96.00 price objective on the stock. in a report on Tuesday. Finally, Rosenblatt Securities raised their price objective on shares of Lumentum from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Thursday, August 19th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $95.63.

Lumentum Profile

Lumentum Holdings, Inc engages in the provision of optical and photonic products. It operates through the Optical Communications (OpComms) and Commercial Lasers segments. The OpComms segment includes a range of components, modules, and subsystems to support customers including carrier networks of access (local), metro (intracity), long-haul (city-to-city and worldwide), and submarine (undersea) applications.

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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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