Janney Montgomery Scott LLC Grows Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Janney Montgomery Scott LLC boosted its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 7.7% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 18,150 shares of the technology company’s stock after purchasing an additional 1,296 shares during the period. Janney Montgomery Scott LLC’s holdings in Lumentum were worth $1,150,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Point72 DIFC Ltd acquired a new position in shares of Lumentum during the second quarter worth $36,000. GAMMA Investing LLC raised its holdings in shares of Lumentum by 141.6% in the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after buying an additional 524 shares during the last quarter. Signaturefd LLC raised its holdings in shares of Lumentum by 93.9% in the second quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock valued at $58,000 after buying an additional 554 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in Lumentum in the first quarter valued at about $112,000. Finally, nVerses Capital LLC lifted its position in Lumentum by 416.7% in the second quarter. nVerses Capital LLC now owns 3,100 shares of the technology company’s stock valued at $158,000 after purchasing an additional 2,500 shares during the period. Institutional investors and hedge funds own 94.05% of the company’s stock.

Lumentum Stock Performance

Shares of LITE stock opened at $81.45 on Friday. The company’s fifty day moving average price is $66.35 and its two-hundred day moving average price is $55.39. The firm has a market capitalization of $5.60 billion, a P/E ratio of -9.84, a P/E/G ratio of 8.98 and a beta of 0.88. Lumentum Holdings Inc. has a 12 month low of $38.28 and a 12 month high of $89.70. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04.

Lumentum (NASDAQ:LITE) last released its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.03. The company had revenue of $308.30 million during the quarter, compared to the consensus estimate of $301.36 million. Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. The company’s revenue was down 16.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.12 EPS. On average, research analysts anticipate that Lumentum Holdings Inc. will post 0.17 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Susquehanna increased their target price on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. Northland Securities raised their price objective on shares of Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. Rosenblatt Securities lifted their target price on shares of Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Barclays lifted their price target on shares of Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a report on Monday, November 11th. Finally, Needham & Company LLC lifted their price target on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Lumentum presently has a consensus rating of “Hold” and a consensus target price of $74.85.

Insider Activity at Lumentum

In related news, Director Harold L. Covert sold 15,000 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the completion of the sale, the director now owns 8,761 shares of the company’s stock, valued at $763,696.37. This represents a 63.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total transaction of $715,867.20. Following the sale, the chief accounting officer now directly owns 21,138 shares of the company’s stock, valued at approximately $1,851,688.80. This represents a 27.88 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.19% of the company’s stock.

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.