Peregrine Investment Management Inc. Purchases Shares of 86,390 Lumentum Holdings Inc. (NASDAQ:LITE)

Peregrine Investment Management Inc. acquired a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 86,390 shares of the technology company’s stock, valued at approximately $7,252,000. Lumentum accounts for 4.2% of Peregrine Investment Management Inc.’s investment portfolio, making the stock its 14th biggest holding.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Quarry LP boosted its holdings in shares of Lumentum by 85.5% during the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after buying an additional 201 shares during the period. UMB Bank n.a. lifted its position in Lumentum by 301.2% during the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after acquiring an additional 253 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Lumentum during the third quarter worth approximately $33,000. Nomura Asset Management Co. Ltd. grew its position in shares of Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after purchasing an additional 270 shares during the last quarter. Finally, Signaturefd LLC increased its stake in shares of Lumentum by 13.8% during the third quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock worth $83,000 after purchasing an additional 158 shares during the period. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on LITE. Needham & Company LLC restated a “buy” rating and issued a $110.00 price target on shares of Lumentum in a research note on Friday, February 7th. Morgan Stanley decreased their price target on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. Stifel Nicolaus lifted their price objective on shares of Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. UBS Group increased their target price on shares of Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Finally, Susquehanna lifted their price target on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Lumentum presently has an average rating of “Hold” and a consensus price target of $88.07.

Insider Activity at Lumentum

In other news, insider Vincent Retort sold 41,710 shares of Lumentum stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the sale, the insider now directly owns 147,515 shares of the company’s stock, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Penny Herscher sold 1,625 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $81.09, for a total value of $131,771.25. Following the completion of the transaction, the director now directly owns 6,852 shares of the company’s stock, valued at $555,628.68. This represents a 19.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 78,625 shares of company stock valued at $6,858,010 in the last 90 days. 0.19% of the stock is owned by corporate insiders.

Lumentum Stock Performance

Lumentum stock opened at $77.68 on Friday. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The stock has a market cap of $5.34 billion, a PE ratio of -10.10 and a beta of 0.94. Lumentum Holdings Inc. has a 12-month low of $38.28 and a 12-month high of $104.00. The business’s 50-day moving average price is $86.50 and its two-hundred day moving average price is $72.58.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.00% and a negative net margin of 36.98%. As a group, analysts expect that Lumentum Holdings Inc. will post -0.04 earnings per share for the current fiscal year.

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.