MIG Capital LLC Buys Shares of 4,010 Lumentum Holdings Inc. (NASDAQ:LITE)

MIG Capital LLC purchased a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 4,010 shares of the technology company’s stock, valued at approximately $337,000.

Several other large investors have also made changes to their positions in the company. Quadrant Capital Group LLC lifted its stake in Lumentum by 27.2% during the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company’s stock worth $64,000 after purchasing an additional 164 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Lumentum by 16,912.6% during the 4th quarter. Russell Investments Group Ltd. now owns 50,017 shares of the technology company’s stock worth $4,199,000 after buying an additional 49,723 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Lumentum during the 4th quarter worth $615,000. Hel Ved Capital Management Ltd acquired a new stake in Lumentum in the fourth quarter valued at about $19,026,000. Finally, Pinpoint Asset Management Ltd grew its position in Lumentum by 563.7% in the fourth quarter. Pinpoint Asset Management Ltd now owns 3,418 shares of the technology company’s stock valued at $287,000 after acquiring an additional 2,903 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Insider Buying and Selling at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the transaction, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at $4,071,799.84. This represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.19% of the company’s stock.

Analyst Upgrades and Downgrades

LITE has been the topic of a number of research analyst reports. Barclays upgraded shares of Lumentum from an “underweight” rating to an “overweight” rating and raised their price target for the company from $80.00 to $125.00 in a research note on Friday, January 17th. Raymond James upgraded shares of Lumentum from an “outperform” rating to a “strong-buy” rating and cut their target price for the company from $96.00 to $82.00 in a research report on Monday, March 24th. Rosenblatt Securities reiterated a “buy” rating and set a $110.00 price target on shares of Lumentum in a report on Friday, February 7th. UBS Group increased their price target on Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Finally, Stifel Nicolaus boosted their price objective on Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $87.40.

Lumentum Trading Down 7.3 %

LITE opened at $49.56 on Friday. Lumentum Holdings Inc. has a twelve month low of $38.29 and a twelve month high of $104.00. The company has a fifty day moving average of $71.46 and a 200-day moving average of $76.25. The stock has a market cap of $3.43 billion, a PE ratio of -6.44 and a beta of 1.14. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. On average, sell-side analysts predict that Lumentum Holdings Inc. will post 0.03 EPS 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 (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.