Chesapeake Capital Corp IL Purchases New Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

Chesapeake Capital Corp IL purchased a new stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,187 shares of the technology company’s stock, valued at approximately $335,000.

Several other large investors have also recently added to or reduced their stakes in LITE. Capital Performance Advisors LLP acquired a new stake in Lumentum in the third quarter worth $33,000. Point72 DIFC Ltd acquired a new position in shares of Lumentum in the 2nd quarter valued at $36,000. GAMMA Investing LLC boosted its position in shares of Lumentum by 141.6% in the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after purchasing an additional 524 shares during the period. Signaturefd LLC boosted its position in shares of Lumentum by 93.9% in the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock valued at $58,000 after purchasing an additional 554 shares during the period. Finally, EntryPoint Capital LLC acquired a new position in shares of Lumentum in the 1st quarter valued at $112,000. 94.05% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Analysts Set New Price Targets

LITE has been the subject of a number of recent research reports. Northland Securities raised their price target on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. Raymond James lifted their price objective on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Craig Hallum boosted their price target on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. lifted their price objective on Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Finally, Jefferies Financial Group boosted their target price on Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Lumentum has a consensus rating of “Hold” and a consensus price target of $74.85.

Lumentum Trading Down 4.3 %

Shares of LITE stock opened at $81.45 on Monday. The firm has a market capitalization of $5.60 billion, a P/E ratio of -9.84, a P/E/G ratio of 8.30 and a beta of 0.88. Lumentum Holdings Inc. has a twelve month low of $38.28 and a twelve month high of $89.70. 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’s fifty day simple moving average is $66.35 and its 200 day simple moving average is $55.56.

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.