Kovitz Investment Group Partners LLC Sells 1,970 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Kovitz Investment Group Partners LLC reduced its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 1.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 102,765 shares of the technology company’s stock after selling 1,970 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in Lumentum were worth $6,568,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in LITE. Dimensional Fund Advisors LP raised its stake in shares of Lumentum by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock valued at $86,760,000 after purchasing an additional 130,838 shares during the period. Atreides Management LP raised its position in Lumentum by 28.5% in the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock valued at $107,177,000 after buying an additional 375,389 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. lifted its stake in Lumentum by 17.8% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock valued at $58,803,000 after acquiring an additional 174,828 shares in the last quarter. Divisar Capital Management LLC boosted its position in Lumentum by 5.8% during the 2nd quarter. Divisar Capital Management LLC now owns 961,574 shares of the technology company’s stock worth $48,963,000 after acquiring an additional 52,300 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Lumentum by 5.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company’s stock worth $46,784,000 after acquiring an additional 37,109 shares in the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

Lumentum Stock Performance

LITE opened at $92.84 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. Lumentum Holdings Inc. has a 12-month low of $38.28 and a 12-month high of $95.92. The business has a 50 day moving average of $74.95 and a 200-day moving average of $59.92. The stock has a market cap of $6.38 billion, a price-to-earnings ratio of -11.21 and a beta of 0.95.

Analyst Upgrades and Downgrades

LITE has been the topic of a number of research reports. Craig Hallum boosted their price objective on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Barclays boosted their price target on shares of Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a research report on Monday, November 11th. Rosenblatt Securities raised their price objective on Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 8th. Susquehanna upped their target price on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a report on Friday, November 8th. Finally, Raymond James boosted their price target on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $74.85.

Insider Activity at Lumentum

In related news, CFO Wajid Ali sold 29,887 shares of the company’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $85.06, for a total value of $2,542,188.22. Following the transaction, the chief financial officer now owns 56,492 shares in the company, valued at approximately $4,805,209.52. This represents a 34.60 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Vincent Retort sold 41,710 shares of the firm’s stock in a transaction that occurred on 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 owns 147,515 shares of the company’s stock, valued at $13,205,542.80. This trade represents a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 101,797 shares of company stock worth $8,881,428. Company insiders own 0.19% of the company’s stock.

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.