Zweig DiMenna Associates LLC Buys New Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

Zweig DiMenna Associates LLC bought a new position in Lumentum Holdings Inc. (NASDAQ:LITE) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 84,000 shares of the technology company’s stock, valued at approximately $7,052,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased 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 in the last quarter. Atreides Management LP grew its holdings in Lumentum by 28.5% in the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock valued at $107,177,000 after purchasing an additional 375,389 shares during the period. Geode Capital Management LLC increased its position in shares of Lumentum by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock valued at $75,198,000 after buying an additional 15,799 shares in the last quarter. Divisar Capital Management LLC raised its stake in shares of 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 buying an additional 52,300 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position 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 valued at $46,784,000 after buying an additional 37,109 shares in the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

Lumentum Price Performance

LITE stock opened at $98.18 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 fifty-two week low of $38.28 and a fifty-two week high of $104.00. The business has a 50 day moving average price of $87.62 and a 200 day moving average price of $69.35. The stock has a market cap of $6.74 billion, a price-to-earnings ratio of -11.85 and a beta of 0.94.

Lumentum (NASDAQ:LITE) last posted its earnings results on Thursday, November 7th. The technology company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.48). Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. The company had revenue of $336.90 million during the quarter, compared to analysts’ expectations of $326.94 million. During the same period last year, the business earned ($0.10) earnings per share. Equities research analysts anticipate that Lumentum Holdings Inc. will post -0.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Susquehanna boosted their price target on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a report on Friday, November 8th. Barclays raised shares of Lumentum from an “underweight” rating to an “overweight” rating and boosted their target price for the stock from $80.00 to $125.00 in a research note on Friday, January 17th. Raymond James raised their price target on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $110.00 price target on shares of Lumentum in a research note on Thursday, January 9th. Finally, Northland Securities upped their target price on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $81.92.

Insiders Place Their Bets

In other Lumentum news, CFO Wajid Ali sold 29,887 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $85.06, for a total transaction 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. The trade was a 34.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Penny Herscher sold 1,625 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $81.09, for a total transaction 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. The trade was a 19.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,797 shares of company stock valued at $8,881,428 over the last quarter. Company insiders own 0.19% of the company’s stock.

Lumentum Company 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.