King Luther Capital Management Corp Grows Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

King Luther Capital Management Corp boosted its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 6.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 82,331 shares of the technology company’s stock after purchasing an additional 4,809 shares during the quarter. King Luther Capital Management Corp’s holdings in Lumentum were worth $5,218,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Lumentum by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock worth $341,786,000 after buying an additional 22,088 shares during the last quarter. EntryPoint Capital LLC purchased a new position in Lumentum during the 1st quarter valued at about $112,000. Keeley Teton Advisors LLC increased its holdings in Lumentum by 15.2% during the 1st quarter. Keeley Teton Advisors LLC now owns 31,937 shares of the technology company’s stock valued at $1,512,000 after acquiring an additional 4,209 shares in the last quarter. Earnest Partners LLC raised its position in Lumentum by 6.0% during the first quarter. Earnest Partners LLC now owns 1,690,117 shares of the technology company’s stock worth $80,027,000 after acquiring an additional 95,428 shares during the last quarter. Finally, Caxton Associates LP purchased a new stake in shares of Lumentum in the first quarter valued at about $3,321,000. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Lumentum Price Performance

Shares of Lumentum stock opened at $85.62 on Friday. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. The stock has a market capitalization of $5.88 billion, a P/E ratio of -10.34 and a beta of 0.88. Lumentum Holdings Inc. has a twelve month low of $38.28 and a twelve month high of $90.51. The business’s fifty day moving average price is $68.76 and its 200 day moving average price is $56.47.

Insider Transactions at Lumentum

In related news, Director Penny Herscher sold 1,625 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $81.09, for a total transaction of $131,771.25. Following the transaction, the director now directly owns 6,852 shares in the company, valued at $555,628.68. This trade represents a 19.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Matthew Joseph Sepe sold 8,172 shares of Lumentum stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total transaction of $715,867.20. Following the completion of the transaction, the chief accounting officer now directly owns 21,138 shares of the company’s stock, valued at approximately $1,851,688.80. This represents a 27.88 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,797 shares of company stock worth $2,155,188. 0.19% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

LITE has been the subject of several research reports. Bank of America lifted their price objective on Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a research report on Thursday, August 15th. Susquehanna lifted their price objective on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research report on Friday, November 8th. Craig Hallum raised their price target on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. lifted their target price on shares of Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Finally, Raymond James increased their price target on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. 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 MarketBeat, the company has an average rating of “Hold” and a consensus price target of $74.85.

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.