Huntington National Bank raised its stake in shares of Lumentum Holdings Inc (NASDAQ:LITE) by 2,639.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,218 shares of the technology company’s stock after buying an additional 4,064 shares during the quarter. Huntington National Bank’s holdings in Lumentum were worth $238,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of LITE. Meeder Asset Management Inc. acquired a new position in shares of Lumentum during the 4th quarter worth about $25,000. Sapphire Star Partners LP acquired a new position in shares of Lumentum during the 4th quarter worth about $28,000. Oregon Public Employees Retirement Fund grew its position in shares of Lumentum by 4,834.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,231,145 shares of the technology company’s stock worth $29,000 after buying an additional 1,206,194 shares during the period. IFP Advisors Inc grew its position in shares of Lumentum by 121.7% during the 4th quarter. IFP Advisors Inc now owns 949 shares of the technology company’s stock worth $39,000 after buying an additional 521 shares during the period. Finally, SevenBridge Financial Group LLC acquired a new position in shares of Lumentum during the 4th quarter worth about $39,000. Institutional investors own 86.44% of the company’s stock.
In related news, Director Harold L. Covert sold 3,017 shares of the stock in a transaction on Thursday, February 14th. The stock was sold at an average price of $46.01, for a total value of $138,812.17. Following the sale, the director now owns 20,000 shares in the company, valued at approximately $920,200. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Martin A. Kaplan sold 3,025 shares of the stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $48.72, for a total value of $147,378.00. Following the completion of the sale, the director now owns 18,902 shares in the company, valued at approximately $920,905.44. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,617 shares of company stock worth $768,579. Company insiders own 0.55% of the company’s stock.
Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Tuesday, February 5th. The technology company reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.15. Lumentum had a return on equity of 20.24% and a net margin of 7.50%. The company had revenue of $373.70 million for the quarter, compared to analysts’ expectations of $365.08 million. During the same quarter in the prior year, the business posted $1.67 EPS. The business’s revenue was down 7.6% compared to the same quarter last year. As a group, equities analysts expect that Lumentum Holdings Inc will post 3.31 earnings per share for the current fiscal year.
Several research firms have recently issued reports on LITE. Piper Jaffray Companies decreased their target price on Lumentum from $63.00 to $59.00 and set an “overweight” rating for the company in a research report on Thursday, January 24th. They noted that the move was a valuation call. Morgan Stanley upgraded Lumentum from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $55.00 to $65.00 in a research report on Wednesday, March 27th. BidaskClub upgraded Lumentum from a “buy” rating to a “strong-buy” rating in a research report on Friday, February 22nd. Needham & Company LLC reiterated a “strong-buy” rating on shares of Lumentum in a research report on Thursday, January 3rd. Finally, ValuEngine upgraded Lumentum from a “sell” rating to a “hold” rating in a research report on Wednesday, March 27th. Two research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $70.00.
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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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.
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