CloudAlpha Capital Management Limited Hong Kong Buys Shares of 105,000 Lumentum Holdings Inc. (NASDAQ:LITE)

CloudAlpha Capital Management Limited Hong Kong acquired a new position in Lumentum Holdings Inc. (NASDAQ:LITE) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 105,000 shares of the technology company’s stock, valued at approximately $5,504,000. Lumentum accounts for 0.5% of CloudAlpha Capital Management Limited Hong Kong’s investment portfolio, making the stock its 25th largest position.

Other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in Lumentum during the fourth quarter worth about $34,040,000. Earnest Partners LLC raised its position in Lumentum by 576.4% in the 1st quarter. Earnest Partners LLC now owns 680,435 shares of the technology company’s stock worth $66,410,000 after purchasing an additional 579,835 shares during the last quarter. Millennium Management LLC raised its position in Lumentum by 50.8% in the 4th quarter. Millennium Management LLC now owns 1,202,143 shares of the technology company’s stock worth $62,716,000 after purchasing an additional 405,140 shares during the last quarter. FengHe Fund Management Pte. Ltd. bought a new position in Lumentum in the 4th quarter worth approximately $19,547,000. Finally, Scout Investments Inc. bought a new position in Lumentum in the 2nd quarter worth approximately $17,866,000. 94.05% of the stock is currently owned by institutional investors.

Lumentum Trading Down 3.1 %

Shares of Lumentum stock traded down $1.33 during trading hours on Wednesday, reaching $41.98. 728,933 shares of the company’s stock were exchanged, compared to its average volume of 1,445,328. The company has a 50 day moving average of $48.13 and a two-hundred day moving average of $47.13. Lumentum Holdings Inc. has a fifty-two week low of $35.35 and a fifty-two week high of $65.16. The company has a current ratio of 3.13, a quick ratio of 2.42 and a debt-to-equity ratio of 1.96.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Thursday, February 8th. The technology company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.07). Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. The business had revenue of $366.80 million for the quarter, compared to analyst estimates of $363.44 million. On average, research analysts expect that Lumentum Holdings Inc. will post -0.61 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. B. Riley dropped their target price on shares of Lumentum from $42.00 to $41.00 and set a “neutral” rating for the company in a research report on Friday, February 9th. Susquehanna decreased their price target on shares of Lumentum from $65.00 to $60.00 and set a “positive” rating for the company in a report on Friday, February 9th. Stifel Nicolaus reissued a “buy” rating and issued a $62.00 price target on shares of Lumentum in a report on Monday, April 1st. JPMorgan Chase & Co. decreased their price target on shares of Lumentum from $62.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, April 11th. Finally, Barclays boosted their price target on shares of Lumentum from $40.00 to $45.00 and gave the company an “underweight” rating in a report on Tuesday, January 16th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $51.79.

Insider Activity at Lumentum

In related news, CAO Matthew Joseph Sepe sold 9,903 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $49.23, for a total value of $487,524.69. Following the completion of the sale, the chief accounting officer now directly owns 33,188 shares in the company, valued at approximately $1,633,845.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.60% of the stock is currently owned by company insiders.

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.