Lumentum Holdings Inc. (NASDAQ:LITE) is North Growth Management Ltd.’s 7th Largest Position

North Growth Management Ltd. reduced its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 1.4% during the 4th quarter, Holdings Channel reports. The fund owned 216,000 shares of the technology company’s stock after selling 3,000 shares during the period. Lumentum makes up about 3.5% of North Growth Management Ltd.’s holdings, making the stock its 7th largest holding. North Growth Management Ltd.’s holdings in Lumentum were worth $18,095,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Empowered Funds LLC purchased a new position in Lumentum during the fourth quarter valued at approximately $626,000. Advisors Preferred LLC acquired a new stake in shares of Lumentum during the 4th quarter worth approximately $865,000. JB Capital LLC increased its holdings in shares of Lumentum by 2.4% during the 4th quarter. JB Capital LLC now owns 33,418 shares of the technology company’s stock valued at $2,805,000 after purchasing an additional 788 shares in the last quarter. Baader Bank Aktiengesellschaft acquired a new position in shares of Lumentum in the 4th quarter valued at $301,000. Finally, Robeco Institutional Asset Management B.V. purchased a new stake in Lumentum during the fourth quarter worth $646,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

Insider Activity

In other Lumentum news, Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the transaction, the director now directly owns 8,761 shares of the company’s stock, valued at $763,696.37. The trade was a 63.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 owns 6,852 shares in the company, valued at $555,628.68. The trade was a 19.17 % 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 valued at $8,881,428. 0.19% of the stock is currently owned by insiders.

Lumentum Stock Down 7.3 %

LITE opened at $85.90 on Friday. The company’s 50 day simple moving average is $87.68 and its two-hundred day simple moving average is $71.60. Lumentum Holdings Inc. has a 1-year low of $38.28 and a 1-year high of $104.00. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.00% and a negative net margin of 36.98%. Research analysts anticipate that Lumentum Holdings Inc. will post -0.04 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Susquehanna lifted their price objective on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. UBS Group lifted their price target on Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a research note on Friday. Stifel Nicolaus raised their price objective on Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a report on Friday. Northland Securities boosted their price objective on Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a research report on Friday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $110.00 target price on shares of Lumentum in a research report on Friday. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Lumentum currently has a consensus rating of “Hold” and an average price target of $88.07.

About Lumentum

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.