Swiss National Bank Sells 600 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Swiss National Bank lowered its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 0.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 132,015 shares of the technology company’s stock after selling 600 shares during the quarter. Swiss National Bank’s holdings in Lumentum were worth $8,367,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Swedbank AB bought a new stake in Lumentum in the first quarter worth $71,025,000. Van Lanschot Kempen Investment Management N.V. boosted its stake in Lumentum by 17.8% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock worth $58,803,000 after purchasing an additional 174,828 shares in the last quarter. Pinnacle Associates Ltd. grew its position in Lumentum by 50.4% during the 3rd quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock valued at $25,846,000 after purchasing an additional 136,659 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Lumentum by 8.3% during 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 during the last quarter. Finally, Hodges Capital Management Inc. bought a new stake in Lumentum during the 2nd quarter valued at about $5,642,000. Institutional investors own 94.05% of the company’s stock.

Lumentum Stock Performance

LITE opened at $87.20 on Tuesday. Lumentum Holdings Inc. has a 12-month low of $38.28 and a 12-month high of $91.21. The company has a market cap of $5.99 billion, a price-to-earnings ratio of -10.53 and a beta of 0.88. 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 company’s 50 day moving average is $70.04 and its 200 day moving average is $57.30.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on LITE shares. Morgan Stanley upped their target price on shares of Lumentum from $61.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 14th. Needham & Company LLC increased their target price on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Barclays boosted their price target on Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a research note on Monday, November 11th. Raymond James increased their price objective on Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Finally, Susquehanna boosted their target price on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research report on Friday, November 8th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $74.85.

Insider Transactions at Lumentum

In other news, Director Penny Herscher sold 1,625 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $81.09, for a total value of $131,771.25. Following the completion of the sale, the director now directly owns 6,852 shares of the company’s stock, valued at $555,628.68. This 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 at this hyperlink. Also, Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction on 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 owns 8,761 shares in the company, valued at approximately $763,696.37. This trade represents a 63.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,142 shares of company stock worth $2,428,743 in the last 90 days. 0.19% of the stock is currently owned by 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.