Handelsbanken Fonder AB Reduces Stock Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Handelsbanken Fonder AB lessened its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 9.8% during the fourth quarter, HoldingsChannel.com reports. The fund owned 20,147 shares of the technology company’s stock after selling 2,200 shares during the quarter. Handelsbanken Fonder AB’s holdings in Lumentum were worth $1,691,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. UMB Bank n.a. boosted its holdings in shares of Lumentum by 301.2% during the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after acquiring an additional 253 shares during the last quarter. Quarry LP boosted its holdings in shares of Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after buying an additional 201 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Lumentum in the third quarter worth approximately $33,000. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after buying an additional 270 shares during the last quarter. Finally, Manchester Capital Management LLC boosted its holdings in shares of Lumentum by 22.6% in the fourth quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company’s stock worth $86,000 after buying an additional 190 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Price Performance

NASDAQ LITE opened at $70.39 on Wednesday. The stock has a market cap of $4.87 billion, a price-to-earnings ratio of -9.15 and a beta of 0.94. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. Lumentum Holdings Inc. has a 12 month low of $38.28 and a 12 month high of $104.00. The company’s 50 day moving average is $84.44 and its two-hundred day moving average is $74.32.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. As a group, research analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Analyst Upgrades and Downgrades

LITE has been the topic of a number of research reports. Susquehanna raised their price objective on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a report on Friday, November 8th. Raymond James raised their price objective on shares of Lumentum from $94.00 to $96.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Northland Securities raised their price objective on shares of Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a report on Friday, February 7th. Morgan Stanley dropped their price objective on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, January 31st. Finally, B. Riley raised their price objective on shares of Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Lumentum has an average rating of “Hold” and a consensus target price of $88.07.

Insiders Place Their Bets

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the completion of the transaction, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at $4,071,799.84. The trade was a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.19% of the stock is 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.