Crestline Management LP Acquires New Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Crestline Management LP bought a new position in Lumentum Holdings Inc. (NASDAQ:LITE) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 52,831 shares of the technology company’s stock, valued at approximately $4,435,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital World Investors increased its stake in shares of Lumentum by 108.3% in the fourth quarter. Capital World Investors now owns 3,600,132 shares of the technology company’s stock worth $302,231,000 after purchasing an additional 1,871,572 shares in the last quarter. Alliancebernstein L.P. increased its stake in Lumentum by 1.4% in the 4th quarter. Alliancebernstein L.P. now owns 1,711,956 shares of the technology company’s stock worth $143,719,000 after buying an additional 23,136 shares in the last quarter. Geode Capital Management LLC raised its holdings in Lumentum by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 1,195,605 shares of the technology company’s stock valued at $100,402,000 after acquiring an additional 9,442 shares during the period. Fuller & Thaler Asset Management Inc. lifted its position in shares of Lumentum by 8.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 838,289 shares of the technology company’s stock valued at $70,374,000 after acquiring an additional 62,937 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Lumentum in the fourth quarter worth about $68,962,000. Institutional investors own 94.05% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on LITE shares. JPMorgan Chase & Co. decreased their target price on Lumentum from $105.00 to $73.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. B. Riley lifted their price objective on shares of Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Jefferies Financial Group assumed coverage on shares of Lumentum in a research report on Friday, February 21st. They set a “buy” rating for the company. Rosenblatt Securities cut their target price on shares of Lumentum from $110.00 to $85.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Finally, Needham & Company LLC reissued a “buy” rating and set a $110.00 price objective on shares of Lumentum in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $82.60.

Insider Buying and Selling

In related news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the sale, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at $4,071,799.84. This represents a 4.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.19% of the stock is owned by corporate insiders.

Lumentum Stock Up 2.0 %

Shares of NASDAQ LITE opened at $64.42 on Wednesday. The stock has a market capitalization of $4.46 billion, a price-to-earnings ratio of -8.38 and a beta of 1.18. Lumentum Holdings Inc. has a 12-month low of $38.29 and a 12-month high of $104.00. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The firm’s 50-day moving average price is $60.29 and its 200-day moving average price is $74.68.

Lumentum (NASDAQ:LITE) last posted 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%. On average, equities research analysts anticipate that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

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 (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.