Peregrine Investment Management Inc. Boosts Stock Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Peregrine Investment Management Inc. grew its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 3.2% during the 1st quarter, HoldingsChannel.com reports. The firm owned 89,170 shares of the technology company’s stock after buying an additional 2,780 shares during the quarter. Lumentum makes up approximately 4.1% of Peregrine Investment Management Inc.’s portfolio, making the stock its 13th largest holding. Peregrine Investment Management Inc.’s holdings in Lumentum were worth $5,559,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Jones Financial Companies Lllp grew its holdings in shares of Lumentum by 54.2% during the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock worth $31,000 after purchasing an additional 130 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in shares of Lumentum by 27.2% during the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company’s stock worth $64,000 after purchasing an additional 164 shares during the last quarter. Oregon Public Employees Retirement Fund grew its holdings in shares of Lumentum by 1.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 14,130 shares of the technology company’s stock worth $881,000 after purchasing an additional 176 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Lumentum by 1.4% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,173 shares of the technology company’s stock worth $1,274,000 after purchasing an additional 206 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its holdings in shares of Lumentum by 1.3% during the fourth quarter. Thrivent Financial for Lutherans now owns 16,165 shares of the technology company’s stock worth $1,357,000 after purchasing an additional 213 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Insider Activity at Lumentum

In other Lumentum news, Director Alan S. Lowe sold 20,000 shares of the stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $93.47, for a total value of $1,869,400.00. Following the completion of the transaction, the director directly owned 230,471 shares of the company’s stock, valued at approximately $21,542,124.37. This trade represents a 7.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Yuen Wupen sold 4,716 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $76.87, for a total transaction of $362,518.92. Following the completion of the transaction, the insider directly owned 82,957 shares of the company’s stock, valued at approximately $6,376,904.59. This trade represents a 5.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,520 shares of company stock valued at $5,742,078. 0.19% of the stock is currently owned by corporate insiders.

Lumentum Price Performance

Shares of NASDAQ:LITE opened at $92.99 on Friday. The company has a quick ratio of 3.53, a current ratio of 4.72 and a debt-to-equity ratio of 2.91. The company has a market cap of $6.45 billion, a P/E ratio of -14.42 and a beta of 1.34. Lumentum Holdings Inc. has a 52 week low of $38.29 and a 52 week high of $104.00. The company has a 50-day moving average price of $82.01 and a 200 day moving average price of $75.33.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.07. Lumentum had a negative net margin of 29.87% and a negative return on equity of 8.69%. The firm had revenue of $425.20 million during the quarter, compared to the consensus estimate of $418.18 million. During the same quarter last year, the firm earned $0.09 earnings per share. The firm’s revenue was up 16.0% compared to the same quarter last year. Research analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Stifel Nicolaus raised their price objective on Lumentum from $85.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, June 5th. Northland Capmk raised Lumentum from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Rosenblatt Securities reiterated a “buy” rating and set a $105.00 target price on shares of Lumentum in a research note on Thursday, June 12th. Needham & Company LLC increased their target price on shares of Lumentum from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Wednesday, June 11th. Finally, JPMorgan Chase & Co. increased their target price on shares of Lumentum from $87.00 to $100.00 and gave the stock an “overweight” rating in a research note on Thursday, June 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $85.53.

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.