Fred Alger Management Inc. lessened its stake in shares of Lumentum Holdings Inc (NASDAQ:LITE) by 44.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 149,260 shares of the technology company’s stock after selling 121,167 shares during the period. Fred Alger Management Inc. owned about 0.24% of Lumentum worth $7,299,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. SeaCrest Wealth Management LLC acquired a new stake in shares of Lumentum during the 4th quarter valued at $128,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Lumentum by 42.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,797 shares of the technology company’s stock valued at $186,000 after acquiring an additional 1,135 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in shares of Lumentum during the 3rd quarter valued at $234,000. First Allied Advisory Services Inc. acquired a new stake in shares of Lumentum during the 3rd quarter valued at $237,000. Finally, CIBC Asset Management Inc acquired a new stake in shares of Lumentum during the 4th quarter valued at $236,000.
In other news, CFO Aaron Tachibana sold 2,000 shares of the company’s stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $65.00, for a total value of $130,000.00. Following the transaction, the chief financial officer now directly owns 68,530 shares of the company’s stock, valued at $4,454,450. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jason Reinhardt sold 9,308 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $56.82, for a total transaction of $528,880.56. Following the completion of the transaction, the executive vice president now directly owns 59,635 shares in the company, valued at $3,388,460.70. The disclosure for this sale can be found here. Insiders sold 48,039 shares of company stock worth $2,798,935 over the last ninety days. 0.76% of the stock is currently owned by company insiders.
Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Tuesday, February 6th. The technology company reported $1.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.67. Lumentum had a net margin of 8.97% and a return on equity of 24.06%. The business had revenue of $404.60 million for the quarter, compared to the consensus estimate of $357.03 million. During the same period in the prior year, the business posted $0.57 earnings per share. Lumentum’s revenue for the quarter was up 52.7% compared to the same quarter last year. research analysts predict that Lumentum Holdings Inc will post 2.85 EPS for the current fiscal year.
LITE has been the subject of a number of recent research reports. Zacks Investment Research downgraded Lumentum from a “buy” rating to a “hold” rating in a research report on Wednesday, December 6th. Piper Jaffray Companies restated a “buy” rating and issued a $81.00 target price on shares of Lumentum in a report on Wednesday, January 3rd. BidaskClub lowered Lumentum from a “hold” rating to a “sell” rating in a report on Friday, December 29th. B. Riley restated a “buy” rating and issued a $89.00 target price on shares of Lumentum in a report on Wednesday, December 13th. Finally, Morgan Stanley upgraded Lumentum from an “underweight” rating to an “equal weight” rating and set a $46.00 target price for the company in a report on Tuesday, January 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $73.19.
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Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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