Masters Capital Management LLC cut its stake in shares of Lumentum Holdings Inc (NASDAQ:LITE) by 60.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 100,000 shares of the technology company’s stock after selling 150,000 shares during the quarter. Masters Capital Management LLC owned approximately 0.16% of Lumentum worth $4,890,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. SeaCrest Wealth Management LLC bought a new position in Lumentum during the fourth quarter worth $128,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Lumentum by 42.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,797 shares of the technology company’s stock valued at $186,000 after buying an additional 1,135 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new position in shares of Lumentum in the third quarter valued at $234,000. CIBC Asset Management Inc bought a new position in shares of Lumentum in the fourth quarter valued at $236,000. Finally, First Allied Advisory Services Inc. bought a new position in shares of Lumentum in the third quarter valued at $237,000.
In related news, CFO Aaron Tachibana sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $65.00, for a total transaction of $130,000.00. Following the completion of the sale, the chief financial officer now owns 68,530 shares in the company, valued at $4,454,450. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jason Reinhardt sold 9,308 shares of the firm’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $56.82, for a total transaction of $528,880.56. Following the sale, the executive vice president now owns 59,635 shares of the company’s stock, valued at approximately $3,388,460.70. The disclosure for this sale can be found here. Insiders have sold 48,039 shares of company stock valued at $2,798,935 in the last 90 days. 0.76% of the stock is currently owned by corporate insiders.
Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Tuesday, February 6th. The technology company reported $1.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $357.03 million. During the same quarter last year, the company posted $0.57 earnings per share. The firm’s quarterly revenue was up 52.7% compared to the same quarter last year. analysts forecast that Lumentum Holdings Inc will post 2.85 EPS for the current fiscal year.
LITE has been the topic of a number of recent analyst reports. Zacks Investment Research lowered shares of Lumentum from a “buy” rating to a “hold” rating in a research report on Wednesday, December 6th. BidaskClub lowered shares of Lumentum from a “hold” rating to a “sell” rating in a research report on Saturday, December 2nd. DA Davidson raised their price target on shares of Lumentum to $101.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. B. Riley reissued a “buy” rating and set a $89.00 price target on shares of Lumentum in a research report on Friday, January 5th. Finally, Morgan Stanley set a $60.00 price target on shares of Lumentum and gave the company a “hold” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, two have given a hold rating and fifteen have issued a buy rating to the stock. The company currently has an average 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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