First Trust Advisors LP lowered its stake in shares of Lumentum Holdings Inc (NASDAQ:LITE) by 26.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 66,093 shares of the technology company’s stock after selling 24,181 shares during the period. First Trust Advisors LP owned about 0.11% of Lumentum worth $3,232,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in LITE. SeaCrest Wealth Management LLC purchased a new stake in shares of Lumentum during the fourth quarter worth about $128,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Lumentum by 42.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,797 shares of the technology company’s stock worth $186,000 after purchasing an additional 1,135 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in shares of Lumentum during the third quarter worth about $234,000. CIBC Asset Management Inc purchased a new stake in shares of Lumentum during the fourth quarter worth about $236,000. Finally, First Allied Advisory Services Inc. purchased a new stake in shares of Lumentum during the third quarter worth about $237,000.
Lumentum Holdings Inc (NASDAQ LITE) opened at $71.90 on Wednesday. The company has a quick ratio of 4.16, a current ratio of 4.84 and a debt-to-equity ratio of 0.38. The firm has a market cap of $4,506.25, a PE ratio of 29.51, a price-to-earnings-growth ratio of 1.36 and a beta of -0.09. Lumentum Holdings Inc has a fifty-two week low of $40.35 and a fifty-two week high of $74.40.
In other news, CEO Alan S. Lowe sold 4,511 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $58.52, for a total value of $263,983.72. Following the transaction, the chief executive officer now directly owns 238,998 shares in the company, valued at approximately $13,986,162.96. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Vincent Retort sold 12,111 shares of the company’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $71.00, for a total transaction of $859,881.00. Following the completion of the transaction, the chief operating officer now owns 77,318 shares in the company, valued at $5,489,578. The disclosure for this sale can be found here. Insiders sold a total of 62,150 shares of company stock worth $3,800,816 over the last quarter. 0.76% of the stock is currently owned by company insiders.
LITE has been the subject of several research reports. Zacks Investment Research cut shares of Lumentum from a “buy” rating to a “hold” rating in a research note on Wednesday, December 6th. UBS Group initiated coverage on shares of Lumentum in a research note on Wednesday, January 31st. They set a “buy” rating and a $57.00 price objective for the company. B. Riley reaffirmed a “buy” rating and set a $89.00 price objective on shares of Lumentum in a research note on Wednesday, December 13th. BidaskClub raised shares of Lumentum from a “sell” rating to a “hold” rating in a research note on Saturday, January 13th. Finally, DA Davidson upped their price objective on shares of Lumentum to $101.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and fifteen have given a buy rating to the stock. Lumentum has a consensus rating of “Buy” and a consensus target price of $73.19.
WARNING: “First Trust Advisors LP Cuts Stake in Lumentum Holdings Inc (LITE)” was originally published by American Banking News and is the property of of American Banking News. If you are accessing this article on another domain, it was illegally stolen and republished in violation of U.S. & international copyright and trademark law. The correct version of this article can be accessed at https://www.americanbankingnews.com/2018/03/14/first-trust-advisors-lp-cuts-stake-in-lumentum-holdings-inc-lite.html.
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).
Receive News & Ratings for Lumentum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lumentum and related companies with MarketBeat.com's FREE daily email newsletter.