Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. cut its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 16.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 26,814 shares of the technology company’s stock after selling 5,122 shares during the period. Federated Hermes Inc.’s holdings in Lumentum were worth $1,406,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. FengHe Fund Management Pte. Ltd. purchased a new stake in Lumentum during the fourth quarter valued at about $19,547,000. International Assets Investment Management LLC acquired a new position in shares of Lumentum in the 4th quarter valued at about $1,379,000. Pathstone Family Office LLC grew its holdings in shares of Lumentum by 46.3% during the 3rd quarter. Pathstone Family Office LLC now owns 13,296 shares of the technology company’s stock worth $606,000 after purchasing an additional 4,207 shares during the period. Envestnet Asset Management Inc. increased its position in Lumentum by 52.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 211,684 shares of the technology company’s stock worth $9,564,000 after purchasing an additional 73,047 shares in the last quarter. Finally, Neo Ivy Capital Management purchased a new position in Lumentum in the third quarter valued at approximately $32,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Lumentum

In other news, CAO Matthew Joseph Sepe sold 9,903 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $49.23, for a total value of $487,524.69. Following the completion of the sale, the chief accounting officer now directly owns 33,188 shares of the company’s stock, valued at approximately $1,633,845.24. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

LITE has been the subject of several research reports. Susquehanna decreased their price objective on shares of Lumentum from $65.00 to $60.00 and set a “positive” rating for the company in a research note on Friday, February 9th. JPMorgan Chase & Co. lowered their price target on Lumentum from $62.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, April 11th. Stifel Nicolaus reissued a “buy” rating and issued a $62.00 price objective on shares of Lumentum in a research report on Monday, April 1st. B. Riley decreased their target price on Lumentum from $42.00 to $41.00 and set a “neutral” rating for the company in a research report on Friday, February 9th. Finally, Barclays raised their target price on Lumentum from $40.00 to $45.00 and gave the company an “underweight” rating in a report on Tuesday, January 16th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $52.69.

Lumentum Stock Up 0.2 %

LITE opened at $43.52 on Tuesday. The stock’s 50 day moving average price is $46.73 and its 200 day moving average price is $47.10. The company has a debt-to-equity ratio of 1.96, a current ratio of 3.13 and a quick ratio of 2.42. The stock has a market cap of $2.93 billion, a P/E ratio of -11.05 and a beta of 1.09. Lumentum Holdings Inc. has a 12 month low of $35.35 and a 12 month high of $65.16.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Thursday, February 8th. The technology company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.07). Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. The business had revenue of $366.80 million during the quarter, compared to the consensus estimate of $363.44 million. As a group, research analysts predict that Lumentum Holdings Inc. will post -0.64 earnings per share for the current year.

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.