Alliancebernstein L.P. Boosts Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Alliancebernstein L.P. lifted its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 1.4% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,711,956 shares of the technology company’s stock after purchasing an additional 23,136 shares during the period. Alliancebernstein L.P.’s holdings in Lumentum were worth $143,719,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in LITE. J.Safra Asset Management Corp grew its stake in shares of Lumentum by 31.1% in the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock worth $43,000 after acquiring an additional 122 shares in the last quarter. Jones Financial Companies Lllp grew its position 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 buying an additional 130 shares in the last quarter. Crossmark Global Holdings Inc. increased its stake in shares of Lumentum by 4.0% during the fourth quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company’s stock worth $365,000 after buying an additional 168 shares during the period. Manchester Capital Management LLC raised its holdings in Lumentum by 22.6% in the fourth quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company’s stock valued at $86,000 after acquiring an additional 190 shares in the last quarter. Finally, Synovus Financial Corp lifted its stake in Lumentum by 1.5% in the third quarter. Synovus Financial Corp now owns 13,225 shares of the technology company’s stock worth $838,000 after acquiring an additional 200 shares during the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the sale, the chief financial officer now owns 51,976 shares of the company’s stock, valued at $4,071,799.84. This represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.19% of the stock is currently owned by corporate insiders.

Lumentum Stock Up 2.0 %

LITE opened at $63.59 on Wednesday. The business has a 50 day moving average price of $73.97 and a two-hundred day moving average price of $76.40. Lumentum Holdings Inc. has a 52 week low of $38.29 and a 52 week high of $104.00. The company has a market cap of $4.40 billion, a PE ratio of -8.27 and a beta of 1.03. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94.

Lumentum (NASDAQ:LITE) last issued its earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. As a group, research analysts anticipate that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have commented on LITE. Stifel Nicolaus increased their price objective on shares of Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and increased their target price for the company from $80.00 to $125.00 in a report on Friday, January 17th. Jefferies Financial Group assumed coverage on Lumentum in a report on Friday, February 21st. They set a “buy” rating for the company. Northland Securities increased their price objective on Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a report on Friday, February 7th. Finally, Rosenblatt Securities restated a “buy” rating and set a $110.00 target price on shares of Lumentum in a research note on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $87.40.

Lumentum Profile

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.