Lecap Asset Management Ltd. Trims Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Lecap Asset Management Ltd. lowered its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 73.4% during the 4th quarter, HoldingsChannel reports. The fund owned 6,857 shares of the technology company’s stock after selling 18,894 shares during the period. Lecap Asset Management Ltd.’s holdings in Lumentum were worth $576,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Truist Financial Corp lifted its holdings in Lumentum by 5.8% during the 2nd quarter. Truist Financial Corp now owns 11,054 shares of the technology company’s stock worth $563,000 after purchasing an additional 607 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Lumentum by 141.6% in the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after buying an additional 524 shares in the last quarter. Creative Planning boosted its position in shares of Lumentum by 36.0% in the third quarter. Creative Planning now owns 6,914 shares of the technology company’s stock valued at $438,000 after acquiring an additional 1,831 shares during the period. nVerses Capital LLC grew its stake in Lumentum by 54.8% during the third quarter. nVerses Capital LLC now owns 4,800 shares of the technology company’s stock valued at $304,000 after acquiring an additional 1,700 shares in the last quarter. Finally, First Citizens Bank & Trust Co. bought a new stake in Lumentum during the 3rd quarter worth approximately $259,000. 94.05% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Harold L. Covert sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total value of $1,307,550.00. Following the transaction, the director now owns 8,761 shares in the company, valued at approximately $763,696.37. This trade represents a 63.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Vincent Retort sold 41,710 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the sale, the insider now owns 147,515 shares of the company’s stock, valued at $13,205,542.80. This represents a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,797 shares of company stock valued at $8,881,428 in the last ninety days. Company insiders own 0.19% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on LITE. UBS Group raised their price target on shares of Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a report on Friday. Rosenblatt Securities reissued a “buy” rating and set a $110.00 price objective on shares of Lumentum in a research note on Friday. Susquehanna upped their target price on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research note on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and set a $110.00 price target on shares of Lumentum in a research report on Friday. Finally, Morgan Stanley decreased their price objective on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Friday, January 31st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $88.07.

Lumentum Price Performance

Shares of Lumentum stock opened at $85.90 on Friday. The stock has a market capitalization of $5.90 billion, a price-to-earnings ratio of -10.37 and a beta of 0.94. The company has a fifty day moving average of $87.68 and a 200-day moving average of $71.49. Lumentum Holdings Inc. has a 52-week low of $38.28 and a 52-week high of $104.00. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. Equities research analysts expect that Lumentum Holdings Inc. will post -0.02 EPS 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.