Legato Capital Management LLC Makes New $1.19 Million Investment in Lumentum Holdings Inc. (NASDAQ:LITE)

Legato Capital Management LLC acquired a new stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) in the fourth quarter, Holdings Channel.com reports. The firm acquired 14,155 shares of the technology company’s stock, valued at approximately $1,188,000.

Several other hedge funds have also made changes to their positions in the stock. Atom Investors LP bought a new position in Lumentum during the third quarter valued at about $4,127,000. Robeco Institutional Asset Management B.V. bought a new stake in shares of Lumentum during the fourth quarter valued at approximately $646,000. Two Sigma Advisers LP increased its position in shares of Lumentum by 24.7% during the third quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company’s stock valued at $11,827,000 after purchasing an additional 37,000 shares during the period. West Tower Group LLC acquired a new position in shares of Lumentum in the third quarter valued at $444,000. Finally, Zweig DiMenna Associates LLC bought a new position in Lumentum in the fourth quarter worth $7,052,000. Institutional investors own 94.05% of the company’s stock.

Analyst Ratings Changes

LITE has been the subject of a number of recent research reports. Morgan Stanley dropped their price objective on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, January 31st. Raymond James increased their price target on shares of Lumentum from $94.00 to $96.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. B. Riley lifted their price objective on Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Needham & Company LLC reissued a “buy” rating and issued a $110.00 target price on shares of Lumentum in a report on Friday, February 7th. Finally, Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and boosted their price target for the company from $80.00 to $125.00 in a research note on Friday, January 17th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Lumentum has a consensus rating of “Hold” and an average price target of $88.07.

Insider Transactions at Lumentum

In other news, insider Vincent Retort sold 41,710 shares of Lumentum stock in a transaction that occurred 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 completion of the sale, the insider now owns 147,515 shares in the company, valued at $13,205,542.80. The trade was a 22.04 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Wajid Ali sold 29,887 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the sale, the chief financial officer now directly owns 56,492 shares of the company’s stock, valued at approximately $4,805,209.52. This trade represents a 34.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 78,625 shares of company stock worth $6,858,010 over the last 90 days. 0.19% of the stock is owned by insiders.

Lumentum Stock Down 0.5 %

Shares of NASDAQ:LITE opened at $79.22 on Thursday. The business has a fifty day moving average of $87.09 and a 200-day moving average of $72.20. 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 Holdings Inc. has a twelve month low of $38.28 and a twelve month high of $104.00.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.00% and a negative net margin of 36.98%. Analysts forecast that Lumentum Holdings Inc. will post -0.04 earnings per share for the current fiscal year.

Lumentum Company 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.