Legacy Capital Group California Inc. Has $291,000 Stock Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Legacy Capital Group California Inc. cut its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 47.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,467 shares of the technology company’s stock after selling 3,180 shares during the period. Legacy Capital Group California Inc.’s holdings in Lumentum were worth $291,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of LITE. Signaturefd LLC raised its stake in shares of Lumentum by 13.8% during the third quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock worth $83,000 after buying an additional 158 shares during the last quarter. Crossmark Global Holdings Inc. raised its position in shares of Lumentum by 4.0% during the 4th quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company’s stock valued at $365,000 after acquiring an additional 168 shares during the last quarter. Manchester Capital Management LLC raised its position in shares of Lumentum by 22.6% during the 4th 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 during the last quarter. Synovus Financial Corp lifted its stake in shares of Lumentum by 1.5% in the 3rd quarter. Synovus Financial Corp now owns 13,225 shares of the technology company’s stock valued at $838,000 after purchasing an additional 200 shares during the period. Finally, Quarry LP boosted its position in shares of Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after purchasing an additional 201 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

Insider Transactions at Lumentum

In related news, insider Vincent Retort sold 41,710 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $89.52, for a total value of $3,733,879.20. Following the completion of the transaction, the insider now owns 147,515 shares of the company’s stock, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the completion of the sale, the chief financial officer now owns 51,976 shares in the company, valued at $4,071,799.84. The trade was a 4.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 73,769 shares of company stock valued at $6,446,222 in the last ninety days. 0.19% of the stock is currently owned by corporate insiders.

Lumentum Price Performance

LITE stock opened at $73.35 on Friday. The stock has a 50-day moving average price of $85.22 and a two-hundred day moving average price of $73.46. Lumentum Holdings Inc. has a 1 year low of $38.28 and a 1 year high of $104.00. The stock has a market cap of $5.08 billion, a PE ratio of -9.54 and a beta of 0.94. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94.

Lumentum (NASDAQ:LITE) last posted 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 return on equity of 7.25% and a negative net margin of 36.98%. Equities analysts forecast that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on LITE. B. Riley upped 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. Jefferies Financial Group began coverage on Lumentum in a research note on Friday. They issued a “buy” rating for the company. Stifel Nicolaus lifted their price objective on shares of Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Northland Securities upped their target price on shares of Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a research note on Friday, February 7th. Finally, Morgan Stanley reduced their price target 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 analysts have rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $88.07.

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.