Cornerstone Investment Partners LLC Purchases 627 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Cornerstone Investment Partners LLC raised its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 10.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,868 shares of the technology company’s stock after buying an additional 627 shares during the period. Cornerstone Investment Partners LLC’s holdings in Lumentum were worth $577,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LITE. UMB Bank n.a. lifted its holdings in Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after buying an additional 253 shares during the period. Jones Financial Companies Lllp increased its position in Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after buying an additional 130 shares in the last quarter. Quarry LP increased its stake in Lumentum by 85.5% during the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after purchasing an additional 201 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Lumentum in the third quarter worth $33,000. Finally, Nomura Asset Management Co. Ltd. lifted its stake in Lumentum by 67.5% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after acquiring an additional 270 shares during the period. Institutional investors own 94.05% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on LITE. 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. Barclays upgraded Lumentum from an “underweight” rating to an “overweight” rating and boosted their price objective for the company from $80.00 to $125.00 in a research report on Friday, January 17th. Susquehanna upped their target price on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research report on Friday, November 8th. Jefferies Financial Group assumed coverage on Lumentum in a report on Friday, February 21st. They set a “buy” rating on the stock. Finally, Morgan Stanley decreased their price objective on 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 equities research 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’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $88.07.

Lumentum Trading Down 6.6 %

LITE opened at $65.69 on Tuesday. Lumentum Holdings Inc. has a 52 week low of $38.28 and a 52 week high of $104.00. The company has a market capitalization of $4.55 billion, a P/E ratio of -8.54 and a beta of 0.94. The stock’s fifty day moving average is $83.30 and its two-hundred day moving average is $74.95. 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 released 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 net margin of 36.98% and a negative return on equity of 7.25%. Analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Insider Transactions at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the completion of the transaction, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.19% of the company’s stock.

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.