MIG Capital LLC Purchases Shares of 4,010 Lumentum Holdings Inc. (NASDAQ:LITE)

MIG Capital LLC acquired a new position in Lumentum Holdings Inc. (NASDAQ:LITE) in the 4th quarter, HoldingsChannel reports. The firm acquired 4,010 shares of the technology company’s stock, valued at approximately $337,000.

A number of other large investors also recently modified their holdings of the stock. Quarry LP raised its position in Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after buying an additional 201 shares during the last quarter. UMB Bank n.a. grew its stake in shares of 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 acquiring an additional 253 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Lumentum by 54.2% in the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after purchasing an additional 130 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its position in shares of Lumentum by 67.5% during the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after purchasing an additional 270 shares in the last quarter. Finally, J.Safra Asset Management Corp boosted its holdings in Lumentum by 31.1% during the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock worth $43,000 after purchasing an additional 122 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on LITE shares. Barclays upgraded shares of Lumentum from an “underweight” rating to an “overweight” rating and increased their price objective for the company from $80.00 to $125.00 in a research note on Friday, January 17th. BNP Paribas upgraded Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price target on the stock in a report on Tuesday, March 11th. Rosenblatt Securities restated a “buy” rating and issued a $110.00 price objective on shares of Lumentum in a research note on Friday, February 7th. UBS Group raised their target price on Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Finally, Jefferies Financial Group assumed coverage on shares of Lumentum in a report on Friday, February 21st. They issued a “buy” rating on the stock. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $87.40.

Insider Buying and Selling at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were 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 $4,071,799.84. This trade represents a 4.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.19% of the company’s stock.

Lumentum Stock Down 7.3 %

LITE opened at $49.56 on Friday. Lumentum Holdings Inc. has a 12 month low of $38.29 and a 12 month high of $104.00. The company has a market cap of $3.43 billion, a PE ratio of -6.44 and a beta of 1.14. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The company has a 50 day moving average of $71.46 and a 200 day moving average of $76.25.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) 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%. On average, sell-side analysts expect that Lumentum Holdings Inc. will post 0.03 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.