Bayesian Capital Management LP Sells 12,734 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Bayesian Capital Management LP trimmed its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 34.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 24,724 shares of the technology company’s stock after selling 12,734 shares during the quarter. Bayesian Capital Management LP’s holdings in Lumentum were worth $2,076,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Capital World Investors raised its holdings in shares of Lumentum by 108.3% during the fourth quarter. Capital World Investors now owns 3,600,132 shares of the technology company’s stock worth $302,231,000 after acquiring an additional 1,871,572 shares during the period. Norges Bank acquired a new stake in shares of Lumentum in the 4th quarter valued at about $68,962,000. Capital Research Global Investors bought a new stake in shares of Lumentum in the fourth quarter valued at about $42,415,000. Hood River Capital Management LLC acquired a new position in shares of Lumentum during the fourth quarter worth about $32,810,000. Finally, Renaissance Technologies LLC grew its holdings in shares of Lumentum by 524.8% during the fourth quarter. Renaissance Technologies LLC now owns 413,838 shares of the technology company’s stock worth $34,742,000 after buying an additional 347,600 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction on Tuesday, February 18th. The stock was 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 of the company’s stock, valued at approximately $4,071,799.84. This trade represents a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.19% of the company’s stock.

Lumentum Stock Up 2.2 %

LITE stock opened at $62.86 on Monday. The business’s 50 day simple moving average is $60.59 and its 200 day simple moving average is $74.77. Lumentum Holdings Inc. has a 1-year low of $38.29 and a 1-year high of $104.00. The firm has a market capitalization of $4.35 billion, a PE ratio of -8.17 and a beta of 1.18. 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 issued 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%. As a group, research analysts anticipate that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Wall Street Analyst Weigh In

LITE has been the topic of several research reports. Stifel Nicolaus boosted their target price on Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Jefferies Financial Group started coverage on shares of Lumentum in a report on Friday, February 21st. They set a “buy” rating for the company. JPMorgan Chase & Co. cut their price target on shares of Lumentum from $105.00 to $73.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Raymond James upgraded Lumentum from an “outperform” rating to a “strong-buy” rating and decreased their price objective for the company from $96.00 to $82.00 in a report on Monday, March 24th. Finally, Morgan Stanley dropped their target price on Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, January 31st. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $82.60.

Lumentum 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.