Oak Ridge Investments LLC Trims Position in Lumentum Holdings Inc (LITE)

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Oak Ridge Investments LLC trimmed its holdings in shares of Lumentum Holdings Inc (NASDAQ:LITE) by 5.8% in the second quarter, HoldingsChannel reports. The institutional investor owned 105,408 shares of the technology company’s stock after selling 6,448 shares during the quarter. Oak Ridge Investments LLC’s holdings in Lumentum were worth $6,103,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the stock. Chicago Equity Partners LLC boosted its holdings in Lumentum by 5.0% during the first quarter. Chicago Equity Partners LLC now owns 17,460 shares of the technology company’s stock worth $1,114,000 after buying an additional 830 shares in the last quarter. King Luther Capital Management Corp boosted its stake in Lumentum by 6.2% in the 1st quarter. King Luther Capital Management Corp now owns 17,100 shares of the technology company’s stock worth $1,091,000 after purchasing an additional 1,000 shares during the period. Xact Kapitalforvaltning AB boosted its stake in Lumentum by 11.9% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 9,402 shares of the technology company’s stock worth $544,000 after purchasing an additional 1,000 shares during the period. Mason Street Advisors LLC boosted its stake in Lumentum by 7.4% in the 1st quarter. Mason Street Advisors LLC now owns 17,311 shares of the technology company’s stock worth $1,104,000 after purchasing an additional 1,199 shares during the period. Finally, Tygh Capital Management Inc. boosted its stake in Lumentum by 1.1% in the 1st quarter. Tygh Capital Management Inc. now owns 114,192 shares of the technology company’s stock worth $7,285,000 after purchasing an additional 1,233 shares during the period.

A number of equities analysts recently commented on the stock. Needham & Company LLC raised their price objective on shares of Lumentum from $80.00 to $90.00 and gave the stock a “strong-buy” rating in a research note on Wednesday. ValuEngine lowered shares of Lumentum from a “buy” rating to a “hold” rating in a research note on Tuesday. JPMorgan Chase & Co. set a $80.00 price objective on shares of Lumentum and gave the stock a “hold” rating in a research note on Tuesday. BidaskClub raised shares of Lumentum from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 28th. Finally, Raymond James decreased their price objective on shares of Lumentum from $99.00 to $85.00 and set a “strong-buy” rating for the company in a research note on Wednesday, August 22nd. Four research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $80.20.

In other Lumentum news, Director Penny Herscher sold 1,313 shares of Lumentum stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $58.85, for a total transaction of $77,270.05. Following the completion of the sale, the director now owns 18,910 shares of the company’s stock, valued at approximately $1,112,853.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Matthew Joseph Sepe sold 1,466 shares of Lumentum stock in a transaction on Monday, July 16th. The shares were sold at an average price of $58.38, for a total transaction of $85,585.08. Following the sale, the insider now directly owns 17,898 shares of the company’s stock, valued at approximately $1,044,885.24. The disclosure for this sale can be found here. Insiders have sold a total of 10,690 shares of company stock valued at $670,238 in the last three months. Company insiders own 0.76% of the company’s stock.

Shares of NASDAQ:LITE opened at $67.90 on Wednesday. The firm has a market cap of $4.30 billion, a price-to-earnings ratio of 20.96, a P/E/G ratio of 1.03 and a beta of 0.11. Lumentum Holdings Inc has a 12-month low of $41.95 and a 12-month high of $74.40. The company has a debt-to-equity ratio of 0.36, a current ratio of 5.27 and a quick ratio of 4.55.

Lumentum (NASDAQ:LITE) last issued its earnings results on Wednesday, August 8th. The technology company reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.30. The company had revenue of $301.10 million during the quarter, compared to analyst estimates of $288.56 million. Lumentum had a net margin of 19.86% and a return on equity of 25.10%. The company’s revenue for the quarter was up 35.2% on a year-over-year basis. During the same quarter last year, the business posted $0.39 EPS. equities analysts forecast that Lumentum Holdings Inc will post 3.66 EPS for the current fiscal year.

Lumentum Profile

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. It operates through two segments, Optical Communications and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

Further Reading: Fundamental Analysis and Individual Investors

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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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