Front Street Capital Management Inc. Buys 91,917 Shares of Lumentum Holdings Inc (NASDAQ:LITE)

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Front Street Capital Management Inc. grew its position in Lumentum Holdings Inc (NASDAQ:LITE) by 64.2% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 235,049 shares of the technology company’s stock after purchasing an additional 91,917 shares during the quarter. Lumentum comprises 3.3% of Front Street Capital Management Inc.’s portfolio, making the stock its 14th biggest holding. Front Street Capital Management Inc.’s holdings in Lumentum were worth $12,554,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Northern Trust Corp increased its position in Lumentum by 1.0% during the 2nd quarter. Northern Trust Corp now owns 1,230,642 shares of the technology company’s stock worth $65,729,000 after purchasing an additional 12,251 shares in the last quarter. Westfield Capital Management Co. LP increased its position in Lumentum by 113.6% during the 2nd quarter. Westfield Capital Management Co. LP now owns 1,027,148 shares of the technology company’s stock worth $54,860,000 after purchasing an additional 546,318 shares in the last quarter. Eagle Asset Management Inc. increased its position in Lumentum by 11.1% during the 2nd quarter. Eagle Asset Management Inc. now owns 974,473 shares of the technology company’s stock worth $52,046,000 after purchasing an additional 97,099 shares in the last quarter. Geode Capital Management LLC increased its position in Lumentum by 25.0% during the 4th quarter. Geode Capital Management LLC now owns 841,361 shares of the technology company’s stock worth $35,345,000 after purchasing an additional 168,489 shares in the last quarter. Finally, Kennedy Capital Management Inc. increased its position in Lumentum by 6.4% during the 1st quarter. Kennedy Capital Management Inc. now owns 705,363 shares of the technology company’s stock worth $39,881,000 after purchasing an additional 42,136 shares in the last quarter. Institutional investors and hedge funds own 95.67% of the company’s stock.

NASDAQ:LITE traded up $0.66 on Thursday, reaching $59.14. 6,836 shares of the company’s stock were exchanged, compared to its average volume of 1,038,010. The company has a debt-to-equity ratio of 0.56, a current ratio of 4.53 and a quick ratio of 3.76. The firm has a market cap of $4.55 billion, a price-to-earnings ratio of 18.05, a P/E/G ratio of 1.13 and a beta of 1.36. Lumentum Holdings Inc has a 52 week low of $37.00 and a 52 week high of $63.95. The stock has a fifty day simple moving average of $57.36 and a 200-day simple moving average of $54.16.

Lumentum (NASDAQ:LITE) last issued its earnings results on Thursday, August 8th. The technology company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.21. The firm had revenue of $404.60 million during the quarter, compared to analyst estimates of $383.54 million. Lumentum had a negative net margin of 2.33% and a positive return on equity of 18.19%. The company’s quarterly revenue was up 34.4% on a year-over-year basis. During the same quarter last year, the business earned $0.95 earnings per share. As a group, sell-side analysts predict that Lumentum Holdings Inc will post 3.75 EPS for the current year.

In other news, COO Vincent Retort sold 8,904 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $56.74, for a total value of $505,212.96. Following the completion of the transaction, the chief operating officer now directly owns 143,456 shares in the company, valued at $8,139,693.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Judy G. Hamel sold 803 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $60.00, for a total transaction of $48,180.00. Following the completion of the transaction, the senior vice president now owns 42,510 shares of the company’s stock, valued at $2,550,600. The disclosure for this sale can be found here. Insiders have sold 88,158 shares of company stock valued at $5,151,625 in the last quarter. Company insiders own 0.55% of the company’s stock.

Several research firms have weighed in on LITE. Zacks Investment Research upgraded shares of Lumentum from a “hold” rating to a “buy” rating and set a $63.00 price objective on the stock in a report on Tuesday, August 27th. ValuEngine upgraded shares of Lumentum from a “sell” rating to a “hold” rating in a report on Tuesday, June 18th. BidaskClub upgraded shares of Lumentum from a “hold” rating to a “buy” rating in a report on Saturday, August 10th. MKM Partners reiterated a “buy” rating and issued a $76.00 target price (up previously from $60.00) on shares of Lumentum in a report on Friday, August 9th. Finally, Piper Jaffray Companies increased their target price on shares of Lumentum from $68.00 to $72.00 and gave the company an “overweight” rating in a report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $69.84.

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 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.

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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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