Hel Ved Capital Management Ltd Purchases Shares of 226,640 Lumentum Holdings Inc. (NASDAQ:LITE)

Hel Ved Capital Management Ltd acquired a new stake in Lumentum Holdings Inc. (NASDAQ:LITE) during the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 226,640 shares of the technology company’s stock, valued at approximately $19,026,000. Lumentum accounts for about 5.6% of Hel Ved Capital Management Ltd’s holdings, making the stock its 2nd largest position.

Other large investors also recently modified their holdings of the company. Alliancebernstein L.P. boosted its stake in Lumentum by 1.4% in the 4th quarter. Alliancebernstein L.P. now owns 1,711,956 shares of the technology company’s stock valued at $143,719,000 after purchasing an additional 23,136 shares during the period. Geode Capital Management LLC boosted its position in shares of Lumentum by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 1,195,605 shares of the technology company’s stock valued at $100,402,000 after acquiring an additional 9,442 shares during the period. Norges Bank acquired a new position in shares of Lumentum in the fourth quarter valued at about $68,962,000. Fisher Asset Management LLC increased its position in Lumentum by 18.8% during the fourth quarter. Fisher Asset Management LLC now owns 687,311 shares of the technology company’s stock worth $57,700,000 after acquiring an additional 108,740 shares during the period. Finally, Emerald Advisers LLC raised its stake in Lumentum by 12.3% in the 4th quarter. Emerald Advisers LLC now owns 425,079 shares of the technology company’s stock worth $35,685,000 after purchasing an additional 46,544 shares in the last quarter. 94.05% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on LITE shares. BNP Paribas upgraded Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price objective on the stock in a research note on Tuesday, March 11th. Northland Securities lifted their price target on shares of Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a report on Friday, February 7th. Needham & Company LLC restated a “buy” rating and issued a $110.00 target price on shares of Lumentum in a research report on Friday, February 7th. B. Riley upped their price target on shares of Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Finally, Raymond James raised Lumentum from an “outperform” rating to a “strong-buy” rating and cut their price objective for the company from $96.00 to $82.00 in a report on Monday, March 24th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Lumentum has a consensus rating of “Moderate Buy” and an average target price of $87.40.

Lumentum Stock Down 7.3 %

Shares of NASDAQ LITE opened at $49.56 on Friday. Lumentum Holdings Inc. has a 52-week low of $38.29 and a 52-week high of $104.00. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. The company’s 50 day moving average price is $71.46 and its 200-day moving average price is $76.13. The company has a market capitalization of $3.43 billion, a P/E ratio of -6.44 and a beta of 1.14.

Lumentum (NASDAQ:LITE) last issued 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 net margin of 36.98% and a negative return on equity of 7.25%. Equities analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Insider Buying and Selling

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the firm’s stock in a transaction that occurred 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 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.19% of the stock is currently owned by insiders.

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.