BNP Paribas Decreases Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

BNP Paribas trimmed its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 19.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,041 shares of the technology company’s stock after selling 979 shares during the period. BNP Paribas’ holdings in Lumentum were worth $256,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its position in Lumentum by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock worth $86,760,000 after purchasing an additional 130,838 shares during the period. Swedbank AB purchased a new stake in Lumentum during the 1st quarter worth $71,025,000. Van Lanschot Kempen Investment Management N.V. boosted its position in Lumentum by 17.8% during the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock worth $58,803,000 after purchasing an additional 174,828 shares during the period. Divisar Capital Management LLC boosted its position in Lumentum by 5.8% in the 2nd quarter. Divisar Capital Management LLC now owns 961,574 shares of the technology company’s stock valued at $48,963,000 after buying an additional 52,300 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Lumentum by 5.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company’s stock valued at $46,784,000 after buying an additional 37,109 shares during the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Vincent Retort sold 41,710 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the sale, the insider now owns 147,515 shares in the company, valued at $13,205,542.80. This represents a 22.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total transaction of $715,867.20. Following the sale, the chief accounting officer now owns 21,138 shares in the company, valued at approximately $1,851,688.80. This trade represents a 27.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 71,910 shares of company stock worth $6,339,239 over the last quarter. 0.19% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

LITE has been the subject of a number of analyst reports. Craig Hallum upped their price objective on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Morgan Stanley upped their price objective on shares of Lumentum from $61.00 to $76.00 and gave the company an “equal weight” rating in a research report on Thursday, November 14th. Jefferies Financial Group upped their price objective on shares of Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Susquehanna upped their price objective on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research report on Friday, November 8th. Finally, Barclays upped their price objective on shares of Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a research report on Monday, November 11th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Lumentum presently has a consensus rating of “Hold” and a consensus target price of $74.85.

Lumentum Price Performance

LITE opened at $83.77 on Thursday. The firm has a market cap of $5.75 billion, a price-to-earnings ratio of -10.12 and a beta of 0.88. Lumentum Holdings Inc. has a fifty-two week low of $38.28 and a fifty-two week high of $91.21. The company’s 50-day moving average price is $70.61 and its 200 day moving average price is $57.60. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87.

Lumentum Company 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.