Washington Capital Management Inc. Has $672,000 Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Washington Capital Management Inc. decreased its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 18.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,000 shares of the technology company’s stock after selling 1,800 shares during the period. Washington Capital Management Inc.’s holdings in Lumentum were worth $672,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in LITE. Atom Investors LP acquired a new position in shares of Lumentum during the third quarter worth approximately $4,127,000. Two Sigma Advisers LP lifted its holdings in Lumentum by 24.7% during the 3rd quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company’s stock worth $11,827,000 after buying an additional 37,000 shares in the last quarter. West Tower Group LLC bought a new position in Lumentum in the 3rd quarter valued at $444,000. Zweig DiMenna Associates LLC acquired a new stake in shares of Lumentum in the 4th quarter valued at $7,052,000. Finally, Crossmark Global Holdings Inc. raised its position in shares of Lumentum by 4.0% during the fourth quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company’s stock worth $365,000 after acquiring an additional 168 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Rosenblatt Securities lifted their price objective on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Northland Securities increased their price objective on shares of Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Susquehanna raised their price objective on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research note on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and set a $110.00 target price on shares of Lumentum in a research report on Thursday, January 9th. Finally, Raymond James lifted their price objective on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $81.92.

Lumentum Price Performance

Shares of NASDAQ LITE opened at $77.91 on Thursday. The company has a fifty day moving average price of $87.59 and a 200 day moving average price of $70.12. The firm has a market cap of $5.35 billion, a PE ratio of -9.41 and a beta of 0.94. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. Lumentum Holdings Inc. has a 1-year low of $38.28 and a 1-year high of $104.00.

Lumentum (NASDAQ:LITE) last announced its earnings results on Thursday, November 7th. The technology company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.48). Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. The firm had revenue of $336.90 million during the quarter, compared to analyst estimates of $326.94 million. During the same period in the prior year, the business posted ($0.10) EPS. Research analysts predict that Lumentum Holdings Inc. will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Lumentum news, Director Harold L. Covert sold 3,345 shares of the stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $81.78, for a total value of $273,554.10. Following the completion of the sale, the director now owns 8,729 shares in the company, valued at $713,857.62. This trade represents a 27.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Penny Herscher sold 1,625 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $81.09, for a total transaction of $131,771.25. Following the transaction, the director now owns 6,852 shares in the company, valued at $555,628.68. This represents a 19.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 101,797 shares of company stock worth $8,881,428. 0.19% of the stock is owned by insiders.

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.