Schroder Investment Management Group Sells 602,064 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Schroder Investment Management Group trimmed its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 36.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,033,344 shares of the technology company’s stock after selling 602,064 shares during the quarter. Schroder Investment Management Group owned about 1.50% of Lumentum worth $86,636,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank acquired a new position in Lumentum in the 4th quarter valued at about $68,962,000. Atreides Management LP boosted its holdings in shares of Lumentum by 28.5% during the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock worth $107,177,000 after acquiring an additional 375,389 shares during the period. Point72 Hong Kong Ltd bought a new stake in shares of Lumentum during the third quarter worth approximately $17,981,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Lumentum in the fourth quarter valued at approximately $15,945,000. Finally, Proficio Capital Partners LLC bought a new position in shares of Lumentum during the fourth quarter worth approximately $13,421,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on LITE shares. Stifel Nicolaus upped their price objective on Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a report on Friday, February 7th. Rosenblatt Securities reiterated a “buy” rating and set a $110.00 target price on shares of Lumentum in a research report on Friday, February 7th. Needham & Company LLC reissued a “buy” rating and set a $110.00 target price on shares of Lumentum in a report on Friday, February 7th. B. Riley boosted their price target on Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Finally, Raymond James upgraded shares of Lumentum from an “outperform” rating to a “strong-buy” rating and reduced their price objective for the stock from $96.00 to $82.00 in a research note on Monday, March 24th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $87.40.

Insider Transactions at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.19% of the company’s stock.

Lumentum Stock Performance

Shares of Lumentum stock opened at $62.58 on Monday. The company’s 50 day moving average price is $75.28 and its two-hundred day moving average price is $76.29. The firm has a market capitalization of $4.33 billion, a P/E ratio of -8.14 and a beta of 1.03. Lumentum Holdings Inc. has a fifty-two week low of $38.29 and a fifty-two week high of $104.00. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. On average, equities analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share 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. 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.