Corebridge Financial Inc. Cuts Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

Corebridge Financial Inc. reduced its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 3.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 77,730 shares of the technology company’s stock after selling 2,556 shares during the period. Corebridge Financial Inc. owned about 0.11% of Lumentum worth $6,525,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Atreides Management LP raised its stake in shares of Lumentum by 28.5% in the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock valued at $107,177,000 after acquiring an additional 375,389 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Lumentum by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock valued at $75,198,000 after buying an additional 15,799 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Lumentum by 5.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company’s stock worth $46,784,000 after buying an additional 37,109 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of 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 buying an additional 108,740 shares during the period. Finally, Emerald Advisers LLC raised its holdings in Lumentum by 12.3% in the fourth quarter. Emerald Advisers LLC now owns 425,079 shares of the technology company’s stock valued at $35,685,000 after acquiring an additional 46,544 shares in the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on LITE shares. Needham & Company LLC reiterated a “buy” rating and issued a $110.00 price objective on shares of Lumentum in a report on Friday, February 7th. B. Riley boosted their price target on shares of Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. UBS Group upped their target price on Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Barclays upgraded Lumentum from an “underweight” rating to an “overweight” rating and boosted their price objective for the company from $80.00 to $125.00 in a research note on Friday, January 17th. Finally, Rosenblatt Securities restated a “buy” rating and set a $110.00 target price on shares of Lumentum in a research report on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $87.40.

Insider Transactions at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction 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 transaction, the chief financial officer now directly 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.19% of the company’s stock.

Lumentum Stock Performance

Shares of LITE opened at $62.58 on Friday. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The stock has a market cap of $4.33 billion, a P/E ratio of -8.14 and a beta of 1.03. Lumentum Holdings Inc. has a 12-month low of $38.29 and a 12-month high of $104.00. The company has a 50-day moving average of $75.28 and a two-hundred day moving average of $75.96.

Lumentum (NASDAQ:LITE) last released its earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS 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%. As a group, research analysts predict that Lumentum Holdings Inc. will post 0.03 EPS 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.