Hel Ved Capital Management Ltd Invests $19.03 Million in Lumentum Holdings Inc. (NASDAQ:LITE)

Hel Ved Capital Management Ltd purchased a new stake in Lumentum Holdings Inc. (NASDAQ:LITE) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 226,640 shares of the technology company’s stock, valued at approximately $19,026,000. Lumentum comprises 5.6% of Hel Ved Capital Management Ltd’s holdings, making the stock its 2nd biggest holding. Hel Ved Capital Management Ltd owned about 0.33% of Lumentum at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. HighTower Advisors LLC acquired a new stake in shares of Lumentum during the 3rd quarter worth approximately $216,000. Quarry LP grew its holdings in Lumentum by 85.5% during the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after acquiring an additional 201 shares during the period. Quantinno Capital Management LP bought a new stake in shares of Lumentum during the 3rd quarter valued at $204,000. Two Sigma Advisers LP raised its position in shares of Lumentum by 24.7% during the 3rd quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company’s stock valued at $11,827,000 after acquiring an additional 37,000 shares during the last quarter. Finally, Weiss Asset Management LP acquired a new position in shares of Lumentum in the 3rd quarter valued at $1,093,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value 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 $4,071,799.84. This trade represents a 4.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.19% of the company’s stock.

Lumentum Price Performance

NASDAQ LITE opened at $49.56 on Friday. Lumentum Holdings Inc. has a 12-month low of $38.29 and a 12-month high of $104.00. The firm’s 50 day moving average is $71.46 and its 200-day moving average is $76.13. The company has a market capitalization of $3.43 billion, a PE ratio of -6.44 and a beta of 1.14. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data 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 return on equity of 7.25% and a negative net margin of 36.98%. Equities research analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on LITE shares. Raymond James upgraded Lumentum from an “outperform” rating to a “strong-buy” rating and dropped their price objective for the company from $96.00 to $82.00 in a report on Monday, March 24th. BNP Paribas raised Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price target for the company in a research note on Tuesday, March 11th. B. Riley lifted their price objective on shares of Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Jefferies Financial Group initiated coverage on shares of Lumentum in a research note on Friday, February 21st. They issued a “buy” rating for the company. Finally, Rosenblatt Securities reissued a “buy” rating and set a $110.00 price target on shares of Lumentum in a research report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $87.40.

About Lumentum

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.