West Tower Group LLC Purchases New Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

West Tower Group LLC purchased a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 7,000 shares of the technology company’s stock, valued at approximately $444,000. Lumentum accounts for about 0.9% of West Tower Group LLC’s holdings, making the stock its 28th largest position.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Signaturefd LLC raised its position in Lumentum by 13.8% during the third quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock worth $83,000 after acquiring an additional 158 shares in the last quarter. Mcdonald Partners LLC raised its holdings in shares of Lumentum by 1.6% in the 2nd quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company’s stock valued at $1,010,000 after purchasing an additional 318 shares during the period. Arizona State Retirement System lifted its stake in Lumentum by 2.5% in the 2nd quarter. Arizona State Retirement System now owns 18,868 shares of the technology company’s stock valued at $961,000 after purchasing an additional 455 shares during the last quarter. Capital Performance Advisors LLP bought a new position in Lumentum during the third quarter worth about $33,000. Finally, GAMMA Investing LLC increased its position in Lumentum by 141.6% during the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after buying an additional 524 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

Lumentum Price Performance

Lumentum stock opened at $87.20 on Tuesday. The firm has a market cap of $5.99 billion, a PE ratio of -10.53 and a beta of 0.88. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. The stock’s fifty day moving average price is $70.04 and its two-hundred day moving average price is $57.30. Lumentum Holdings Inc. has a one year low of $38.28 and a one year high of $91.21.

Insider Buying and Selling

In other Lumentum news, Director Penny Herscher sold 1,625 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $81.09, for a total transaction of $131,771.25. Following the completion of the sale, the director now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Harold L. Covert sold 15,000 shares of the firm’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total value of $1,307,550.00. Following the completion of the sale, the director now directly owns 8,761 shares in the company, valued at approximately $763,696.37. This represents a 63.13 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,142 shares of company stock worth $2,428,743. Company insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on LITE. Northland Securities raised their price objective on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Susquehanna raised their price target on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. 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 report on Thursday, August 15th. Needham & Company LLC raised their target price on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Finally, Jefferies Financial Group upped their price target on shares of Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Lumentum has an average rating of “Hold” and an average price target of $74.85.

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.