Quest Partners LLC Boosts Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Quest Partners LLC raised its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 776,400.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,765 shares of the technology company’s stock after buying an additional 7,764 shares during the quarter. Quest Partners LLC’s holdings in Lumentum were worth $492,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Lumentum by 0.3% during the first quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock valued at $341,786,000 after acquiring an additional 22,088 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Lumentum by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock valued at $86,760,000 after purchasing an additional 130,838 shares during the last quarter. Earnest Partners LLC grew its position in shares of Lumentum by 6.0% during the first quarter. Earnest Partners LLC now owns 1,690,117 shares of the technology company’s stock valued at $80,027,000 after purchasing an additional 95,428 shares in the last quarter. Swedbank AB bought a new stake in shares of Lumentum in the first quarter worth about $71,025,000. Finally, Van Lanschot Kempen Investment Management N.V. increased its holdings in shares of Lumentum by 17.8% in the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock worth $58,803,000 after purchasing an additional 174,828 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

Insider Transactions at Lumentum

In related news, Director Harold L. Covert sold 3,345 shares of Lumentum stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $81.78, for a total transaction 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 position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Penny Herscher sold 1,625 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were 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 of the company’s stock, valued at approximately $555,628.68. This trade represents a 19.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,142 shares of company stock worth $2,428,743. 0.19% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on LITE. Susquehanna increased their price target on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research note on Friday, November 8th. Rosenblatt Securities increased their target price on Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Bank of America boosted their price target on shares of Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a research report on Thursday, August 15th. Craig Hallum increased their price objective on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Finally, B. Riley boosted their target price on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $74.85.

Lumentum Price Performance

Shares of LITE stock opened at $89.09 on Friday. The stock has a 50 day moving average price of $69.43 and a 200 day moving average price of $56.89. Lumentum Holdings Inc. has a 52-week low of $38.28 and a 52-week high of $90.51. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. The firm has a market capitalization of $6.12 billion, a P/E ratio of -10.76 and a beta of 0.88.

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.