Valliance Asset Management Ltd Invests $2.10 Million in Lumentum Holdings Inc. (NASDAQ:LITE)

Valliance Asset Management Ltd purchased a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 25,000 shares of the technology company’s stock, valued at approximately $2,099,000. Lumentum makes up about 3.8% of Valliance Asset Management Ltd’s investment portfolio, making the stock its 7th biggest holding.

A number of other hedge funds and other institutional investors also recently made changes to their positions in LITE. Atreides Management LP boosted its position 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 purchasing an additional 375,389 shares in the last quarter. Point72 Hong Kong Ltd bought a new position in shares of Lumentum during the third quarter worth $17,981,000. Lightrock Netherlands B.V. bought a new position in shares of Lumentum during the fourth quarter worth $12,668,000. Pinnacle Associates Ltd. boosted its position in shares of Lumentum by 50.4% during the third quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock worth $25,846,000 after purchasing an additional 136,659 shares in the last quarter. Finally, Castleark Management LLC bought a new position in shares of Lumentum during the third quarter worth $6,205,000. 94.05% of the stock is owned by institutional investors.

Lumentum Stock Down 3.9 %

Lumentum stock opened at $73.35 on Friday. The firm has a market capitalization of $5.08 billion, a PE ratio of -9.54 and a beta of 0.94. The company’s 50-day moving average is $85.22 and its 200-day moving average is $73.69. Lumentum Holdings Inc. has a fifty-two week low of $38.28 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 return on equity of 7.25% and a negative net margin of 36.98%. Sell-side analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. B. Riley boosted their price objective 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. Rosenblatt Securities reiterated a “buy” rating and issued a $110.00 price target on shares of Lumentum in a research note on Friday, February 7th. Jefferies Financial Group assumed coverage on shares of Lumentum in a research note on Friday. They issued a “buy” rating on the stock. Raymond James lifted their price target on shares of Lumentum from $94.00 to $96.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Finally, Northland Securities lifted their price target on shares of Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a research note on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Lumentum has an average rating of “Hold” and a consensus target price of $88.07.

Insider Activity at Lumentum

In related news, CFO Wajid Ali sold 29,887 shares of the company’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $85.06, for a total value of $2,542,188.22. Following the transaction, the chief financial officer now owns 56,492 shares in the company, valued at approximately $4,805,209.52. This represents a 34.60 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Vincent Retort sold 41,710 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the completion of the sale, the insider now directly owns 147,515 shares of the company’s stock, valued at $13,205,542.80. This represents a 22.04 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 73,769 shares of company stock worth $6,446,222. Insiders own 0.19% of the company’s stock.

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.