Quantbot Technologies LP Invests $5.47 Million in Lumentum Holdings Inc. (NASDAQ:LITE)

Quantbot Technologies LP acquired a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 65,133 shares of the technology company’s stock, valued at approximately $5,468,000.

A number of other hedge funds have also modified their holdings of LITE. Janney Montgomery Scott LLC grew its stake in Lumentum by 7.7% in the 3rd quarter. Janney Montgomery Scott LLC now owns 18,150 shares of the technology company’s stock worth $1,150,000 after acquiring an additional 1,296 shares during the period. GSA Capital Partners LLP purchased a new stake in Lumentum in the 3rd quarter worth approximately $230,000. Chesapeake Capital Corp IL purchased a new stake in Lumentum in the 3rd quarter worth approximately $335,000. Quest Partners LLC grew its stake in Lumentum by 776,400.0% in the 3rd quarter. Quest Partners LLC now owns 7,765 shares of the technology company’s stock worth $492,000 after acquiring an additional 7,764 shares during the period. Finally, Whalen Wealth Management Inc. grew its stake in Lumentum by 15.4% in the 3rd quarter. Whalen Wealth Management Inc. now owns 10,962 shares of the technology company’s stock worth $695,000 after acquiring an additional 1,462 shares during the period. 94.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on LITE shares. UBS Group lifted their target price on shares of Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Stifel Nicolaus lifted their target price on shares of Lumentum from $95.00 to $105.00 and gave the stock a “buy” 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 set a “buy” rating for the company. Northland Securities boosted their price objective 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. Finally, Morgan Stanley lowered their price objective on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, January 31st. Two analysts have rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $88.33.

Insider Transactions at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of the business’s 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 sale, the chief financial officer now owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.19% of the company’s stock.

Lumentum Stock Performance

NASDAQ:LITE opened at $63.61 on Friday. Lumentum Holdings Inc. has a twelve month low of $38.29 and a twelve month high of $104.00. 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 firm has a market capitalization of $4.40 billion, a price-to-earnings ratio of -8.27 and a beta of 1.03. The firm’s fifty day simple moving average is $79.77 and its 200 day simple moving average is $75.07.

Lumentum (NASDAQ:LITE) last issued 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%. As a group, equities research analysts expect that Lumentum Holdings Inc. will post 0.03 earnings per share 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.