HighTower Advisors LLC Makes New $216,000 Investment in Lumentum Holdings Inc. (NASDAQ:LITE)

HighTower Advisors LLC bought a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 3,403 shares of the technology company’s stock, valued at approximately $216,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in LITE. Dimensional Fund Advisors LP increased its stake in Lumentum by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock worth $86,760,000 after buying an additional 130,838 shares in the last quarter. Atreides Management LP boosted its stake in shares of Lumentum by 28.5% in the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock worth $107,177,000 after acquiring an additional 375,389 shares during the last quarter. Divisar Capital Management LLC increased its position in shares of Lumentum by 5.8% during the second quarter. Divisar Capital Management LLC now owns 961,574 shares of the technology company’s stock worth $48,963,000 after purchasing an additional 52,300 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Lumentum by 5.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company’s stock valued at $46,784,000 after purchasing an additional 37,109 shares during the last quarter. Finally, DigitalBridge Group Inc. lifted its holdings in Lumentum by 10.9% in the 2nd quarter. DigitalBridge Group Inc. now owns 554,529 shares of the technology company’s stock valued at $28,237,000 after purchasing an additional 54,703 shares in the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Insider Buying and Selling at Lumentum

In other Lumentum news, Director Penny Herscher sold 1,625 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $81.09, for a total value of $131,771.25. Following the completion of the transaction, the director now directly owns 6,852 shares of the company’s stock, valued at $555,628.68. This represents a 19.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total value of $1,307,550.00. Following the sale, the director now directly owns 8,761 shares in the company, valued at approximately $763,696.37. The trade was a 63.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 101,797 shares of company stock valued at $8,881,428 over the last 90 days. 0.19% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on LITE shares. Northland Securities upped their price objective on shares of Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. Barclays upped their price target on Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a research report on Monday, November 11th. Morgan Stanley lifted their price objective on Lumentum from $76.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Susquehanna upped their target price on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. Finally, Raymond James lifted their price target on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Lumentum presently has an average rating of “Hold” and an average target price of $75.38.

Lumentum Price Performance

Shares of Lumentum stock opened at $84.34 on Thursday. The business’s fifty day moving average price is $80.28 and its 200 day moving average price is $63.78. Lumentum Holdings Inc. has a twelve month low of $38.28 and a twelve month high of $96.25. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. The stock has a market capitalization of $5.79 billion, a P/E ratio of -10.19 and a beta of 0.95.

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.