GAMMA Investing LLC Boosts Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

GAMMA Investing LLC raised its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 33.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,192 shares of the technology company’s stock after buying an additional 298 shares during the quarter. GAMMA Investing LLC’s holdings in Lumentum were worth $100,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Synovus Financial Corp boosted its holdings in Lumentum by 1.5% during the 3rd quarter. Synovus Financial Corp now owns 13,225 shares of the technology company’s stock valued at $838,000 after acquiring an additional 200 shares during the period. Tidal Investments LLC raised its position in Lumentum by 35.6% during the 3rd quarter. Tidal Investments LLC now owns 18,669 shares of the technology company’s stock valued at $1,183,000 after purchasing an additional 4,899 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Lumentum by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock worth $75,198,000 after acquiring an additional 15,799 shares in the last quarter. M&T Bank Corp raised its position in shares of Lumentum by 69.1% in the 3rd quarter. M&T Bank Corp now owns 11,743 shares of the technology company’s stock worth $745,000 after acquiring an additional 4,798 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its position in shares of Lumentum by 67.5% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after acquiring an additional 270 shares in the last quarter. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on LITE. Morgan Stanley increased their target price on Lumentum from $76.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Rosenblatt Securities increased their target price on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Northland Securities upped their price target on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. Needham & Company LLC restated a “buy” rating and issued a $110.00 price target on shares of Lumentum in a research note on Thursday. Finally, Barclays upped their price target on Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a research note on Monday, November 11th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Lumentum currently has a consensus rating of “Hold” and a consensus price target of $78.46.

Insider Buying and Selling at Lumentum

In other news, CAO Matthew Joseph Sepe sold 8,172 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total value of $715,867.20. Following the transaction, the chief accounting officer now directly owns 21,138 shares in the company, valued at $1,851,688.80. This trade represents a 27.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Penny Herscher sold 1,625 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was 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 owns 6,852 shares in the company, 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. In the last three months, insiders have sold 101,797 shares of company stock worth $8,881,428. Insiders own 0.19% of the company’s stock.

Lumentum Stock Performance

Shares of LITE opened at $84.38 on Friday. The business’s fifty day simple moving average is $84.72 and its two-hundred day simple moving average is $66.56. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. Lumentum Holdings Inc. has a 12 month low of $38.28 and a 12 month high of $96.25. The company has a market cap of $5.80 billion, a price-to-earnings ratio of -10.19 and a beta of 0.94.

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.