Empowered Funds LLC Invests $626,000 in Lumentum Holdings Inc. (NASDAQ:LITE)

Empowered Funds LLC acquired a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 7,459 shares of the technology company’s stock, valued at approximately $626,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Atreides Management LP raised its stake in shares of Lumentum by 28.5% during the 3rd 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. Geode Capital Management LLC raised its stake in Lumentum by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock valued at $75,198,000 after acquiring an additional 15,799 shares during the period. 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 acquiring an additional 37,109 shares during the period. Pinnacle Associates Ltd. raised its stake in Lumentum by 50.4% in the 3rd quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock valued at $25,846,000 after acquiring an additional 136,659 shares during the period. Finally, Emerald Advisers LLC raised its stake in Lumentum by 29.1% in the 3rd quarter. Emerald Advisers LLC now owns 378,535 shares of the technology company’s stock valued at $23,992,000 after acquiring an additional 85,353 shares during the period. Institutional investors own 94.05% of the company’s stock.

Lumentum Stock Performance

LITE opened at $80.18 on Wednesday. The firm has a market cap of $5.51 billion, a P/E ratio of -10.43 and a beta of 0.94. Lumentum Holdings Inc. has a 52-week low of $38.28 and a 52-week high of $104.00. 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 business’s fifty day moving average is $86.12 and its 200-day moving average is $73.19.

Lumentum (NASDAQ:LITE) last released its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.00% and a negative net margin of 36.98%. Sell-side analysts expect that Lumentum Holdings Inc. will post -0.04 EPS for the current fiscal year.

Insider Transactions at Lumentum

In related news, Director Julia Suzanne Johnson sold 2,058 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $85.82, for a total transaction of $176,617.56. Following the completion of the sale, the director now directly owns 23,287 shares in the company, valued at $1,998,490.34. This represents a 8.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Wajid Ali sold 29,887 shares of the company’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $85.06, for a total value of $2,542,188.22. Following the sale, the chief financial officer now owns 56,492 shares of the company’s stock, valued at approximately $4,805,209.52. This represents a 34.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 73,655 shares of company stock valued at $6,452,685. 0.19% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

LITE has been the topic of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $110.00 price target on shares of Lumentum in a research note on Friday, February 7th. B. Riley increased their price target on Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Raymond James increased their price target on Lumentum from $94.00 to $96.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Stifel Nicolaus increased their price target on Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Finally, 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. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Lumentum currently has an average rating of “Hold” and a consensus target price of $88.07.

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.