Janney Montgomery Scott LLC Has $1.51 Million Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Janney Montgomery Scott LLC trimmed its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 0.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,981 shares of the technology company’s stock after selling 169 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Lumentum were worth $1,510,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in LITE. Quarry LP raised its stake in shares of Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after acquiring an additional 201 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Lumentum by 301.2% in the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after purchasing an additional 253 shares in the last quarter. Capital Performance Advisors LLP bought a new position in Lumentum in the 3rd quarter worth approximately $33,000. Nomura Asset Management Co. Ltd. raised its position in 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 purchasing an additional 270 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Lumentum by 141.6% during the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after buying an additional 524 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Insider Buying and Selling at Lumentum

In other news, Director Harold L. Covert sold 15,000 shares of the firm’s 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 completion of the transaction, the director now owns 8,761 shares in the company, valued at $763,696.37. This trade represents a 63.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Wajid Ali sold 29,887 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, 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. Insiders have sold 101,797 shares of company stock valued at $8,881,428 in the last 90 days. 0.19% of the stock is currently owned by company insiders.

Lumentum Price Performance

Shares of LITE opened at $84.31 on Tuesday. 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 firm has a market capitalization of $5.79 billion, a PE ratio of -10.18 and a beta of 0.94. The stock has a 50 day simple moving average of $87.42 and a 200 day simple moving average of $70.78. Lumentum Holdings Inc. has a 52-week low of $38.28 and a 52-week high of $104.00.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Thursday, November 7th. The technology company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.48). The company had revenue of $336.90 million during the quarter, compared to analyst estimates of $326.94 million. Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. During the same quarter last year, the company earned ($0.10) EPS. Sell-side analysts predict that Lumentum Holdings Inc. will post -0.02 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on LITE. Barclays upgraded Lumentum from an “underweight” rating to an “overweight” rating and boosted their target price for the stock from $80.00 to $125.00 in a research report on Friday, January 17th. Northland Securities boosted their price objective on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Susquehanna raised their target price on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research note on Friday, November 8th. Raymond James boosted their price target on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $110.00 target price on shares of Lumentum in a report on Thursday, January 9th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $81.77.

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.