Eagle Asset Management Inc. Has $52.07 Million Stake in Lumentum Holdings Inc (NASDAQ:LITE)

Eagle Asset Management Inc. lowered its position in Lumentum Holdings Inc (NASDAQ:LITE) by 0.2% during the third quarter, Holdings Channel reports. The firm owned 972,237 shares of the technology company’s stock after selling 2,236 shares during the period. Eagle Asset Management Inc.’s holdings in Lumentum were worth $52,073,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Chicago Equity Partners LLC lifted its position in shares of Lumentum by 59.6% in the 3rd quarter. Chicago Equity Partners LLC now owns 21,610 shares of the technology company’s stock worth $1,157,000 after purchasing an additional 8,070 shares during the period. Creative Planning lifted its position in shares of Lumentum by 31.8% in the 2nd quarter. Creative Planning now owns 4,817 shares of the technology company’s stock worth $257,000 after purchasing an additional 1,162 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Lumentum by 2.7% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 544,805 shares of the technology company’s stock valued at $29,099,000 after acquiring an additional 14,273 shares during the period. Enlightenment Research LLC acquired a new position in shares of Lumentum during the 2nd quarter valued at $291,000. Finally, Tuttle Tactical Management acquired a new position in shares of Lumentum during the 3rd quarter valued at $900,000. Hedge funds and other institutional investors own 94.76% of the company’s stock.

LITE opened at $66.53 on Friday. The company has a current ratio of 4.49, a quick ratio of 3.85 and a debt-to-equity ratio of 0.58. The company’s fifty day moving average price is $56.29 and its two-hundred day moving average price is $54.59. Lumentum Holdings Inc has a 1-year low of $37.00 and a 1-year high of $66.58. The company has a market cap of $5.08 billion, a price-to-earnings ratio of 20.16, a PEG ratio of 1.67 and a beta of 1.37.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Thursday, October 31st. The technology company reported $1.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.24. Lumentum had a negative net margin of 2.18% and a positive return on equity of 17.81%. The firm had revenue of $449.90 million for the quarter, compared to the consensus estimate of $448.16 million. During the same quarter in the prior year, the company posted $1.31 earnings per share. The business’s revenue was up 27.1% on a year-over-year basis. As a group, equities analysts forecast that Lumentum Holdings Inc will post 3.95 earnings per share for the current fiscal year.

In other Lumentum news, SVP Judy G. Hamel sold 637 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $59.89, for a total transaction of $38,149.93. Following the transaction, the senior vice president now owns 42,386 shares in the company, valued at $2,538,497.54. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Alan S. Lowe sold 10,779 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $59.87, for a total transaction of $645,338.73. Following the transaction, the chief executive officer now owns 192,132 shares in the company, valued at approximately $11,502,942.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 193,922 shares of company stock worth $11,270,134. Corporate insiders own 0.48% of the company’s stock.

LITE has been the topic of a number of research reports. BidaskClub downgraded shares of Lumentum from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. UBS Group set a $71.00 target price on shares of Lumentum and gave the company a “buy” rating in a research report on Friday, November 1st. MKM Partners set a $75.00 target price on shares of Lumentum and gave the company a “buy” rating in a research report on Friday, November 1st. Barclays boosted their target price on shares of Lumentum from $60.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, August 9th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $80.00 target price on shares of Lumentum in a research report on Tuesday, September 24th. Three investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $70.90.

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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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