NFJ Investment Group LLC Sells 32,919 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

NFJ Investment Group LLC lessened its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 36.8% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 56,444 shares of the technology company’s stock after selling 32,919 shares during the period. NFJ Investment Group LLC’s holdings in Lumentum were worth $4,630,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Commonwealth Equity Services LLC raised its position in shares of Lumentum by 4.5% in the second quarter. Commonwealth Equity Services LLC now owns 28,931 shares of the technology company’s stock worth $2,373,000 after buying an additional 1,236 shares in the last quarter. Princeton Capital Management LLC raised its position in shares of Lumentum by 1.4% in the second quarter. Princeton Capital Management LLC now owns 16,242 shares of the technology company’s stock worth $1,332,000 after buying an additional 223 shares in the last quarter. J.Safra Asset Management Corp purchased a new stake in shares of Lumentum in the second quarter worth $330,000. Westpac Banking Corp raised its position in shares of Lumentum by 5.9% in the second quarter. Westpac Banking Corp now owns 128,547 shares of the technology company’s stock worth $10,545,000 after buying an additional 7,162 shares in the last quarter. Finally, JustInvest LLC purchased a new stake in shares of Lumentum in the second quarter worth $244,000. Institutional investors own 87.83% of the company’s stock.

In other Lumentum news, CAO Matthew Joseph Sepe sold 3,145 shares of Lumentum stock in a transaction that occurred on Monday, August 23rd. The stock was sold at an average price of $86.37, for a total transaction of $271,633.65. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Alan S. Lowe sold 9,861 shares of Lumentum stock in a transaction that occurred on Monday, August 23rd. The shares were sold at an average price of $86.86, for a total transaction of $856,526.46. The disclosure for this sale can be found here. Insiders sold 25,146 shares of company stock worth $2,144,141 over the last three months. 0.32% of the stock is owned by insiders.

LITE has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded Lumentum from a “sell” rating to a “hold” rating in a research report on Tuesday, July 20th. Raymond James raised their price target on Lumentum from $85.00 to $96.00 and gave the company a “strong-buy” rating in a research report on Thursday, August 19th. Rosenblatt Securities raised their price target on Lumentum from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Thursday, August 19th. Craig Hallum raised their price target on Lumentum from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, August 19th. Finally, Needham & Company LLC raised their price target on Lumentum from $87.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, July 19th. Six analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $96.76.

Shares of NASDAQ:LITE opened at $86.58 on Friday. The stock’s 50-day moving average price is $84.19 and its 200-day moving average price is $84.39. Lumentum Holdings Inc. has a 12-month low of $65.67 and a 12-month high of $112.08. The stock has a market capitalization of $6.29 billion, a P/E ratio of 17.14 and a beta of 0.92. The company has a current ratio of 3.67, a quick ratio of 3.37 and a debt-to-equity ratio of 0.40.

Lumentum (NASDAQ:LITE) last posted its earnings results on Tuesday, August 17th. The technology company reported $1.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.09. The company had revenue of $392.10 million for the quarter, compared to analysts’ expectations of $382.17 million. Lumentum had a return on equity of 20.42% and a net margin of 22.80%. Lumentum’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period last year, the firm earned $1.18 earnings per share. As a group, research analysts predict that Lumentum Holdings Inc. will post 4.58 EPS for the current year.

Lumentum Company Profile

Lumentum Holdings, Inc engages in the provision of optical and photonic products. It operates through the Optical Communications (OpComms) and Commercial Lasers segments. The OpComms segment includes a range of components, modules, and subsystems to support customers including carrier networks of access (local), metro (intracity), long-haul (city-to-city and worldwide), and submarine (undersea) applications.

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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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