Westfield Capital Management Co. LP Takes $29.68 Million Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Westfield Capital Management Co. LP bought a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 566,100 shares of the technology company’s stock, valued at approximately $29,675,000. Westfield Capital Management Co. LP owned 0.84% of Lumentum at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of LITE. Headlands Technologies LLC bought a new position in shares of Lumentum during the 3rd quarter worth about $26,000. Ramirez Asset Management Inc. acquired a new position in Lumentum in the 3rd quarter valued at approximately $32,000. Neo Ivy Capital Management acquired a new position in Lumentum in the 3rd quarter valued at approximately $32,000. Principal Securities Inc. bought a new stake in shares of Lumentum in the 4th quarter worth approximately $55,000. Finally, Whittier Trust Co. grew its holdings in shares of Lumentum by 697.7% during the 4th quarter. Whittier Trust Co. now owns 1,715 shares of the technology company’s stock worth $90,000 after purchasing an additional 1,500 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on LITE shares. Raymond James raised their target price on Lumentum from $51.50 to $58.00 and gave the stock an “outperform” rating in a research report on Monday, April 1st. Barclays decreased their target price on shares of Lumentum from $40.00 to $38.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 7th. Rosenblatt Securities upped their target price on shares of Lumentum from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Needham & Company LLC cut their price target on shares of Lumentum from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, May 20th. Finally, Susquehanna lowered their price objective on Lumentum from $65.00 to $60.00 and set a “positive” rating on the stock in a research note on Friday, February 9th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $52.25.

Lumentum Price Performance

Shares of Lumentum stock traded up $0.36 during midday trading on Friday, reaching $46.28. The company had a trading volume of 919,617 shares, compared to its average volume of 1,401,219. The company has a current ratio of 5.20, a quick ratio of 3.87 and a debt-to-equity ratio of 2.13. The stock has a fifty day simple moving average of $45.29 and a 200 day simple moving average of $47.73. Lumentum Holdings Inc. has a 1-year low of $35.35 and a 1-year high of $65.16. The company has a market capitalization of $3.13 billion, a price-to-earnings ratio of -8.82 and a beta of 1.09.

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.