Red Spruce Capital LLC Makes New $2.73 Million Investment in Lumentum Holdings Inc. $LITE

Red Spruce Capital LLC purchased a new stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,188 shares of the technology company’s stock, valued at approximately $2,735,000.

Other institutional investors have also recently bought and sold shares of the company. Hilltop National Bank boosted its position in Lumentum by 26.8% in the 2nd quarter. Hilltop National Bank now owns 71 shares of the technology company’s stock valued at $61,000 after buying an additional 15 shares during the last quarter. Sachetta LLC raised its position in shares of Lumentum by 118.8% during the first quarter. Sachetta LLC now owns 35 shares of the technology company’s stock worth $25,000 after acquiring an additional 19 shares during the last quarter. Versant Capital Management Inc raised its position in shares of Lumentum by 39.5% during the second quarter. Versant Capital Management Inc now owns 106 shares of the technology company’s stock worth $91,000 after acquiring an additional 30 shares during the last quarter. Hilton Head Capital Partners LLC acquired a new position in shares of Lumentum during the first quarter valued at $25,000. Finally, Abel Hall LLC lifted its stake in shares of Lumentum by 5.5% during the first quarter. Abel Hall LLC now owns 693 shares of the technology company’s stock valued at $487,000 after acquiring an additional 36 shares during the period. Institutional investors own 94.05% of the company’s stock.

Insider Buying and Selling at Lumentum

In other Lumentum news, SVP Jae Kim sold 1,422 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $953.95, for a total value of $1,356,516.90. Following the completion of the sale, the senior vice president directly owned 32,333 shares in the company, valued at $30,844,065.35. This represents a 4.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Isaac Hosojiro Harris sold 1,416 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $1,000.08, for a total value of $1,416,113.28. Following the sale, the director directly owned 6,984 shares in the company, valued at approximately $6,984,558.72. This represents a 16.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 37,760 shares of company stock worth $35,670,125 in the last three months. 0.43% of the stock is owned by insiders.

Lumentum Stock Up 1.4%

Shares of NASDAQ:LITE opened at $838.06 on Friday. The company has a 50 day moving average price of $814.53 and a two-hundred day moving average price of $752.96. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.97 and a current ratio of 1.14. The company has a market capitalization of $65.20 billion, a PE ratio of 155.20 and a beta of 1.50. Lumentum Holdings Inc. has a 52 week low of $108.71 and a 52 week high of $1,085.68.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Tuesday, May 5th. The technology company reported $2.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.27 by $0.10. Lumentum had a net margin of 17.61% and a return on equity of 24.81%. The company had revenue of $808.40 million during the quarter, compared to analyst estimates of $810.21 million. During the same quarter in the previous year, the business earned $0.57 EPS. The firm’s revenue was up 90.1% on a year-over-year basis. Analysts forecast that Lumentum Holdings Inc. will post 6.42 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on LITE shares. BNP Paribas Exane lifted their price objective on Lumentum from $1,040.00 to $1,300.00 in a research report on Wednesday, May 6th. JPMorgan Chase & Co. raised their target price on shares of Lumentum from $950.00 to $1,130.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Susquehanna boosted their price target on shares of Lumentum from $550.00 to $1,100.00 and gave the stock a “positive” rating in a research note on Monday, April 20th. Morgan Stanley raised their price objective on shares of Lumentum from $710.00 to $900.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 6th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $1,040.00 target price on shares of Lumentum in a research report on Tuesday, June 9th. Fourteen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $1,012.67.

About Lumentum

Lumentum Holdings Inc, headquartered in San Jose, California, is a leading provider of photonic technologies that enable high-speed optical communication networks and advanced industrial applications. The company designs and manufactures a broad range of lasers, optical modules and subsystems tailored to the evolving requirements of telecommunications carriers, cloud data centers and enterprise networking.

Its core product portfolio includes tunable and fixed-wavelength laser transmitters, coherent optical engines, transceivers for long-haul, metro and data center interconnects, as well as test and measurement instruments.