King Luther Capital Management Corp Sells 3,209 Shares of Lumentum Holdings Inc. $LITE

King Luther Capital Management Corp trimmed its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 15.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,209 shares of the technology company’s stock after selling 3,209 shares during the quarter. King Luther Capital Management Corp’s holdings in Lumentum were worth $16,714,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Maryland State Retirement & Pension System raised its position in Lumentum by 25.7% in the 3rd quarter. Maryland State Retirement & Pension System now owns 4,761 shares of the technology company’s stock valued at $4,624,000 after purchasing an additional 974 shares during the last quarter. Joel Isaacson & Co. LLC bought a new stake in shares of Lumentum during the third quarter worth $246,000. Jacobi Capital Management LLC acquired a new stake in shares of Lumentum in the third quarter valued at $140,000. First Command Advisory Services Inc. increased its stake in shares of Lumentum by 960.0% in the third quarter. First Command Advisory Services Inc. now owns 159 shares of the technology company’s stock valued at $154,000 after buying an additional 144 shares in the last quarter. Finally, Csenge Advisory Group raised its holdings in shares of Lumentum by 36.0% in the third quarter. Csenge Advisory Group now owns 805 shares of the technology company’s stock valued at $782,000 after buying an additional 213 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Lumentum Trading Down 3.6%

LITE opened at $624.65 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.61 and a quick ratio of 1.27. The company has a market cap of $56.66 billion, a price-to-earnings ratio of -7.94 and a beta of 1.64. The firm has a 50 day simple moving average of $872.23 and a 200 day simple moving average of $806.93. Lumentum Holdings Inc. has a fifty-two week low of $215.35 and a fifty-two week high of $1,143.00.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Monday, November 2nd. The technology company reported $4.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.22 by $0.35. Lumentum had a negative net margin of 175.82% and a positive return on equity of 28.85%. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same period last year, the firm earned $1.10 earnings per share. The business’s revenue for the quarter was up 136.5% on a year-over-year basis. On average, sell-side analysts anticipate that Lumentum Holdings Inc. will post 19.93 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on LITE shares. Citigroup increased their price objective on shares of Lumentum from $1,200.00 to $1,400.00 and gave the stock a “buy” rating in a report on Monday, September 28th. TD Cowen dropped their target price on shares of Lumentum from $820.00 to $685.00 and set a “hold” rating for the company in a research note on Tuesday, November 3rd. Bank of America decreased their price target on shares of Lumentum from $1,100.00 to $1,000.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 12th. Wolfe Research reissued an “outperform” rating on shares of Lumentum in a report on Friday, August 21st. Finally, UBS Group lowered their price target on shares of Lumentum from $960.00 to $686.00 and set a “neutral” rating for the company in a report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $1,053.17.

Key Lumentum News

Here’s some of the latest news about LITE:

• Positive Sentiment: Lumentum shares rose 15% amid a broad technology rally. The move may reflect improved sector sentiment rather than company-specific news. Lumentum rises 15% amid broad technology rally
• Negative Sentiment: UBS issued a pessimistic forecast for Lumentum, signaling a cautious outlook from the firm. UBS Group Issues Pessimistic Forecast for Lumentum
• Negative Sentiment: Initial investor reaction to Marvell’s proposed acquisition was described as lukewarm, and Lumentum shares slipped in premarket trading. Skepticism about the large deal may be limiting enthusiasm for the transaction. Lumentum Slips on Deal Reaction

Insider Buying and Selling

In other news, insider Yuen Wupen sold 1,500 shares of the firm’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $827.82, for a total value of $1,241,730.00. Following the transaction, the insider directly owned 100,434 shares in the company, valued at $83,141,273.88. This trade represents a 1.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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, SVP Jae Kim sold 12,000 shares of Lumentum stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $852.58, for a total value of $10,230,960.00. Following the sale, the senior vice president directly owned 37,804 shares of the company’s stock, valued at approximately $32,230,934.32. This trade represents a 24.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 94,496 shares of company stock worth $85,978,498 over the last 90 days. 0.28% of the stock is currently owned by corporate insiders.

About Lumentum

Lumentum Holdings Inc. develops and manufactures optical and photonic products used in communications networks and industrial applications. Its offerings include optical components, modules and lasers that help transmit and process data across telecommunications and data center networks. The company also supplies lasers and related technologies for industrial uses, including precision manufacturing and semiconductor production. Its products serve customers in markets around the world. Lumentum became an independent public company in 2015 through a spin-off from JDSU, now Viavi Solutions.