GSA Capital Partners LLP Takes Position in Lumentum Holdings Inc. (NASDAQ:LITE)

GSA Capital Partners LLP bought a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 3,622 shares of the technology company’s stock, valued at approximately $230,000.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Capital Performance Advisors LLP purchased a new stake in shares of Lumentum in the third quarter valued at approximately $33,000. JB Capital LLC lifted its position in shares of Lumentum by 5.0% during the third quarter. JB Capital LLC now owns 32,630 shares of the technology company’s stock worth $2,068,000 after purchasing an additional 1,561 shares in the last quarter. Emerald Advisers LLC grew its stake in shares of Lumentum by 29.1% in the third quarter. Emerald Advisers LLC now owns 378,535 shares of the technology company’s stock worth $23,992,000 after acquiring an additional 85,353 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in Lumentum by 7.7% during the 3rd quarter. Janney Montgomery Scott LLC now owns 18,150 shares of the technology company’s stock worth $1,150,000 after purchasing an additional 1,296 shares during the period. Finally, Emerald Mutual Fund Advisers Trust grew its holdings in Lumentum by 19.3% during the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 281,331 shares of the technology company’s stock worth $17,831,000 after acquiring an additional 45,606 shares in the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Price Performance

LITE stock opened at $89.09 on Monday. The company has a market cap of $6.12 billion, a price-to-earnings ratio of -10.76 and a beta of 0.88. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. The firm has a 50 day moving average of $69.43 and a 200-day moving average of $56.99. Lumentum Holdings Inc. has a 12-month low of $38.28 and a 12-month high of $90.51.

Insider Buying and Selling

In related news, Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the completion of the transaction, the director now directly owns 8,761 shares in the company, valued at $763,696.37. The trade was a 63.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total value of $715,867.20. Following the sale, the chief accounting officer now owns 21,138 shares in the company, valued at approximately $1,851,688.80. This trade represents a 27.88 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,142 shares of company stock valued at $2,428,743. 0.19% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on LITE shares. Raymond James raised their target price on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. B. Riley raised their target price on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. increased their price target on shares of Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Morgan Stanley upped their target price on shares of Lumentum from $61.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday, November 14th. Finally, Northland Securities boosted their price target on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $74.85.

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 (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.