Assenagon Asset Management S.A. Invests $2.72 Million in Lumentum Holdings Inc. (NASDAQ:LITE)

Assenagon Asset Management S.A. bought a new position in Lumentum Holdings Inc. (NASDAQ:LITE) during the 4th quarter, Holdings Channel.com reports. The institutional investor bought 32,433 shares of the technology company’s stock, valued at approximately $2,723,000.

Other hedge funds have also modified their holdings of the company. Quarry LP boosted its position in shares of Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after acquiring an additional 201 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Lumentum in the third quarter worth approximately $33,000. Point72 DIFC Ltd acquired a new stake in shares of Lumentum in the second quarter worth approximately $36,000. Nomura Asset Management Co. Ltd. boosted its position in shares of Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after acquiring an additional 270 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Lumentum by 141.6% in the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after acquiring an additional 524 shares during the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

Lumentum Trading Up 3.2 %

LITE opened at $97.45 on Wednesday. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The firm’s 50 day moving average is $87.09 and its 200-day moving average is $68.92. The firm has a market capitalization of $6.69 billion, a P/E ratio of -11.77 and a beta of 0.94. Lumentum Holdings Inc. has a 52-week low of $38.28 and a 52-week high of $97.76.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, November 7th. The technology company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.48). The company had revenue of $336.90 million during the quarter, compared to the consensus estimate of $326.94 million. Lumentum had a negative return on equity of 6.79% and a negative net margin of 40.70%. During the same quarter last year, the firm posted ($0.10) EPS. Analysts expect that Lumentum Holdings Inc. will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling

In other Lumentum news, CFO Wajid Ali sold 29,887 shares of the business’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the completion of the sale, the chief financial officer now owns 56,492 shares in the company, valued at $4,805,209.52. The trade was a 34.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Harold L. Covert sold 15,000 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the sale, the director now owns 8,761 shares of the company’s stock, valued at approximately $763,696.37. The trade was a 63.13 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,797 shares of company stock worth $8,881,428. Insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on LITE. Northland Securities raised their target price on shares of Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Morgan Stanley lifted their price target on shares of Lumentum from $76.00 to $83.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $110.00 price target on shares of Lumentum in a research report on Thursday, January 9th. Barclays raised shares of Lumentum from an “underweight” rating to an “overweight” rating and lifted their price target for the company from $80.00 to $125.00 in a research report on Friday, January 17th. Finally, Raymond James lifted their price target on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $81.92.

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.