Bank of Montreal Can cut its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 76.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 53,326 shares of the technology company’s stock after selling 169,584 shares during the period. Bank of Montreal Can owned 0.09% of Lumentum Holdings worth $3,042,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Lumentum Holdings by 151,490.5% in the first quarter. BlackRock Inc. now owns 6,441,080 shares of the technology company’s stock worth $343,632,000 after buying an additional 6,436,831 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Lumentum Holdings by 2,347.2% in the first quarter. Alliancebernstein L.P. now owns 1,837,130 shares of the technology company’s stock worth $98,011,000 after buying an additional 1,762,060 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Lumentum Holdings by 702.0% in the first quarter. Wellington Management Group LLP now owns 1,480,805 shares of the technology company’s stock worth $79,000,000 after buying an additional 1,296,173 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD acquired a new stake in shares of Lumentum Holdings during the first quarter worth approximately $55,001,000. Finally, Whale Rock Capital Management LLC acquired a new stake in shares of Lumentum Holdings during the first quarter worth approximately $51,341,000. 97.36% of the stock is owned by institutional investors.
Lumentum Holdings Inc. (NASDAQ:LITE) opened at 52.00 on Friday. The company’s market capitalization is $3.20 billion. The stock’s 50 day moving average price is $59.67 and its 200 day moving average price is $53.22. Lumentum Holdings Inc. has a one year low of $32.90 and a one year high of $68.63.
Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.18. The firm had revenue of $222.70 million during the quarter, compared to analysts’ expectations of $229.45 million. Lumentum Holdings had a positive return on equity of 18.12% and a negative net margin of 10.25%. The firm’s quarterly revenue was down 7.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.41 EPS. Equities analysts anticipate that Lumentum Holdings Inc. will post $3.02 EPS for the current fiscal year.
A number of analysts recently commented on LITE shares. BidaskClub raised Lumentum Holdings from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 23rd. Stifel Nicolaus reissued a “buy” rating and set a $73.00 price objective on shares of Lumentum Holdings in a research report on Saturday, July 22nd. Zacks Investment Research lowered Lumentum Holdings from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 23rd. Jefferies Group LLC reissued a “buy” rating and set a $62.00 price objective on shares of Lumentum Holdings in a research report on Monday, May 15th. Finally, Barclays PLC raised Lumentum Holdings from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $35.00 to $48.00 in a research report on Friday, May 5th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $64.75.
In related news, Director Penny Herscher sold 1,313 shares of the company’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $53.04, for a total transaction of $69,641.52. Following the transaction, the director now directly owns 26,464 shares of the company’s stock, valued at approximately $1,403,650.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Vincent Retort sold 805 shares of the company’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $58.15, for a total value of $46,810.75. Following the transaction, the chief operating officer now directly owns 66,755 shares in the company, valued at $3,881,803.25. The disclosure for this sale can be found here. Insiders have sold a total of 3,203 shares of company stock valued at $179,545 over the last 90 days. 0.76% of the stock is currently owned by company insiders.
Lumentum Holdings Company Profile
Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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