Goodman Financial Corp Grows Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Goodman Financial Corp lifted its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 1.3% in the 3rd quarter, HoldingsChannel reports. The fund owned 259,618 shares of the technology company’s stock after purchasing an additional 3,355 shares during the period. Lumentum makes up approximately 3.7% of Goodman Financial Corp’s investment portfolio, making the stock its 4th biggest holding. Goodman Financial Corp’s holdings in Lumentum were worth $16,455,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. West Tower Group LLC bought a new stake in Lumentum during the third quarter worth $444,000. Charles Schwab Investment Management Inc. grew its stake in shares of Lumentum by 5.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company’s stock worth $46,784,000 after acquiring an additional 37,109 shares in the last quarter. John G Ullman & Associates Inc. raised its holdings in shares of Lumentum by 1.7% in the third quarter. John G Ullman & Associates Inc. now owns 87,670 shares of the technology company’s stock valued at $5,557,000 after purchasing an additional 1,432 shares during the last quarter. King Luther Capital Management Corp lifted its position in shares of Lumentum by 6.2% during the third quarter. King Luther Capital Management Corp now owns 82,331 shares of the technology company’s stock valued at $5,218,000 after purchasing an additional 4,809 shares in the last quarter. Finally, Whalen Wealth Management Inc. boosted its holdings in Lumentum by 15.4% during the third quarter. Whalen Wealth Management Inc. now owns 10,962 shares of the technology company’s stock worth $695,000 after purchasing an additional 1,462 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Lumentum Trading Down 2.1 %

Shares of Lumentum stock opened at $87.20 on Tuesday. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. The stock has a market capitalization of $5.99 billion, a P/E ratio of -10.53 and a beta of 0.88. Lumentum Holdings Inc. has a 52-week low of $38.28 and a 52-week high of $91.21. The stock’s 50-day simple moving average is $70.04 and its 200 day simple moving average is $57.30.

Insider Activity

In other news, Director Penny Herscher sold 1,625 shares of Lumentum stock in a transaction on Monday, November 18th. The stock was sold at an average price of $81.09, for a total value of $131,771.25. Following the completion of the transaction, the director now directly owns 6,852 shares in the company, valued at approximately $555,628.68. The trade was a 19.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harold L. Covert sold 15,000 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total value of $1,307,550.00. Following the sale, the director now owns 8,761 shares in the company, valued at approximately $763,696.37. This represents a 63.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,142 shares of company stock valued at $2,428,743 over the last quarter. Company insiders own 0.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on LITE. Needham & Company LLC increased their price objective on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Northland Securities increased 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. Barclays lifted their price target on Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a report on Monday, November 11th. Craig Hallum raised their target price on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Finally, Bank of America lifted their target price on Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Thursday, August 15th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price 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.