M&T Bank Corp Raises Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

M&T Bank Corp boosted its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 69.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 11,743 shares of the technology company’s stock after buying an additional 4,798 shares during the quarter. M&T Bank Corp’s holdings in Lumentum were worth $745,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of LITE. Quarry LP raised its holdings in shares of Lumentum by 85.5% during the third quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after purchasing an additional 201 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Lumentum during the 3rd quarter valued at about $33,000. Point72 DIFC Ltd acquired a new position in shares of Lumentum in the 2nd quarter valued at about $36,000. Nomura Asset Management Co. Ltd. boosted its stake 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 buying an additional 270 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Lumentum by 141.6% during the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after purchasing an additional 524 shares during the period. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Lumentum

In other news, Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total value of $1,307,550.00. Following the completion of the transaction, the director now owns 8,761 shares in the company, valued at approximately $763,696.37. This trade represents a 63.13 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Julia Suzanne Johnson sold 2,058 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $85.82, for a total transaction of $176,617.56. Following the sale, the director now owns 23,287 shares in the company, valued at $1,998,490.34. The trade was a 8.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 101,797 shares of company stock valued at $8,881,428. 0.19% of the stock is currently owned by corporate insiders.

Lumentum Price Performance

LITE opened at $93.18 on Tuesday. The stock’s 50-day moving average price is $77.94 and its 200 day moving average price is $61.94. Lumentum Holdings Inc. has a 12-month low of $38.28 and a 12-month high of $96.25. The firm has a market cap of $6.40 billion, a price-to-earnings ratio of -11.25 and a beta of 0.95. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87.

Analysts Set New Price Targets

LITE has been the subject of a number of analyst reports. Northland Securities upped their price objective 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. Susquehanna boosted their price objective on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research report on Friday, November 8th. 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 note on Friday, November 8th. Rosenblatt Securities lifted their price objective on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, Barclays increased their price objective on Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a research note on Monday, November 11th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Lumentum currently has an average rating of “Hold” and an average target price of $74.85.

Lumentum Company Profile

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.