Lumentum Holdings Inc. (NASDAQ:LITE) Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC grew its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 524.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 413,838 shares of the technology company’s stock after acquiring an additional 347,600 shares during the quarter. Renaissance Technologies LLC owned about 0.60% of Lumentum worth $34,742,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in LITE. Norges Bank purchased a new position in Lumentum in the 4th quarter valued at about $68,962,000. Hel Ved Capital Management Ltd acquired a new position in shares of Lumentum in the fourth quarter valued at approximately $19,026,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of Lumentum during the fourth quarter valued at approximately $15,945,000. Proficio Capital Partners LLC acquired a new stake in Lumentum during the fourth quarter worth approximately $13,421,000. Finally, Lightrock Netherlands B.V. purchased a new stake in Lumentum in the 4th quarter worth approximately $12,668,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

Insider Buying and Selling

In related news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the completion of the transaction, the chief financial officer now owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.19% of the stock is currently owned by insiders.

Lumentum Stock Performance

Shares of NASDAQ:LITE opened at $51.27 on Friday. The business’s 50-day simple moving average is $67.62 and its 200 day simple moving average is $75.82. The company has a market cap of $3.55 billion, a P/E ratio of -6.67 and a beta of 1.14. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. Lumentum Holdings Inc. has a one year low of $38.29 and a one year high of $104.00.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. On average, sell-side analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on LITE. Stifel Nicolaus increased their price target on Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Northland Securities upgraded Lumentum from a “market perform” rating to an “outperform” rating in a research report on Monday, April 7th. Raymond James upgraded Lumentum from an “outperform” rating to a “strong-buy” rating and lowered their price target for the company from $96.00 to $82.00 in a report on Monday, March 24th. Barclays upgraded shares of Lumentum from an “underweight” rating to an “overweight” rating and increased their price objective for the stock from $80.00 to $125.00 in a report on Friday, January 17th. Finally, Northland Capmk upgraded shares of Lumentum from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Two analysts have rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $87.40.

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.