Fisher Asset Management LLC Sells 89,356 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Fisher Asset Management LLC trimmed its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 13.3% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 583,635 shares of the technology company’s stock after selling 89,356 shares during the quarter. Fisher Asset Management LLC’s holdings in Lumentum were worth $30,594,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Arizona State Retirement System grew its position in Lumentum by 1.7% during the third quarter. Arizona State Retirement System now owns 19,561 shares of the technology company’s stock valued at $884,000 after buying an additional 321 shares during the period. Mcdonald Partners LLC boosted its stake in shares of Lumentum by 1.8% during the 3rd quarter. Mcdonald Partners LLC now owns 20,022 shares of the technology company’s stock worth $905,000 after acquiring an additional 350 shares during the last quarter. Kestra Advisory Services LLC grew its position in shares of Lumentum by 8.7% during the 3rd quarter. Kestra Advisory Services LLC now owns 5,030 shares of the technology company’s stock valued at $227,000 after acquiring an additional 404 shares during the period. Headlands Technologies LLC purchased a new stake in shares of Lumentum in the 3rd quarter worth $26,000. Finally, Janney Montgomery Scott LLC raised its holdings in Lumentum by 5.3% in the 3rd quarter. Janney Montgomery Scott LLC now owns 12,460 shares of the technology company’s stock worth $563,000 after purchasing an additional 623 shares during the period. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Lumentum

In other news, CAO Matthew Joseph Sepe sold 9,903 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $49.23, for a total transaction of $487,524.69. Following the sale, the chief accounting officer now directly owns 33,188 shares of the company’s stock, valued at approximately $1,633,845.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.60% of the stock is currently owned by company insiders.

Lumentum Stock Up 1.0 %

LITE opened at $44.74 on Friday. The company has a quick ratio of 2.42, a current ratio of 3.13 and a debt-to-equity ratio of 1.96. The company has a fifty day moving average of $46.32 and a 200 day moving average of $47.13. Lumentum Holdings Inc. has a fifty-two week low of $35.35 and a fifty-two week high of $65.16.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Thursday, February 8th. The technology company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.07). The firm had revenue of $366.80 million for the quarter, compared to analysts’ expectations of $363.44 million. Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. As a group, sell-side analysts forecast that Lumentum Holdings Inc. will post -0.64 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Rosenblatt Securities upped their price target on Lumentum from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. Raymond James increased their target price on shares of Lumentum from $51.50 to $58.00 and gave the stock an “outperform” rating in a report on Monday, April 1st. Susquehanna lowered their price target on shares of Lumentum from $65.00 to $60.00 and set a “positive” rating on the stock in a report on Friday, February 9th. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price target on shares of Lumentum in a research report on Friday, February 9th. Finally, Stifel Nicolaus restated a “buy” rating and set a $62.00 price objective on shares of Lumentum in a research report on Monday, April 1st. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $52.69.

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.