Stifel Financial Corp Cuts Stock Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Stifel Financial Corp trimmed its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 48.1% in the third quarter, HoldingsChannel.com reports. The fund owned 10,365 shares of the technology company’s stock after selling 9,603 shares during the period. Stifel Financial Corp’s holdings in Lumentum were worth $657,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Quarry LP lifted its position 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 in the last quarter. Capital Performance Advisors LLP purchased a new stake in Lumentum during the 3rd quarter worth approximately $33,000. Point72 DIFC Ltd acquired a new stake in Lumentum during the 2nd quarter worth approximately $36,000. GAMMA Investing LLC boosted its position in Lumentum by 141.6% in the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after buying an additional 524 shares during the period. Finally, Signaturefd LLC grew its stake in shares of Lumentum by 93.9% in the second quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after acquiring an additional 554 shares in the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Harold L. Covert sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the transaction, the director now owns 8,761 shares in the company, valued at $763,696.37. This trade represents a 63.13 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Penny Herscher sold 1,625 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $81.09, for a total value of $131,771.25. Following the completion of the sale, the director now owns 6,852 shares of the company’s stock, valued at approximately $555,628.68. This represents a 19.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,797 shares of company stock worth $8,881,428 in the last ninety days. 0.19% of the stock is owned by corporate insiders.

Lumentum Stock Up 1.3 %

Shares of NASDAQ:LITE opened at $84.34 on Thursday. The firm has a 50 day simple moving average of $80.28 and a 200-day simple moving average of $63.78. Lumentum Holdings Inc. has a twelve month low of $38.28 and a twelve month high of $96.25. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. The company has a market capitalization of $5.79 billion, a PE ratio of -10.19 and a beta of 0.95.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on LITE shares. Rosenblatt Securities increased their price objective on Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, November 8th. 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 objective on Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a research note on Monday, November 11th. Raymond James upped their target price on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, Susquehanna lifted their price target on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research note on Friday, November 8th. Three research 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 MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $75.38.

Lumentum 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.