First Hawaiian Bank Trims Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

First Hawaiian Bank reduced its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 1.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,543 shares of the technology company’s stock after selling 118 shares during the period. First Hawaiian Bank’s holdings in Lumentum were worth $969,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Quarry LP boosted its stake in shares of Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after acquiring an additional 201 shares during the period. Capital Performance Advisors LLP bought a new position in Lumentum in the 3rd quarter worth approximately $33,000. Nomura Asset Management Co. Ltd. grew its holdings in Lumentum by 67.5% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after buying an additional 270 shares in the last quarter. Point72 DIFC Ltd bought a new stake in shares of Lumentum during the second quarter valued at approximately $36,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Lumentum by 141.6% in the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after buying an additional 524 shares in the last quarter. Institutional investors own 94.05% of the company’s stock.

Wall Street Analysts Forecast Growth

LITE has been the subject of several research analyst reports. Raymond James raised their target price 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. Susquehanna lifted their target price on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a report on Friday, November 8th. Rosenblatt Securities increased their price target on Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Morgan Stanley lifted their price objective on Lumentum from $76.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $110.00 target price on shares of Lumentum in a research report on Thursday. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $78.46.

Insider Activity at Lumentum

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

Lumentum Trading Down 1.6 %

LITE stock opened at $85.19 on Friday. The firm’s fifty day simple moving average is $84.72 and its two-hundred day simple moving average is $66.56. The stock has a market capitalization of $5.85 billion, a price-to-earnings ratio of -10.29 and a beta of 0.94. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. Lumentum Holdings Inc. has a twelve month low of $38.28 and a twelve month high of $96.25.

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.