GAMMA Investing LLC Grows Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

GAMMA Investing LLC lifted its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 33.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,192 shares of the technology company’s stock after buying an additional 298 shares during the period. GAMMA Investing LLC’s holdings in Lumentum were worth $100,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of LITE. Quarry LP raised its holdings in Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after purchasing an additional 201 shares during the period. Capital Performance Advisors LLP bought a new position in Lumentum in the 3rd quarter worth $33,000. Point72 DIFC Ltd bought a new position in Lumentum in the 2nd quarter worth $36,000. Nomura Asset Management Co. Ltd. raised its holdings in Lumentum by 67.5% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after purchasing an additional 270 shares during the period. Finally, Signaturefd LLC raised its holdings in Lumentum by 13.8% in the 3rd quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock worth $83,000 after purchasing an additional 158 shares during the period. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Raymond James raised their target price on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Barclays raised their target price on Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a report on Monday, November 11th. Northland Securities raised their price target on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Needham & Company LLC reissued a “buy” rating and set a $110.00 price target on shares of Lumentum in a report on Thursday. Finally, Susquehanna raised their price target on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $78.46.

Insider Transactions at Lumentum

In related 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Matthew Joseph Sepe sold 8,172 shares of Lumentum stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total value of $715,867.20. Following the completion of the transaction, the chief accounting officer now owns 21,138 shares of the company’s stock, valued at approximately $1,851,688.80. This represents a 27.88 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 101,797 shares of company stock valued at $8,881,428. 0.19% of the stock is currently owned by insiders.

Lumentum Trading Down 1.0 %

Shares of LITE stock opened at $84.38 on Friday. Lumentum Holdings Inc. has a 12-month low of $38.28 and a 12-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 stock’s 50-day moving average price is $84.72 and its 200-day moving average price is $66.56. The stock has a market capitalization of $5.80 billion, a price-to-earnings ratio of -10.19 and a beta of 0.94.

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.