Lumentum Holdings Inc. (NASDAQ:LITE) Stake Boosted by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans increased its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 1.3% during the 4th quarter, HoldingsChannel reports. The firm owned 16,165 shares of the technology company’s stock after acquiring an additional 213 shares during the period. Thrivent Financial for Lutherans’ holdings in Lumentum were worth $1,357,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Counterpoint Mutual Funds LLC bought a new stake in Lumentum in the fourth quarter valued at $721,000. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Lumentum by 14.5% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 4,383 shares of the technology company’s stock worth $368,000 after acquiring an additional 556 shares during the period. Swiss National Bank lifted its position in Lumentum by 2.2% in the 4th quarter. Swiss National Bank now owns 134,915 shares of the technology company’s stock valued at $11,326,000 after purchasing an additional 2,900 shares during the last quarter. King Luther Capital Management Corp boosted its stake in Lumentum by 21.3% during the 4th quarter. King Luther Capital Management Corp now owns 99,882 shares of the technology company’s stock valued at $8,385,000 after purchasing an additional 17,551 shares during the period. Finally, Net Worth Advisory Group acquired a new position in Lumentum during the 4th quarter valued at about $207,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

Insider Activity

In related news, CFO Wajid Ali sold 2,172 shares of Lumentum 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 transaction, the chief financial officer now owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. This trade represents a 4.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

LITE has been the topic of a number of recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $110.00 price target on shares of Lumentum in a report on Friday, February 7th. Stifel Nicolaus raised their target price on Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, February 7th. UBS Group boosted their price target on Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Rosenblatt Securities reissued a “buy” rating and issued a $110.00 price target on shares of Lumentum in a research note on Friday, February 7th. Finally, Barclays upgraded shares of Lumentum from an “underweight” rating to an “overweight” rating and lifted their price objective for the company from $80.00 to $125.00 in a research note on Friday, January 17th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $87.40.

Lumentum Price Performance

Shares of Lumentum stock opened at $62.58 on Monday. Lumentum Holdings Inc. has a 52 week low of $38.29 and a 52 week high of $104.00. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The stock has a market cap of $4.33 billion, a PE ratio of -8.14 and a beta of 1.03. The company’s 50-day moving average price is $75.28 and its two-hundred day moving average price is $76.29.

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

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.