Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by Commerce Bank

Commerce Bank trimmed its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 6.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,425 shares of the technology company’s stock after selling 625 shares during the quarter. Commerce Bank’s holdings in Lumentum were worth $597,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in Lumentum by 0.3% in the first quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock valued at $341,786,000 after buying an additional 22,088 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Lumentum by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock worth $86,760,000 after acquiring an additional 130,838 shares in the last quarter. Swedbank AB purchased a new stake in Lumentum during the first quarter worth approximately $71,025,000. Van Lanschot Kempen Investment Management N.V. lifted its stake in Lumentum by 17.8% during the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock worth $58,803,000 after purchasing an additional 174,828 shares during the last quarter. Finally, Divisar Capital Management LLC boosted its holdings in Lumentum by 5.8% in the second quarter. Divisar Capital Management LLC now owns 961,574 shares of the technology company’s stock valued at $48,963,000 after purchasing an additional 52,300 shares in the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Lumentum

In related news, Director Harold L. Covert sold 3,345 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $81.78, for a total value of $273,554.10. Following the completion of the sale, the director now owns 8,729 shares in the company, valued at $713,857.62. This trade represents a 27.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total value of $715,867.20. Following the transaction, the chief accounting officer now owns 21,138 shares in the company, valued at $1,851,688.80. The trade was a 27.88 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,142 shares of company stock worth $2,428,743. Company insiders own 0.19% of the company’s stock.

Lumentum Stock Performance

NASDAQ:LITE opened at $87.20 on Tuesday. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. The firm has a market cap of $5.99 billion, a price-to-earnings ratio of -10.53 and a beta of 0.88. The firm’s fifty day moving average price is $70.04 and its 200 day moving average price is $57.30. Lumentum Holdings Inc. has a 1-year low of $38.28 and a 1-year high of $91.21.

Analysts Set New Price Targets

Several analysts have recently weighed in on LITE shares. Jefferies Financial Group boosted their price objective on shares of Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Susquehanna boosted their price target on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research report on Friday, November 8th. Northland Securities raised their price objective on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Rosenblatt Securities lifted their target price on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, Barclays upped their target price on Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a research report on Monday, November 11th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $74.85.

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.