IMA Wealth Inc. Decreases Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

IMA Wealth Inc. cut its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 19.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,429 shares of the technology company’s stock after selling 4,878 shares during the quarter. IMA Wealth Inc.’s holdings in Lumentum were worth $1,071,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Headlands Technologies LLC purchased a new stake in shares of Lumentum in the third quarter valued at approximately $26,000. Ramirez Asset Management Inc. acquired a new position in Lumentum during the third quarter worth $32,000. Neo Ivy Capital Management acquired a new position in Lumentum during the third quarter worth $32,000. Whittier Trust Co. raised its holdings in shares of Lumentum by 697.7% in the fourth quarter. Whittier Trust Co. now owns 1,715 shares of the technology company’s stock worth $90,000 after acquiring an additional 1,500 shares during the last quarter. Finally, Itau Unibanco Holding S.A. acquired a new position in Lumentum in the third quarter valued at $180,000. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Lumentum

In related news, CAO Matthew Joseph Sepe sold 9,903 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $49.23, for a total transaction of $487,524.69. Following the transaction, the chief accounting officer now directly owns 33,188 shares in the company, valued at $1,633,845.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.60% of the company’s stock.

Lumentum Stock Up 3.4 %

Shares of NASDAQ:LITE traded up $1.41 on Friday, reaching $43.42. The company had a trading volume of 705,153 shares, compared to its average volume of 834,963. Lumentum Holdings Inc. has a twelve month low of $35.35 and a twelve month high of $65.16. The stock has a 50-day moving average price of $46.98 and a 200 day moving average price of $47.01. The stock has a market capitalization of $2.93 billion, a P/E ratio of -11.02 and a beta of 1.09. The company has a quick ratio of 2.42, a current ratio of 3.13 and a debt-to-equity ratio of 1.96.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Thursday, February 8th. The technology company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.07). The business had revenue of $366.80 million during the quarter, compared to the consensus estimate of $363.44 million. Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. On average, equities analysts expect that Lumentum Holdings Inc. will post -0.64 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 target price on shares of Lumentum in a research report on Friday, February 9th. Susquehanna reduced their price target on Lumentum from $65.00 to $60.00 and set a “positive” rating for the company in a report on Friday, February 9th. Raymond James increased their price target on Lumentum from $51.50 to $58.00 and gave the company an “outperform” rating in a report on Monday, April 1st. JPMorgan Chase & Co. reduced their price target on Lumentum from $62.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, April 11th. Finally, Barclays upped their price objective on Lumentum from $40.00 to $45.00 and gave the company an “underweight” rating in a research note on Tuesday, January 16th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $52.69.

Lumentum Company 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.