IMA Wealth Inc. Trims Position in Lumentum Holdings Inc. (NASDAQ:LITE)

IMA Wealth Inc. trimmed its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 19.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,429 shares of the technology company’s stock after selling 4,878 shares during the period. IMA Wealth Inc.’s holdings in Lumentum were worth $1,071,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Headlands Technologies LLC purchased a new stake in Lumentum in the 3rd quarter worth $26,000. Ramirez Asset Management Inc. bought a new position in shares of Lumentum in the third quarter worth about $32,000. Neo Ivy Capital Management purchased a new stake in shares of Lumentum during the third quarter worth about $32,000. Whittier Trust Co. raised its stake in Lumentum by 697.7% during the 4th quarter. Whittier Trust Co. now owns 1,715 shares of the technology company’s stock valued at $90,000 after purchasing an additional 1,500 shares during the period. Finally, Itau Unibanco Holding S.A. purchased a new position in Lumentum in the 3rd quarter worth approximately $180,000. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Trading Up 3.4 %

Shares of NASDAQ:LITE traded up $1.41 during trading on Friday, hitting $43.42. The company had a trading volume of 705,153 shares, compared to its average volume of 834,963. The stock has a market cap of $2.93 billion, a price-to-earnings ratio of -11.02 and a beta of 1.09. The company has a debt-to-equity ratio of 1.96, a current ratio of 3.13 and a quick ratio of 2.42. The company has a fifty day simple moving average of $46.98 and a two-hundred day simple moving average of $47.01. Lumentum Holdings Inc. has a one year low of $35.35 and a one year high of $65.16.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, February 8th. The technology company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.07). The company 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%. As a group, equities analysts forecast that Lumentum Holdings Inc. will post -0.64 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on LITE. Raymond James increased their price objective on shares of Lumentum from $51.50 to $58.00 and gave the company an “outperform” rating in a report on Monday, April 1st. Stifel Nicolaus reiterated a “buy” rating and issued a $62.00 price target on shares of Lumentum in a report on Monday, April 1st. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price target on shares of Lumentum in a research note on Friday, February 9th. JPMorgan Chase & Co. cut their price objective on Lumentum from $62.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, April 11th. Finally, B. Riley decreased their target price on Lumentum from $42.00 to $41.00 and set a “neutral” rating on the stock in a research report on Friday, February 9th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $52.69.

Insider Buying and Selling

In other news, CAO Matthew Joseph Sepe sold 9,903 shares of Lumentum stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $49.23, for a total transaction of $487,524.69. Following the completion of the sale, the chief accounting officer now directly owns 33,188 shares in the company, valued at $1,633,845.24. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.60% of the stock is owned by corporate insiders.

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.