Pier Capital LLC Has $6.55 Million Holdings in Lumentum Holdings Inc (LITE)
Pier Capital LLC boosted its holdings in shares of Lumentum Holdings Inc (NASDAQ:LITE) by 115.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 113,066 shares of the technology company’s stock after purchasing an additional 60,620 shares during the quarter. Pier Capital LLC owned approximately 0.18% of Lumentum worth $6,547,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. State Treasurer State of Michigan acquired a new position in Lumentum during the 2nd quarter valued at approximately $1,343,000. Trexquant Investment LP boosted its position in Lumentum by 820.0% during the 2nd quarter. Trexquant Investment LP now owns 68,574 shares of the technology company’s stock valued at $3,970,000 after purchasing an additional 61,120 shares during the period. Cim Investment Mangement Inc. boosted its position in Lumentum by 96.4% during the 2nd quarter. Cim Investment Mangement Inc. now owns 6,506 shares of the technology company’s stock valued at $377,000 after purchasing an additional 3,193 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in Lumentum during the 2nd quarter valued at approximately $983,000. Finally, General American Investors Co. Inc. boosted its position in Lumentum by 15.4% during the 2nd quarter. General American Investors Co. Inc. now owns 150,000 shares of the technology company’s stock valued at $8,685,000 after purchasing an additional 20,000 shares during the period.
In other news, Director Penny Herscher sold 1,313 shares of the business’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $58.85, for a total value of $77,270.05. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Alan S. Lowe sold 11,672 shares of the business’s stock in a transaction on Monday, May 21st. The stock was sold at an average price of $63.02, for a total value of $735,569.44. Following the completion of the sale, the chief executive officer now directly owns 208,062 shares in the company, valued at approximately $13,112,067.24. The disclosure for this sale can be found here. Insiders have sold a total of 14,451 shares of company stock valued at $898,425 in the last quarter. 0.76% of the stock is currently owned by insiders.
Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Wednesday, August 8th. The technology company reported $0.95 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.30. Lumentum had a return on equity of 25.10% and a net margin of 19.86%. The company had revenue of $301.10 million during the quarter, compared to analyst estimates of $288.56 million. During the same quarter in the previous year, the firm posted $0.39 EPS. The firm’s quarterly revenue was up 35.2% on a year-over-year basis. equities analysts expect that Lumentum Holdings Inc will post 3.41 EPS for the current year.
LITE has been the subject of a number of analyst reports. UBS Group boosted their price objective on Lumentum from $75.00 to $80.00 in a research report on Wednesday, May 2nd. TheStreet upgraded Lumentum from a “c” rating to a “b” rating in a research report on Thursday, August 9th. Rosenblatt Securities restated a “buy” rating and set a $80.00 price objective on shares of Lumentum in a research report on Tuesday, June 5th. Drexel Hamilton set a $85.00 price objective on Lumentum and gave the company a “buy” rating in a research report on Thursday, May 3rd. Finally, BidaskClub upgraded Lumentum from a “hold” rating to a “buy” rating in a research report on Friday, May 4th. Four research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Lumentum has a consensus rating of “Buy” and an average target price of $79.42.
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. It operates through two segments, Optical Communications and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.
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