Kornitzer Capital Management Inc. KS Sells 41,125 Shares of Lumentum Holdings Inc (NASDAQ:LITE)

Kornitzer Capital Management Inc. KS lowered its stake in Lumentum Holdings Inc (NASDAQ:LITE) by 19.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 170,110 shares of the technology company’s stock after selling 41,125 shares during the period. Kornitzer Capital Management Inc. KS owned approximately 0.22% of Lumentum worth $9,086,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. World Asset Management Inc bought a new position in shares of Lumentum in the first quarter worth $202,000. Janney Montgomery Scott LLC bought a new position in shares of Lumentum in the first quarter worth $203,000. B. Riley Wealth Management Inc. bought a new position in shares of Lumentum in the first quarter worth $205,000. Creative Planning bought a new position in shares of Lumentum in the first quarter worth $207,000. Finally, Commerzbank Aktiengesellschaft FI bought a new position in shares of Lumentum in the second quarter worth $202,000. Institutional investors own 94.49% of the company’s stock.

A number of research analysts recently commented on the company. TheStreet cut Lumentum from a “b-” rating to a “c+” rating in a research report on Monday, May 13th. DA Davidson set a $75.00 price target on Lumentum and gave the stock a “buy” rating in a research report on Monday, May 20th. UBS Group set a $70.00 target price on Lumentum and gave the company a “buy” rating in a research report on Wednesday, May 8th. BidaskClub upgraded Lumentum from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Piper Jaffray Companies lifted their target price on Lumentum from $68.00 to $72.00 and gave the company an “overweight” rating in a research report on Friday, August 9th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. Lumentum currently has a consensus rating of “Buy” and an average target price of $69.13.



Shares of NASDAQ:LITE traded up $0.68 during midday trading on Wednesday, hitting $58.25. 408,618 shares of the stock were exchanged, compared to its average volume of 1,638,737. The firm has a market cap of $4.54 billion, a PE ratio of 17.65, a price-to-earnings-growth ratio of 1.19 and a beta of 1.36. The company has a debt-to-equity ratio of 0.56, a current ratio of 4.53 and a quick ratio of 3.76. The business’s 50-day simple moving average is $55.04. Lumentum Holdings Inc has a 12 month low of $37.00 and a 12 month high of $69.95.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Thursday, August 8th. The technology company reported $0.74 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.21. The company had revenue of $404.60 million for the quarter, compared to analysts’ expectations of $383.54 million. Lumentum had a positive return on equity of 18.19% and a negative net margin of 2.33%. The business’s quarterly revenue was up 34.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 earnings per share. Research analysts forecast that Lumentum Holdings Inc will post 3.58 earnings per share for the current fiscal year.

In other news, SVP Judy G. Hamel sold 803 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $60.00, for a total transaction of $48,180.00. Following the sale, the senior vice president now directly owns 42,510 shares in the company, valued at $2,550,600. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.55% of the company’s stock.

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 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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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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