Whalen Wealth Management Inc. Raises Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Whalen Wealth Management Inc. lifted its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 15.4% during the third quarter, Holdings Channel reports. The institutional investor owned 10,962 shares of the technology company’s stock after purchasing an additional 1,462 shares during the period. Whalen Wealth Management Inc.’s holdings in Lumentum were worth $695,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in LITE. Capital Performance Advisors LLP purchased a new stake in shares of Lumentum in the third quarter valued at $33,000. Point72 DIFC Ltd purchased a new position in Lumentum during the 2nd quarter worth $36,000. GAMMA Investing LLC grew its position in shares of Lumentum by 141.6% during the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after buying an additional 524 shares in the last quarter. Signaturefd LLC raised its holdings in shares of Lumentum by 93.9% in the second quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock valued at $58,000 after acquiring an additional 554 shares in the last quarter. Finally, EntryPoint Capital LLC purchased a new stake in Lumentum in the first quarter worth about $112,000. 94.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

LITE has been the topic of a number of recent analyst reports. Susquehanna upped their price target on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research note on Friday, November 8th. Northland Securities upped their price objective on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Rosenblatt Securities increased their price target on shares of Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Morgan Stanley lifted their target price on shares of Lumentum from $61.00 to $76.00 and gave the company an “equal weight” rating in a research report on Thursday, November 14th. Finally, B. Riley increased their target price on Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Lumentum currently has a consensus rating of “Hold” and an average price target of $74.85.

Insider Transactions at Lumentum

In other Lumentum news, Director Harold L. Covert sold 15,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the transaction, the director now owns 8,761 shares of the company’s stock, valued at $763,696.37. This trade represents a 63.13 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the firm’s stock in a transaction 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. This trade represents a 27.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Lumentum Stock Down 1.1 %

Shares of LITE opened at $80.54 on Tuesday. The stock’s fifty day simple moving average is $66.94 and its 200 day simple moving average is $55.81. Lumentum Holdings Inc. has a twelve month low of $38.28 and a twelve month high of $89.70. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87.

Lumentum 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.