Castleark Management LLC Makes New Investment in Lumentum Holdings Inc. (NASDAQ:LITE)

Castleark Management LLC acquired a new stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 97,900 shares of the technology company’s stock, valued at approximately $6,205,000. Castleark Management LLC owned about 0.14% of Lumentum at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Quarry LP boosted its holdings in Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after acquiring an additional 201 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in Lumentum in the third quarter worth about $33,000. Point72 DIFC Ltd bought a new position in shares of Lumentum during the second quarter valued at $36,000. GAMMA Investing LLC boosted its holdings in shares of Lumentum by 141.6% during the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after acquiring an additional 524 shares during the last quarter. Finally, Signaturefd LLC grew its position in Lumentum by 93.9% in the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after purchasing an additional 554 shares during the period. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Jefferies Financial Group upped their price target on shares of Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Barclays upped their price objective on Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a research note on Monday, November 11th. Needham & Company LLC boosted their price target on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Morgan Stanley increased their price objective on shares of Lumentum from $61.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday, November 14th. Finally, Bank of America boosted their target price on shares of Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Thursday, August 15th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $74.85.

Lumentum Stock Up 0.2 %

LITE stock opened at $92.84 on Friday. 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 Holdings Inc. has a 12 month low of $38.28 and a 12 month high of $95.92. The company has a 50-day moving average price of $74.95 and a 200 day moving average price of $59.83.

Insider Activity

In other news, CFO Wajid Ali sold 29,887 shares of Lumentum stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the completion of the sale, the chief financial officer now owns 56,492 shares of the company’s stock, valued at approximately $4,805,209.52. The trade was a 34.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Vincent Retort sold 41,710 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $89.52, for a total value of $3,733,879.20. Following the completion of the transaction, the insider now directly owns 147,515 shares in the company, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 101,797 shares of company stock valued at $8,881,428. 0.19% of the stock is currently owned by insiders.

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 (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.