Granite Point Capital Management L.P. Has $5.29 Million Stake in Lumentum Holdings Inc. (LITE)

Granite Point Capital Management L.P. lifted its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 14.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 97,300 shares of the technology company’s stock after buying an additional 12,000 shares during the period. Lumentum makes up 1.1% of Granite Point Capital Management L.P.’s portfolio, making the stock its 7th biggest position. Granite Point Capital Management L.P. owned 0.16% of Lumentum worth $5,288,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Kennedy Capital Management Inc. boosted its position in shares of Lumentum by 24.2% in the second quarter. Kennedy Capital Management Inc. now owns 383,304 shares of the technology company’s stock worth $21,867,000 after buying an additional 74,769 shares during the period. Shelton Capital Management purchased a new stake in shares of Lumentum in the second quarter worth about $314,000. Alliancebernstein L.P. boosted its position in shares of Lumentum by 14.5% in the second quarter. Alliancebernstein L.P. now owns 2,102,853 shares of the technology company’s stock worth $119,968,000 after buying an additional 265,723 shares during the period. Chicago Equity Partners LLC boosted its holdings in Lumentum by 20.1% in the second quarter. Chicago Equity Partners LLC now owns 14,655 shares of the technology company’s stock valued at $836,000 after purchasing an additional 2,455 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in Lumentum by 60.5% in the second quarter. Wells Fargo & Company MN now owns 110,876 shares of the technology company’s stock valued at $6,326,000 after purchasing an additional 41,808 shares during the last quarter. 95.70% of the stock is owned by institutional investors.

In other Lumentum news, CFO Aaron Tachibana sold 1,248 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $60.00, for a total transaction of $74,880.00. Following the sale, the chief financial officer now owns 69,830 shares in the company, valued at $4,189,800. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Vincent Retort sold 30,706 shares of the company’s stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $54.46, for a total value of $1,672,248.76. Following the sale, the chief operating officer now owns 110,770 shares in the company, valued at approximately $6,032,534.20. The disclosure for this sale can be found here. Insiders have sold 65,891 shares of company stock worth $3,675,432 in the last 90 days. 0.76% of the stock is currently owned by insiders.

A number of research analysts recently commented on LITE shares. UBS increased their price target on Lumentum from $66.00 to $70.00 in a report on Wednesday, August 9th. B. Riley reissued a “buy” rating and issued a $81.00 price target on shares of Lumentum in a report on Sunday, August 13th. Rosenblatt Securities set a $70.00 price target on Lumentum and gave the company a “buy” rating in a report on Wednesday, August 9th. Craig Hallum reissued a “buy” rating and issued a $75.00 price target on shares of Lumentum in a report on Wednesday, August 9th. Finally, Jefferies Group reissued a “buy” rating and issued a $72.00 price target (up previously from $63.00) on shares of Lumentum in a report on Thursday, August 10th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $68.06.

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) opened at $47.15 on Wednesday. Lumentum Holdings Inc. has a one year low of $34.15 and a one year high of $68.63. The stock has a market capitalization of $2,923.30, a P/E ratio of 32.97, a price-to-earnings-growth ratio of 0.86 and a beta of 0.83. The company has a current ratio of 5.21, a quick ratio of 4.38 and a debt-to-equity ratio of 0.50.

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About Lumentum

Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).

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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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