West Tower Group LLC Invests $444,000 in Lumentum Holdings Inc. (NASDAQ:LITE)

West Tower Group LLC bought a new stake in Lumentum Holdings Inc. (NASDAQ:LITE) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 7,000 shares of the technology company’s stock, valued at approximately $444,000. Lumentum makes up approximately 0.9% of West Tower Group LLC’s holdings, making the stock its 28th biggest holding.

A number of other institutional investors have also made changes to their positions in LITE. Charles Schwab Investment Management Inc. raised its position in Lumentum by 5.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company’s stock worth $46,784,000 after purchasing an additional 37,109 shares during the last quarter. John G Ullman & Associates Inc. increased its stake in shares of Lumentum by 1.7% in the 3rd quarter. John G Ullman & Associates Inc. now owns 87,670 shares of the technology company’s stock valued at $5,557,000 after buying an additional 1,432 shares during the period. King Luther Capital Management Corp increased its stake in shares of Lumentum by 6.2% in the 3rd quarter. King Luther Capital Management Corp now owns 82,331 shares of the technology company’s stock valued at $5,218,000 after buying an additional 4,809 shares during the period. Whalen Wealth Management Inc. lifted its stake in shares of Lumentum by 15.4% during the third quarter. Whalen Wealth Management Inc. now owns 10,962 shares of the technology company’s stock valued at $695,000 after acquiring an additional 1,462 shares during the period. Finally, Quest Partners LLC boosted its holdings in Lumentum by 776,400.0% in the third quarter. Quest Partners LLC now owns 7,765 shares of the technology company’s stock valued at $492,000 after acquiring an additional 7,764 shares during the last quarter. 94.05% of the stock is owned by institutional investors.

Lumentum Price Performance

NASDAQ LITE opened at $87.20 on Tuesday. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. Lumentum Holdings Inc. has a 52-week low of $38.28 and a 52-week high of $91.21. The business has a 50 day simple moving average of $70.04 and a 200 day simple moving average of $57.30. The stock has a market cap of $5.99 billion, a price-to-earnings ratio of -10.53 and a beta of 0.88.

Insider Transactions at Lumentum

In other news, Director Harold L. Covert sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the completion of the transaction, the director now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Penny Herscher sold 1,625 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $81.09, for a total transaction of $131,771.25. Following the completion of the sale, the director now directly owns 6,852 shares in the company, valued at approximately $555,628.68. This represents a 19.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,142 shares of company stock valued at $2,428,743 over the last quarter. Corporate insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on LITE shares. Northland Securities boosted their price objective on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Needham & Company LLC increased their price objective on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Susquehanna raised their price objective 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. Craig Hallum upped their target price on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Finally, JPMorgan Chase & Co. raised their price target on Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $74.85.

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. 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.