The first quarter of 2023 has proven to be a time of growth and prosperity for 180 Wealth Advisors LLC, as the firm recently reported that it has increased its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by a staggering 128.4%. The company’s holdings in Lumentum reached $593,000 after acquiring an additional 5,564 shares during the quarter, according to its most recent Form 13F filing with the SEC.
This news is significant for both companies and investors alike. For Lumentum, it represents continued interest from one of its major shareholders, demonstrating confidence in the technology company’s future prospects. As we previously reported on February 9th, Lumentum had just announced impressive earnings results for their last fiscal year with earnings per share surpassing expectations due in part to strong revenue growth.
For investors interested in hedge funds like 180 Wealth Advisors LLC or equity investments specifically within LITE these results also come as welcoming news. As we see this continued interest from one of their primary holders suggesting positive anticipation for future performance.
Investors can continue to keep track of progress and activity surrounding Lumen through HoldingsChannel.com. This resource provides regular updates regarding insider trades and filings for Lumentum Holdings Inc., while keeping you abreast on news impacting other hedge funds as well. Given current trends and interests being posed around the tech industry at large – analyzing how niche players such as LITE fitting into much larger narratives will be essential moving forward–especially knowing what their primary investors are up to!
Institutional Investors and Hedge Funds Increase Holdings in Lumentum Holdings Inc.
Institutional investors and hedge funds have been modifying their holdings of Lumentum Holdings Inc. (NASDAQ:LITE) in recent months, according to the latest 13F filings and insider trades on HoldingsChannel.com. Tompkins Financial Corp acquired a new position in Lumentum in Q4 2022 for approximately $26,000. Private Trust Co. NA increased its position in Lumentum by 187.7% during the third quarter last year, while Westside Investment Management Inc. increased its position by 246.9% during Q4. Assetmark Inc. also raised its position in Lumentum by 35.7% during the third quarter of last year, while Signaturefd LLC increased its position by 187.3% during Q4.
In total, institutional investors and hedge funds own 92.46% of the company’s stock.
Shares of LITE opened at $46.49 on Wednesday with a market cap of $3.18 billion and a P/E ratio of 125.65, indicating that it is currently oversold.
Lumentum provides optical and photonic products to support customers including carrier networks for access; metro; long-haul; and submarine applications in the Optical Communications (OpComms) segment and commercial lasers segments.
Several research firms have recently provided coverage on LITE with StockNews.com issuing a “hold” rating on March 16th after beginning coverage on Lumentum; JPMorgan Chase & Co upgrading from a “neutral” rating to an “overweight” rating with an upped target price for the company from $54 to $60 according to reports earlier this week; Barclays decreased their target price for LITE from $65 to $55 but set an “overweight” rating on the stock earlier this month while Raymond James decreased their target price from $84 to $73 on April 6th, setting an “outperform” rating on the stock.
Overall, eight research analysts have issued a hold rating and six assigned a buy rating for LITE, with Bloomberg reporting a consensus price target of $59.93 for Lumentum Holdings Inc.
