Hsbc Holdings PLC Acquires 48,419 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Posted by on Feb 26th, 2023

Hsbc Holdings PLC lifted its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE – Get Rating) by 341.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,600 shares of the technology company’s stock after purchasing an additional 48,419 shares during the period. Hsbc Holdings PLC owned about 0.09% of Lumentum worth $4,357,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Private Trust Co. NA raised its stake in shares of Lumentum by 187.7% during the 3rd quarter. Private Trust Co. NA now owns 397 shares of the technology company’s stock worth $27,000 after purchasing an additional 259 shares during the period. Assetmark Inc. bought a new stake in Lumentum in the 2nd quarter valued at about $30,000. Wipfli Financial Advisors LLC bought a new stake in Lumentum in the 3rd quarter valued at about $44,000. Householder Group Estate & Retirement Specialist LLC bought a new stake in Lumentum in the 3rd quarter valued at about $45,000. Finally, SeaCrest Wealth Management LLC bought a new stake in Lumentum in the 2nd quarter valued at about $46,000. 92.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Raymond James lowered their price objective on Lumentum from $85.00 to $84.00 and set an “outperform” rating on the stock in a research note on Friday, February 10th. Bank of America cut Lumentum from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $84.00 to $62.00 in a research note on Friday, November 11th. JPMorgan Chase & Co. lowered Lumentum from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $83.00 to $64.00 in a report on Tuesday, December 20th. Barclays reduced their target price on Lumentum from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, February 10th. Finally, UBS Group assumed coverage on Lumentum in a report on Tuesday, December 13th. They set a “neutral” rating and a $50.00 target price for the company. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $68.43.

Lumentum Stock Down 7.0 %

Shares of NASDAQ LITE opened at $53.83 on Friday. Lumentum Holdings Inc. has a 12 month low of $48.73 and a 12 month high of $105.05. The company has a current ratio of 3.06, a quick ratio of 2.61 and a debt-to-equity ratio of 1.23. The firm has a market capitalization of $3.69 billion, a price-to-earnings ratio of 145.49, a PEG ratio of 2.06 and a beta of 0.99. The business has a 50-day moving average of $56.70 and a 200-day moving average of $65.78.

Lumentum Profile

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Lumentum Holdings, Inc engages in the provision of optical and photonic products. It operates through the Optical Communications (OpComms) and Commercial Lasers segments. The OpComms segment includes a range of components, modules, and subsystems to support customers including carrier networks of access (local), metro (intracity), long-haul (city-to-city and worldwide), and submarine (undersea) applications.

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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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