Amalgamated Bank Reduces Stock Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Posted by on Jul 29th, 2023

Amalgamated Bank decreased its holdings in Lumentum Holdings Inc. (NASDAQ:LITE – Free Report) by 19.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,034 shares of the technology company’s stock after selling 11,703 shares during the quarter. Amalgamated Bank owned approximately 0.07% of Lumentum worth $2,540,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LITE. Westside Investment Management Inc. grew its holdings in Lumentum by 246.9% in the 4th quarter. Westside Investment Management Inc. now owns 562 shares of the technology company’s stock valued at $29,000 after buying an additional 400 shares during the period. Gibson Wealth Advisors LLC grew its holdings in Lumentum by 6,200.0% in the 4th quarter. Gibson Wealth Advisors LLC now owns 504 shares of the technology company’s stock valued at $31,000 after buying an additional 496 shares during the period. Assetmark Inc. grew its holdings in Lumentum by 35.3% in the 4th quarter. Assetmark Inc. now owns 694 shares of the technology company’s stock valued at $36,000 after buying an additional 181 shares during the period. Signaturefd LLC lifted its stake in shares of Lumentum by 187.3% in the 4th quarter. Signaturefd LLC now owns 793 shares of the technology company’s stock valued at $41,000 after purchasing an additional 517 shares in the last quarter. Finally, Quadrant Capital Group LLC lifted its stake in shares of Lumentum by 24.1% in the 4th quarter. Quadrant Capital Group LLC now owns 901 shares of the technology company’s stock valued at $47,000 after purchasing an additional 175 shares in the last quarter. Hedge funds and other institutional investors own 93.56% of the company’s stock.

Lumentum Price Performance

Shares of NASDAQ LITE opened at $52.36 on Friday. Lumentum Holdings Inc. has a twelve month low of $42.00 and a twelve month high of $96.46. The company has a current ratio of 3.20, a quick ratio of 2.67 and a debt-to-equity ratio of 1.24. The company has a market capitalization of $3.60 billion, a price-to-earnings ratio of -95.20, a price-to-earnings-growth ratio of 4.72 and a beta of 1.08. The business has a 50 day simple moving average of $53.70 and a 200-day simple moving average of $53.01.

Lumentum (NASDAQ:LITE – Get Free Report) last issued its quarterly earnings results on Tuesday, May 9th. The technology company reported $0.36 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.36. The business had revenue of $383.40 million during the quarter, compared to the consensus estimate of $393.08 million. Lumentum had a positive return on equity of 16.02% and a negative net margin of 2.02%. As a group, equities research analysts expect that Lumentum Holdings Inc. will post 2.76 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Wajid Ali sold 6,872 shares of the company’s stock in a transaction on Tuesday, June 20th. The stock was sold at an average price of $60.50, for a total transaction of $415,756.00. Following the completion of the transaction, the chief financial officer now directly owns 35,629 shares in the company, valued at approximately $2,155,554.50. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on LITE. Loop Capital reduced their price objective on Lumentum from $78.00 to $55.00 in a research note on Wednesday, May 10th. StockNews.com raised Lumentum from a “sell” rating to a “hold” rating in a research report on Friday, June 9th. Northland Securities reduced their price target on Lumentum from $57.00 to $40.00 in a research report on Tuesday, April 18th. Stifel Nicolaus reduced their price target on Lumentum from $67.00 to $62.00 in a research report on Wednesday, May 10th. Finally, Craig Hallum lowered Lumentum from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a research report on Thursday, April 6th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, Lumentum currently has a consensus rating of “Hold” and a consensus price target of $57.33.

About Lumentum

(Free Report)

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 in 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.It offers tunable transponders, transceivers, and transmitter modules; tunable lasers, receivers, and modulators; transport products, such as reconfigurable optical add/drop multiplexers, amplifiers, and optical channel monitors, as well as components, including 980nm, multi-mode, and Raman pumps; and switches, attenuators, photodetectors, gain flattening filters, isolators, wavelength-division multiplexing filters, arrayed waveguide gratings, multiplex/de-multiplexers, and integrated passive modules.

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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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