Global Retirement Partners LLC trimmed its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE – Free Report) by 23.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,554 shares of the technology company’s stock after selling 467 shares during the quarter. Global Retirement Partners LLC’s holdings in Lumentum were worth $75,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Gibson Wealth Advisors LLC increased its position in Lumentum by 6,200.0% during the fourth quarter. Gibson Wealth Advisors LLC now owns 504 shares of the technology company’s stock worth $31,000 after buying an additional 496 shares during the last quarter. Assetmark Inc. increased its position in Lumentum by 35.3% during the fourth quarter. Assetmark Inc. now owns 694 shares of the technology company’s stock worth $36,000 after buying an additional 181 shares during the last quarter. Signaturefd LLC grew its holdings in Lumentum by 187.3% during the fourth quarter. Signaturefd LLC now owns 793 shares of the technology company’s stock valued at $41,000 after purchasing an additional 517 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in Lumentum by 24.1% during the fourth 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 during the last quarter. Finally, CWM LLC grew its holdings in Lumentum by 144.3% during the fourth quarter. CWM LLC now owns 1,080 shares of the technology company’s stock valued at $56,000 after purchasing an additional 638 shares during the last quarter. 93.56% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on LITE shares. Northland Securities lowered their price target on Lumentum from $57.00 to $40.00 in a report on Tuesday, April 18th. Barclays downgraded Lumentum from an “equal weight” rating to an “underweight” rating and raised their price target for the company from $40.00 to $42.00 in a research report on Wednesday, July 5th. JPMorgan Chase & Co. upgraded shares of Lumentum from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $54.00 to $60.00 in a research note on Monday, April 17th. Loop Capital lowered their price objective on shares of Lumentum from $78.00 to $55.00 in a research note on Wednesday, May 10th. Finally, StockNews.com upgraded shares of Lumentum from a “sell” rating to a “hold” rating in a research note on Friday, June 9th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $57.33.
Lumentum Stock Down 0.8 %
NASDAQ LITE opened at $49.53 on Monday. 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 stock’s 50 day moving average is $53.76 and its two-hundred day moving average is $52.45. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of -90.05, a PEG ratio of 4.43 and a beta of 1.09. Lumentum Holdings Inc. has a 1-year low of $42.00 and a 1-year high of $96.46.
Insider Activity
In other news, CFO Wajid Ali sold 6,872 shares of the business’s stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $60.50, for a total value of $415,756.00. Following the sale, the chief financial officer now owns 35,629 shares in the company, valued at approximately $2,155,554.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is owned by corporate insiders.
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 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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