Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by State of Alaska Department of Revenue

Posted by on Oct 22nd, 2023

State of Alaska Department of Revenue decreased its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE – Free Report) by 9.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,518 shares of the technology company’s stock after selling 920 shares during the period. State of Alaska Department of Revenue’s holdings in Lumentum were worth $483,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in LITE. BOKF NA acquired a new stake in shares of Lumentum during the first quarter worth about $56,000. Bartlett & Co. LLC acquired a new stake in shares of Lumentum during the second quarter worth about $70,000. Itau Unibanco Holding S.A. acquired a new stake in shares of Lumentum during the first quarter worth about $78,000. Money Concepts Capital Corp boosted its stake in shares of Lumentum by 2,189.6% during the fourth quarter. Money Concepts Capital Corp now owns 1,763 shares of the technology company’s stock worth $92,000 after buying an additional 1,686 shares during the period. Finally, Ellevest Inc. boosted its stake in shares of Lumentum by 150.8% during the first quarter. Ellevest Inc. now owns 1,823 shares of the technology company’s stock worth $98,000 after buying an additional 1,096 shares during the period. Institutional investors and hedge funds own 94.05% of the company’s stock.

Lumentum Stock Performance

NASDAQ:LITE opened at $38.64 on Friday. Lumentum Holdings Inc. has a 1-year low of $38.60 and a 1-year high of $75.56. The firm has a 50 day simple moving average of $47.05 and a 200-day simple moving average of $49.57. The firm has a market cap of $2.59 billion, a PE ratio of -20.12, a P/E/G ratio of 23.51 and a beta of 1.08. The company has a debt-to-equity ratio of 1.84, a current ratio of 4.38 and a quick ratio of 3.74.

Lumentum (NASDAQ:LITE – Get Free Report) last issued its quarterly earnings results on Thursday, August 17th. The technology company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.02). The business had revenue of $370.80 million for the quarter, compared to analysts’ expectations of $368.16 million. Lumentum had a positive return on equity of 12.44% and a negative net margin of 7.45%. On average, equities analysts expect that Lumentum Holdings Inc. will post 0.3 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. B. Riley reduced their price objective on shares of Lumentum from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Friday, August 18th. Susquehanna raised their price objective on shares of Lumentum from $55.00 to $60.00 and gave the company a “positive” rating in a research report on Tuesday, July 25th. StockNews.com downgraded shares of Lumentum from a “hold” rating to a “sell” rating in a research report on Saturday. Stifel Nicolaus reduced their price objective on shares of Lumentum from $62.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, August 18th. Finally, Barclays downgraded shares of Lumentum from an “equal weight” rating to an “underweight” rating and raised their price objective for the company from $40.00 to $42.00 in a research report on Wednesday, July 5th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $54.57.

Check Out Our Latest Stock Report on LITE

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 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.

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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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