Raymond James & Associates Has $3.77 Million Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Posted by Defense World Staff on Oct 26th, 2023

Raymond James & Associates reduced its stake in Lumentum Holdings Inc. (NASDAQ:LITE – Free Report) by 14.9% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 66,495 shares of the technology company’s stock after selling 11,646 shares during the quarter. Raymond James & Associates owned approximately 0.10% of Lumentum worth $3,772,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Lumentum by 5.5% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 5,063 shares of the technology company’s stock valued at $273,000 after purchasing an additional 265 shares during the period. First Manhattan CO. LLC. increased its position in shares of Lumentum by 3.4% during the first quarter. First Manhattan CO. LLC. now owns 9,020 shares of the technology company’s stock valued at $487,000 after purchasing an additional 300 shares during the period. Prudential Financial Inc. increased its position in shares of Lumentum by 3.3% during the first quarter. Prudential Financial Inc. now owns 9,561 shares of the technology company’s stock valued at $516,000 after purchasing an additional 306 shares during the period. Public Employees Retirement System of Ohio increased its position in shares of Lumentum by 0.9% during the third quarter. Public Employees Retirement System of Ohio now owns 35,911 shares of the technology company’s stock valued at $2,462,000 after purchasing an additional 323 shares during the period. Finally, Toroso Investments LLC grew its position in Lumentum by 14.7% in the first quarter. Toroso Investments LLC now owns 2,623 shares of the technology company’s stock valued at $256,000 after acquiring an additional 336 shares during the period. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Trading Down 4.2 %

Shares of LITE opened at $36.93 on Thursday. The company has a quick ratio of 3.74, a current ratio of 4.38 and a debt-to-equity ratio of 1.84. Lumentum Holdings Inc. has a 12-month low of $36.72 and a 12-month high of $75.56. The firm has a market capitalization of $2.47 billion, a PE ratio of -19.23, a price-to-earnings-growth ratio of 22.48 and a beta of 1.08. The stock’s fifty day simple moving average is $46.33 and its 200-day simple moving average is $49.36.

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 (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.02). Lumentum had a negative net margin of 7.45% and a positive return on equity of 12.44%. The firm had revenue of $370.80 million for the quarter, compared to analyst estimates of $368.16 million. As a group, research analysts predict that Lumentum Holdings Inc. will post 0.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on LITE. Bank of America lowered their price target on Lumentum from $50.00 to $45.00 and set an “underperform” rating on the stock in a research report on Tuesday, October 10th. Susquehanna lowered their price target on Lumentum from $55.00 to $45.00 and set a “positive” rating on the stock in a research report on Tuesday. Barclays cut Lumentum from an “equal weight” rating to an “underweight” rating and upped their price target for the company from $40.00 to $42.00 in a research report on Wednesday, July 5th. Needham & Company LLC reiterated a “buy” rating and issued a $59.00 price target on shares of Lumentum in a research report on Friday, August 18th. Finally, Rosenblatt Securities upgraded Lumentum from a “neutral” rating to a “buy” rating and lowered their price target for the company from $67.00 to $62.00 in a research report on Friday, August 18th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $53.57.

Check Out Our Latest Analysis 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.