Keybank National Association OH acquired a new position in Lumentum Holdings Inc. (NASDAQ:LITE – Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,589 shares of the technology company’s stock, valued at approximately $204,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. BOKF NA purchased a new position in shares of Lumentum in the 1st quarter worth about $56,000. Bartlett & Co. LLC bought a new position in Lumentum during the 2nd quarter worth approximately $70,000. Itau Unibanco Holding S.A. bought a new position in Lumentum during the 1st quarter worth approximately $78,000. Captrust Financial Advisors grew its position in Lumentum by 39.2% during the 1st quarter. Captrust Financial Advisors now owns 1,574 shares of the technology company’s stock worth $154,000 after acquiring an additional 443 shares during the last quarter. Finally, Money Concepts Capital Corp grew its position in Lumentum by 2,189.6% during the 4th quarter. Money Concepts Capital Corp now owns 1,763 shares of the technology company’s stock worth $92,000 after acquiring an additional 1,686 shares during the last quarter. 94.05% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several research firms recently issued reports on LITE. Craig Hallum raised their price target on Lumentum from $50.00 to $53.00 and gave the stock a “hold” rating in a research report on Friday, August 18th. StockNews.com lowered Lumentum from a “hold” rating to a “sell” rating in a research report on Saturday, October 21st. Barclays lowered Lumentum from an “equal weight” rating to an “underweight” rating and raised their price target for the stock from $40.00 to $42.00 in a research report on Wednesday, July 5th. Stifel Nicolaus dropped their price objective on Lumentum from $62.00 to $55.00 and set a “buy” rating for the company in a report on Friday, August 18th. Finally, Rosenblatt Securities upgraded Lumentum from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $67.00 to $62.00 in a report on Friday, August 18th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $52.57.
Lumentum Trading Down 0.1 %
LITE opened at $36.07 on Monday. The stock has a market cap of $2.42 billion, a PE ratio of -18.79, a PEG ratio of 21.55 and a beta of 1.08. The company has a quick ratio of 3.74, a current ratio of 4.38 and a debt-to-equity ratio of 1.84. The business has a 50 day moving average of $45.89 and a 200-day moving average of $49.23. Lumentum Holdings Inc. has a 52 week low of $35.35 and a 52 week high of $75.56.
Lumentum (NASDAQ:LITE – Get Free Report) last released its earnings results on Thursday, August 17th. The technology company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.02). The firm had revenue of $370.80 million during the quarter, compared to analysts’ expectations of $368.16 million. Lumentum had a negative net margin of 7.45% and a positive return on equity of 12.44%. Equities research analysts predict that Lumentum Holdings Inc. will post 0.3 earnings per share for the current fiscal year.
Lumentum 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 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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