Cambridge Investment Research Advisors Inc. grew its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 7.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,504 shares of the technology company’s stock after buying an additional 492 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Lumentum were worth $685,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in LITE. Alliancebernstein L.P. grew its stake in shares of Lumentum by 56.1% during the first quarter. Alliancebernstein L.P. now owns 2,951,315 shares of the technology company’s stock valued at $269,603,000 after buying an additional 1,060,975 shares during the last quarter. Norges Bank purchased a new stake in Lumentum during the fourth quarter worth $71,738,000. Robeco Schweiz AG lifted its holdings in Lumentum by 85.6% during the first quarter. Robeco Schweiz AG now owns 1,373,577 shares of the technology company’s stock worth $125,476,000 after buying an additional 633,577 shares during the period. Amundi Pioneer Asset Management Inc. lifted its holdings in Lumentum by 46.1% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 1,414,011 shares of the technology company’s stock worth $134,050,000 after buying an additional 446,222 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in Lumentum by 1,908.3% during the first quarter. Assenagon Asset Management S.A. now owns 271,697 shares of the technology company’s stock worth $24,820,000 after buying an additional 258,168 shares during the period. 89.90% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have weighed in on the company. Needham & Company LLC lowered their target price on Lumentum from $123.00 to $87.00 and set a “buy” rating for the company in a report on Thursday, May 13th. They noted that the move was a valuation call. The Goldman Sachs Group lowered Lumentum from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $104.00 to $86.00 in a report on Tuesday, June 1st. Rosenblatt Securities lowered their target price on Lumentum from $97.00 to $80.00 and set a “neutral” rating for the company in a report on Thursday, May 13th. JPMorgan Chase & Co. restated a “neutral” rating and set a $80.00 target price (down previously from $118.00) on shares of Lumentum in a report on Thursday, May 20th. Finally, MKM Partners decreased their price objective on Lumentum from $116.00 to $86.00 and set a “buy” rating for the company in a report on Thursday, May 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Lumentum presently has a consensus rating of “Buy” and an average price target of $94.65.
Lumentum (NASDAQ:LITE) last issued its earnings results on Wednesday, May 12th. The technology company reported $1.40 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.40. The company had revenue of $419.50 million during the quarter, compared to analyst estimates of $434.02 million. Lumentum had a return on equity of 21.50% and a net margin of 21.60%. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the business posted $1.26 EPS. Equities analysts predict that Lumentum Holdings Inc. will post 5.15 earnings per share for the current year.
In other Lumentum news, CFO Wajid Ali sold 6,481 shares of the stock in a transaction dated Friday, June 4th. The stock was sold at an average price of $82.50, for a total transaction of $534,682.50. Following the sale, the chief financial officer now directly owns 65,921 shares of the company’s stock, valued at approximately $5,438,482.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.32% of the stock is currently owned by company insiders.
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.
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