Point72 DIFC Ltd Acquires Shares of 698 Lumentum Holdings Inc. (NASDAQ:LITE)

Point72 DIFC Ltd bought a new position in Lumentum Holdings Inc. (NASDAQ:LITE) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 698 shares of the technology company’s stock, valued at approximately $36,000.

Several other large investors have also made changes to their positions in LITE. King Luther Capital Management Corp grew its stake in Lumentum by 2.7% during the second quarter. King Luther Capital Management Corp now owns 77,522 shares of the technology company’s stock worth $3,947,000 after buying an additional 2,052 shares during the last quarter. Granite Investment Partners LLC increased its holdings in Lumentum by 6.7% during the 2nd quarter. Granite Investment Partners LLC now owns 364,364 shares of the technology company’s stock valued at $18,553,000 after purchasing an additional 22,860 shares in the last quarter. Intech Investment Management LLC bought a new position in Lumentum in the 2nd quarter valued at $576,000. Hsbc Holdings PLC boosted its stake in Lumentum by 95.2% in the second quarter. Hsbc Holdings PLC now owns 9,055 shares of the technology company’s stock worth $456,000 after purchasing an additional 4,415 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC bought a new stake in shares of Lumentum during the second quarter worth $210,000. Institutional investors own 94.05% of the company’s stock.

Lumentum Stock Performance

Shares of NASDAQ:LITE opened at $64.53 on Monday. The company has a market capitalization of $4.36 billion, a price-to-earnings ratio of -12.29, a P/E/G ratio of 4.83 and a beta of 0.88. The firm’s 50 day simple moving average is $53.47 and its 200 day simple moving average is $49.58. The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43. Lumentum Holdings Inc. has a fifty-two week low of $35.35 and a fifty-two week high of $65.52.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. The company had revenue of $308.30 million for the quarter, compared to analysts’ expectations of $301.36 million. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The business’s quarterly revenue was down 16.9% compared to the same quarter last year. During the same period last year, the firm posted $0.12 earnings per share. As a group, sell-side analysts forecast that Lumentum Holdings Inc. will post 0.22 earnings per share for the current year.

Wall Street Analyst Weigh In

LITE has been the topic of a number of research analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Rosenblatt Securities raised their price target on shares of Lumentum from $65.00 to $69.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Needham & Company LLC upped their price objective on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. B. Riley lifted their target price on Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Finally, Bank of America upped their price target on Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a research note on Thursday, August 15th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $59.08.

About Lumentum

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.