Central Pacific Bank Trust Division Purchases 7,479 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Central Pacific Bank Trust Division boosted its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 6,232.5% in the 3rd quarter, Holdings Channel reports. The firm owned 7,599 shares of the technology company’s stock after buying an additional 7,479 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Lumentum were worth $482,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Lumentum by 0.3% in the first quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock worth $341,786,000 after purchasing an additional 22,088 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Lumentum by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock worth $86,760,000 after purchasing an additional 130,838 shares during the last quarter. Earnest Partners LLC lifted its stake in Lumentum by 6.0% in the first quarter. Earnest Partners LLC now owns 1,690,117 shares of the technology company’s stock worth $80,027,000 after purchasing an additional 95,428 shares during the last quarter. Swedbank AB bought a new stake in Lumentum in the first quarter worth about $71,025,000. Finally, Van Lanschot Kempen Investment Management N.V. lifted its stake in Lumentum by 17.8% in the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock worth $58,803,000 after purchasing an additional 174,828 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Morgan Stanley lifted their price target on shares of Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. lifted their price target on shares of Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Barclays lifted their price target on shares of Lumentum from $38.00 to $40.00 and gave the company an “underweight” rating in a research note on Thursday, August 15th. Northland Securities lifted their price target on shares of Lumentum from $40.00 to $45.00 and gave the company a “market perform” rating in a research note on Friday, August 16th. Finally, Susquehanna lifted their price target on shares of Lumentum from $60.00 to $70.00 and gave the company a “positive” rating in a research note on Wednesday, July 17th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Lumentum has a consensus rating of “Hold” and an average target price of $59.08.

Lumentum Price Performance

NASDAQ LITE opened at $66.16 on Friday. The firm’s fifty day simple moving average is $54.01 and its two-hundred day simple moving average is $49.92. The company has a current ratio of 5.90, a quick ratio of 4.43 and a debt-to-equity ratio of 2.61. Lumentum Holdings Inc. has a 12-month low of $35.35 and a 12-month high of $66.22. The firm has a market capitalization of $4.47 billion, a P/E ratio of -12.60, a P/E/G ratio of 4.83 and a beta of 0.88.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.03. The business had revenue of $308.30 million for the quarter, compared to analyst estimates 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 revenue for the quarter was down 16.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.12 earnings per share. Analysts forecast that Lumentum Holdings Inc. will post 0.22 EPS for the current fiscal year.

Lumentum Company 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.