Algert Global LLC Takes $346,000 Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Algert Global LLC bought a new position in Lumentum Holdings Inc. (NASDAQ:LITE) in the second quarter, Holdings Channel reports. The institutional investor bought 6,788 shares of the technology company’s stock, valued at approximately $346,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Lumentum by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock valued at $377,225,000 after purchasing an additional 442,177 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in Lumentum during the fourth quarter valued at about $612,000. Bridge City Capital LLC grew its stake in shares of Lumentum by 0.7% during the first quarter. Bridge City Capital LLC now owns 32,607 shares of the technology company’s stock valued at $1,544,000 after buying an additional 242 shares during the last quarter. Thompson Investment Management Inc. increased its holdings in shares of Lumentum by 139.1% in the first quarter. Thompson Investment Management Inc. now owns 71,429 shares of the technology company’s stock worth $3,382,000 after buying an additional 41,556 shares during the period. Finally, F&V Capital Management LLC lifted its stake in shares of Lumentum by 1.5% in the 1st quarter. F&V Capital Management LLC now owns 141,390 shares of the technology company’s stock valued at $6,695,000 after acquiring an additional 2,060 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Analysts Set New Price Targets

LITE has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their price target on Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Raymond James lifted their target price on shares of Lumentum from $55.00 to $70.00 and gave the stock an “outperform” rating in a research note on Friday, October 4th. Morgan Stanley increased their price target on shares of Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a research report on Thursday, August 15th. Jefferies Financial Group boosted their price objective on shares of Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Finally, Northland Securities increased their target price on shares of Lumentum from $40.00 to $45.00 and gave the stock a “market perform” rating in a report on Friday, August 16th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Lumentum presently has a consensus rating of “Hold” and a consensus target price of $60.00.

Lumentum Stock Up 0.7 %

LITE stock opened at $67.75 on Wednesday. The company has a market capitalization of $4.58 billion, a price-to-earnings ratio of -12.90, a price-to-earnings-growth ratio of 4.83 and a beta of 0.89. The company has a debt-to-equity ratio of 2.61, a quick ratio of 4.43 and a current ratio of 5.90. The business’s 50 day moving average price is $55.34 and its two-hundred day moving average price is $50.46. Lumentum Holdings Inc. has a fifty-two week low of $35.35 and a fifty-two week high of $68.81.

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