American International Group Inc. Has $4.74 Million Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

American International Group Inc. cut its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 6.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 90,500 shares of the technology company’s stock after selling 6,288 shares during the quarter. American International Group Inc. owned about 0.13% of Lumentum worth $4,744,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Earnest Partners LLC lifted its stake in shares of Lumentum by 26.2% in the third quarter. Earnest Partners LLC now owns 1,624,514 shares of the technology company’s stock worth $73,396,000 after buying an additional 337,096 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Lumentum by 3.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,491,502 shares of the technology company’s stock worth $78,187,000 after buying an additional 44,291 shares during the last quarter. Norges Bank acquired a new stake in shares of Lumentum in the fourth quarter worth $53,785,000. Northern Trust Corp lifted its stake in shares of Lumentum by 9.9% in the third quarter. Northern Trust Corp now owns 820,489 shares of the technology company’s stock worth $37,070,000 after buying an additional 73,935 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Lumentum by 5.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 628,106 shares of the technology company’s stock worth $32,925,000 after buying an additional 34,266 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Trading Up 1.6 %

Shares of Lumentum stock opened at $48.66 on Friday. The company’s fifty day moving average price is $44.82 and its two-hundred day moving average price is $48.18. The company has a debt-to-equity ratio of 2.13, a current ratio of 5.20 and a quick ratio of 3.87. Lumentum Holdings Inc. has a 52-week low of $35.35 and a 52-week high of $60.99. The firm has a market capitalization of $3.29 billion, a PE ratio of -9.27 and a beta of 0.95.

Lumentum (NASDAQ:LITE) last posted its earnings results on Monday, May 6th. The technology company reported ($0.18) earnings per share for the quarter, hitting the consensus estimate of ($0.18). Lumentum had a negative net margin of 24.91% and a negative return on equity of 1.72%. The business had revenue of $366.50 million for the quarter, compared to analyst estimates of $366.53 million. On average, analysts expect that Lumentum Holdings Inc. will post -0.64 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Stifel Nicolaus restated a “buy” rating and issued a $62.00 price objective on shares of Lumentum in a research note on Monday, April 1st. Barclays cut their target price on shares of Lumentum from $40.00 to $38.00 and set an “underweight” rating for the company in a research note on Tuesday, May 7th. Raymond James upped their target price on shares of Lumentum from $51.50 to $58.00 and gave the company an “outperform” rating in a research note on Monday, April 1st. B. Riley cut their target price on shares of Lumentum from $41.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, May 7th. Finally, StockNews.com upgraded shares of Lumentum to a “sell” rating in a research note on Monday, May 6th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $52.25.

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.