Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lowered its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 39.8% during the fourth quarter, Holdings Channel reports. The firm owned 11,171 shares of the technology company’s stock after selling 7,372 shares during the period. PNC Financial Services Group Inc.’s holdings in Lumentum were worth $586,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in LITE. Kestra Advisory Services LLC raised its holdings in Lumentum by 8.7% during the third quarter. Kestra Advisory Services LLC now owns 5,030 shares of the technology company’s stock worth $227,000 after purchasing an additional 404 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in Lumentum during the third quarter worth approximately $386,000. Envestnet Asset Management Inc. raised its holdings in Lumentum by 52.7% during the third quarter. Envestnet Asset Management Inc. now owns 211,684 shares of the technology company’s stock worth $9,564,000 after purchasing an additional 73,047 shares in the last quarter. LPL Financial LLC increased its holdings in shares of Lumentum by 2.1% in the 3rd quarter. LPL Financial LLC now owns 122,935 shares of the technology company’s stock valued at $5,554,000 after acquiring an additional 2,511 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Lumentum by 9.9% in the 3rd quarter. Northern Trust Corp now owns 820,489 shares of the technology company’s stock valued at $37,070,000 after acquiring an additional 73,935 shares during the period. Institutional investors and hedge funds own 94.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on LITE shares. Raymond James lifted their target price on shares of Lumentum from $51.50 to $58.00 and gave the company an “outperform” rating in a report on Monday, April 1st. Stifel Nicolaus reaffirmed a “buy” rating and issued a $62.00 target price on shares of Lumentum in a report on Monday, April 1st. JPMorgan Chase & Co. cut their target price on shares of Lumentum from $62.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, April 11th. Needham & Company LLC cut their target price on shares of Lumentum from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, May 20th. Finally, StockNews.com raised shares of Lumentum to a “sell” rating in a report on Monday, May 6th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $52.25.

Lumentum Stock Performance

NASDAQ:LITE opened at $49.13 on Thursday. The firm has a market cap of $3.32 billion, a price-to-earnings ratio of -9.36 and a beta of 0.95. Lumentum Holdings Inc. has a 1-year low of $35.35 and a 1-year high of $60.99. The firm’s fifty day moving average price is $45.19 and its 200 day moving average price is $48.30. 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 (NASDAQ:LITE) last issued its earnings results on Monday, May 6th. The technology company reported ($0.18) EPS for the quarter, hitting the consensus estimate of ($0.18). The company had revenue of $366.50 million for the quarter, compared to analyst estimates of $366.53 million. Lumentum had a negative net margin of 24.91% and a negative return on equity of 1.72%. On average, sell-side analysts expect that Lumentum Holdings Inc. will post -0.64 EPS for the current 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.