Park Place Capital Corp Sells 549 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Park Place Capital Corp decreased its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 50.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 548 shares of the technology company’s stock after selling 549 shares during the period. Park Place Capital Corp’s holdings in Lumentum were worth $26,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Neo Ivy Capital Management bought a new position in Lumentum in the 3rd quarter worth about $32,000. Ramirez Asset Management Inc. bought a new position in Lumentum during the 3rd quarter valued at about $32,000. Principal Securities Inc. bought a new position in Lumentum during the 4th quarter valued at about $55,000. Whittier Trust Co. lifted its stake in Lumentum by 697.7% during the 4th quarter. Whittier Trust Co. now owns 1,715 shares of the technology company’s stock valued at $90,000 after acquiring an additional 1,500 shares during the period. Finally, Kestra Advisory Services LLC lifted its stake in Lumentum by 8.7% during the 3rd quarter. Kestra Advisory Services LLC now owns 5,030 shares of the technology company’s stock valued at $227,000 after acquiring an additional 404 shares during the period. Institutional investors own 94.05% of the company’s stock.

Lumentum Trading Up 4.9 %

Lumentum stock opened at $53.94 on Wednesday. The firm has a 50 day moving average of $45.95 and a 200 day moving average of $48.43. The firm has a market capitalization of $3.65 billion, a price-to-earnings ratio of -10.27 and a beta of 0.88. Lumentum Holdings Inc. has a 12-month low of $35.35 and a 12-month high of $60.99. The company has a current ratio of 5.20, a quick ratio of 3.87 and a debt-to-equity ratio of 2.13.

Lumentum (NASDAQ:LITE) last released its earnings results on Monday, May 6th. The technology company reported ($0.18) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.18). The company had revenue of $366.50 million during 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%. As a group, research analysts predict that Lumentum Holdings Inc. will post -0.64 earnings per share for the current year.

Wall Street Analysts Forecast Growth

LITE has been the topic of several research analyst reports. B. Riley lowered their target price on shares of Lumentum from $41.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 7th. Barclays lowered their target price on shares of Lumentum from $40.00 to $38.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 7th. JPMorgan Chase & Co. lowered their target price on shares of Lumentum from $62.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, April 11th. Stifel Nicolaus reiterated a “buy” rating and issued a $62.00 price objective on shares of Lumentum in a research note on Monday, April 1st. Finally, Needham & Company LLC lowered their price objective on shares of Lumentum from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, May 20th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $52.25.

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.