Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC cut its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 17.1% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 5,656 shares of the technology company’s stock after selling 1,167 shares during the period. Commonwealth Equity Services LLC’s holdings in Lumentum were worth $288,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Bridge City Capital LLC boosted its holdings in shares of Lumentum by 0.7% in the 1st 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 period. Janney Montgomery Scott LLC boosted its stake in Lumentum by 1.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock valued at $691,000 after purchasing an additional 260 shares during the period. Mcdonald Partners LLC boosted its stake in Lumentum by 1.6% during the 2nd quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company’s stock valued at $1,010,000 after purchasing an additional 318 shares during the period. Texas Permanent School Fund Corp boosted its stake in Lumentum by 0.9% during the 1st quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company’s stock valued at $2,759,000 after purchasing an additional 496 shares during the period. Finally, State of Michigan Retirement System boosted its stake in Lumentum by 3.1% during the 1st quarter. State of Michigan Retirement System now owns 16,528 shares of the technology company’s stock valued at $783,000 after purchasing an additional 500 shares during the period. 94.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on LITE. Jefferies Financial Group boosted their target price on shares of Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Morgan Stanley boosted their target price 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. B. Riley boosted their target price on shares of Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Bank of America boosted their target price on shares of Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a research note on Thursday, August 15th. Finally, Craig Hallum boosted their target price on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $59.08.

Lumentum Stock Down 0.7 %

NASDAQ LITE opened at $60.79 on Wednesday. Lumentum Holdings Inc. has a 12 month low of $35.35 and a 12 month high of $62.21. The company has a market capitalization of $4.11 billion, a P/E ratio of -11.58, a PEG ratio of 4.26 and a beta of 0.88. The company’s 50 day simple moving average is $53.02 and its 200 day simple moving average is $49.23. The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43.

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