Shellback Capital LP Has $11.26 Million Stock Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Shellback Capital LP boosted its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 35.7% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 221,097 shares of the technology company’s stock after buying an additional 58,108 shares during the quarter. Shellback Capital LP’s holdings in Lumentum were worth $11,258,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Lumentum by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock worth $341,786,000 after purchasing an additional 22,088 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Lumentum by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock worth $86,760,000 after buying an additional 130,838 shares during the last quarter. Earnest Partners LLC grew its position in shares of Lumentum by 6.0% during the 1st quarter. Earnest Partners LLC now owns 1,690,117 shares of the technology company’s stock worth $80,027,000 after buying an additional 95,428 shares during the period. Swedbank AB bought a new stake in shares of Lumentum in the 1st quarter valued at about $71,025,000. Finally, Van Lanschot Kempen Investment Management N.V. raised its position in shares of Lumentum by 17.8% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock valued at $58,803,000 after acquiring an additional 174,828 shares during the period. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Price Performance

Shares of LITE opened at $64.74 on Friday. The company has a quick ratio of 4.43, a current ratio of 5.90 and a debt-to-equity ratio of 2.61. Lumentum Holdings Inc. has a twelve month low of $35.35 and a twelve month high of $65.24. The stock has a market capitalization of $4.38 billion, a P/E ratio of -12.33, a P/E/G ratio of 4.83 and a beta of 0.88. The company has a 50 day moving average of $53.28 and a 200-day moving average of $49.42.

Lumentum (NASDAQ:LITE) last released its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $301.36 million. During the same quarter last year, the firm earned $0.12 earnings per share. The firm’s revenue for the quarter was down 16.9% compared to the same quarter last year. As a group, equities research analysts forecast that Lumentum Holdings Inc. will post 0.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on LITE shares. Craig Hallum upped 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. Rosenblatt Securities raised their price objective on Lumentum from $65.00 to $69.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Bank of America lifted their target price on Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Thursday, August 15th. Barclays increased their price target on Lumentum from $38.00 to $40.00 and gave the stock an “underweight” rating in a report on Thursday, August 15th. Finally, Jefferies Financial Group lifted their price objective on Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Lumentum has an average rating of “Hold” and an average target price of $59.08.

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.