GAMMA Investing LLC Buys 524 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

GAMMA Investing LLC grew its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 141.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 894 shares of the technology company’s stock after acquiring an additional 524 shares during the period. GAMMA Investing LLC’s holdings in Lumentum were worth $57,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Bridge City Capital LLC raised its stake in shares of Lumentum by 0.7% during the first quarter. Bridge City Capital LLC now owns 32,607 shares of the technology company’s stock worth $1,544,000 after buying an additional 242 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in shares of Lumentum by 1.8% during the first quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock worth $691,000 after buying an additional 260 shares during the last quarter. Mcdonald Partners LLC raised its stake in shares of Lumentum by 1.6% during the second quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company’s stock worth $1,010,000 after buying an additional 318 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Lumentum by 2.5% during the second quarter. Arizona State Retirement System now owns 18,868 shares of the technology company’s stock worth $961,000 after buying an additional 455 shares during the last quarter. Finally, Texas Permanent School Fund Corp raised its stake in shares of Lumentum by 0.9% during the first quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company’s stock worth $2,759,000 after buying an additional 496 shares during the last quarter. 94.05% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Raymond James boosted their price target on shares of Lumentum from $55.00 to $70.00 and gave the stock an “outperform” rating in a research note on Friday, October 4th. JPMorgan Chase & Co. boosted their price target on shares of Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Rosenblatt Securities upped their target price on shares of Lumentum from $65.00 to $69.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Needham & Company LLC 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. Finally, B. Riley upped 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. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $60.00.

Lumentum Stock Up 3.3 %

Lumentum stock opened at $68.78 on Thursday. The stock has a market capitalization of $4.65 billion, a PE ratio of -13.10, a price-to-earnings-growth ratio of 5.78 and a beta of 0.89. Lumentum Holdings Inc. has a twelve month low of $35.35 and a twelve month high of $70.09. The company has a quick ratio of 4.43, a current ratio of 5.90 and a debt-to-equity ratio of 2.61. The company has a 50 day moving average of $58.14 and a 200-day moving average of $51.26.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.03. The company had revenue of $308.30 million during the quarter, compared to analysts’ expectations of $301.36 million. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The business’s quarterly revenue was down 16.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.12 earnings per share. On average, equities research analysts anticipate that Lumentum Holdings Inc. will post 0.2 EPS for the current fiscal year.

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.