Emerald Mutual Fund Advisers Trust grew its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 19.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 281,331 shares of the technology company's stock after buying an additional 45,606 shares during the period. Emerald Mutual Fund Advisers Trust owned 0.42% of Lumentum worth $17,831,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of LITE. State of Michigan Retirement System increased 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 in the last quarter. Janney Montgomery Scott LLC increased its position 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 valued at $691,000 after acquiring an additional 260 shares in the last quarter. BNP Paribas purchased a new position in Lumentum in the 1st quarter worth approximately $238,000. Texas Permanent School Fund Corp lifted its position in Lumentum by 0.9% in 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 acquiring an additional 496 shares in the last quarter. Finally, John G Ullman & Associates Inc. boosted its stake in Lumentum by 26.0% during the 1st quarter. John G Ullman & Associates Inc. now owns 73,973 shares of the technology company's stock valued at $3,503,000 after purchasing an additional 15,282 shares during the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ:LITE opened at $65.35 on Friday. The stock has a 50 day moving average of $61.75 and a 200 day moving average of $52.87. The company has a market cap of $4.48 billion, a PE ratio of -8.08, a price-to-earnings-growth ratio of 5.45 and a beta of 0.88. Lumentum Holdings Inc. has a 12-month low of $38.28 and a 12-month high of $71.07. The company has a current ratio of 5.90, a quick ratio of 4.43 and a debt-to-equity ratio of 2.61.
Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.03 by $0.03. The firm had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. 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 posted $0.12 earnings per share. As a group, equities research analysts expect that Lumentum Holdings Inc. will post 0.2 EPS for the current year.
Several equities research analysts recently commented on the company. Needham & Company LLC increased their price objective on Lumentum from $65.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, August 15th. Craig Hallum boosted their price objective on shares of Lumentum from $65.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, August 15th. Bank of America raised their target price on shares of Lumentum from $45.00 to $50.00 and gave the stock an "underperform" rating in a report on Thursday, August 15th. JPMorgan Chase & Co. lifted their target price on shares of Lumentum from $57.00 to $65.00 and gave the stock an "overweight" rating in a research report on Monday, August 12th. Finally, Barclays increased their price target on Lumentum from $38.00 to $40.00 and gave the company an "underweight" rating in a report on Thursday, August 15th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $60.77.
Get Our Latest Stock Analysis on LITE
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.
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