Piedmont Investment Advisors Inc. purchased a new stake in Lumentum Holdings Inc (NASDAQ:LITE) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 4,337 shares of the technology company’s stock, valued at approximately $245,000.
Several other large investors also recently added to or reduced their stakes in the stock. IFP Advisors Inc boosted its position in Lumentum by 121.7% during the 4th quarter. IFP Advisors Inc now owns 949 shares of the technology company’s stock worth $39,000 after acquiring an additional 521 shares during the period. Smith Graham & Co. Investment Advisors LP boosted its position in Lumentum by 10.2% during the 1st quarter. Smith Graham & Co. Investment Advisors LP now owns 135,920 shares of the technology company’s stock worth $7,685,000 after acquiring an additional 12,550 shares during the period. Amalgamated Bank boosted its position in Lumentum by 164.7% during the 4th quarter. Amalgamated Bank now owns 11,386 shares of the technology company’s stock worth $478,000 after acquiring an additional 7,085 shares during the period. Rhumbline Advisers boosted its position in Lumentum by 93.0% during the 4th quarter. Rhumbline Advisers now owns 227,995 shares of the technology company’s stock worth $9,578,000 after acquiring an additional 109,883 shares during the period. Finally, New York State Teachers Retirement System boosted its position in Lumentum by 10.6% during the 4th quarter. New York State Teachers Retirement System now owns 98,838 shares of the technology company’s stock worth $4,152,000 after acquiring an additional 9,503 shares during the period. Institutional investors and hedge funds own 95.29% of the company’s stock.
A number of equities research analysts have commented on the company. Zacks Investment Research upgraded Lumentum from a “sell” rating to a “hold” rating in a research report on Saturday, June 8th. TheStreet downgraded Lumentum from a “b-” rating to a “c+” rating in a research note on Monday, May 13th. ValuEngine downgraded Lumentum from a “hold” rating to a “sell” rating in a research note on Saturday, May 18th. Jefferies Financial Group cut their price target on Lumentum from $75.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, May 21st. Finally, BidaskClub downgraded Lumentum from a “strong-buy” rating to a “buy” rating in a research note on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $66.39.
Shares of NASDAQ:LITE traded up $0.98 during trading on Friday, hitting $53.41. 1,774,056 shares of the stock were exchanged, compared to its average volume of 1,646,499. Lumentum Holdings Inc has a 1-year low of $37.00 and a 1-year high of $69.95. The stock has a market capitalization of $4.08 billion, a P/E ratio of 16.48, a price-to-earnings-growth ratio of 1.15 and a beta of 1.13. The company has a fifty day moving average price of $47.75. The company has a quick ratio of 3.20, a current ratio of 3.96 and a debt-to-equity ratio of 0.55.
Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.91 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.22. Lumentum had a return on equity of 19.94% and a net margin of 1.57%. The business had revenue of $433.00 million for the quarter, compared to the consensus estimate of $428.33 million. During the same quarter in the prior year, the business posted $0.78 earnings per share. The firm’s quarterly revenue was up 44.8% compared to the same quarter last year. As a group, analysts forecast that Lumentum Holdings Inc will post 3.15 earnings per share for the current year.
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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.
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