Versor Investments LP takes position in Lumentum Holdings Inc. (NASDAQ:LITE)

Versor Investments LP purchased a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE – Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 12,388 shares of the technology company’s stock, valued at approximately $631,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. CENTRAL TRUST Co grew its position in shares of Lumentum by 714.3% in the first quarter. CENTRAL TRUST Co now owns 1,140 shares of the technology company’s stock worth $54,000 after buying an additional 1,000 shares during the period. Principal Securities Inc. bought a new stake in Lumentum in the fourth quarter valued at about $55,000. Signaturefd LLC boosted its holdings in Lumentum by 93.9% in the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after purchasing an additional 554 shares during the period. EntryPoint Capital LLC bought a new position in Lumentum in the first quarter valued at about $112,000. Finally, nVerses Capital LLC boosted its holdings in shares of Lumentum by 416.7% in the second quarter. nVerses Capital LLC now owns 3,100 shares of the technology company’s stock valued at $158,000 after purchasing an additional 2,500 shares during the period. 94.05% of shares are currently owned by institutional investors.

Analyst upgrades and downgrades

LITE has been the subject of a number of research analyst reports. Barclays raised their price objective on shares of Lumentum from $38.00 to $40.00 and gave the stock an “underweight” rating in a report on Thursday, August 15th. Morgan Stanley raised their target price on Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. Craig Hallum boosted their price objective on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Jefferies Financial Group lifted their price target on Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Finally, Needham & Company LLC upped their target price on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. Lumentum has a consensus rating of “Hold” and a consensus price target of $59.08, according to MarketBeat.com.

Get the latest report on Lumentum

Lumentum stock down 8.0%

Shares of LITE stock opened at $53.01 on Wednesday. The firm has a market cap of $3.58 billion, a P/E ratio of -10.10, a price-to-earnings-growth ratio of 4.55 and a beta of 0.88. The company has a debt-to-equity ratio of 2.61, a quick ratio of 4.43, and a current ratio of 5.90. Lumentum Holdings Inc. it has a 52-week low of $35.35 and a 52-week high of $60.99. The company’s 50-day simple moving average is $52.49, and its 200-day simple moving average is $48.47.

Lumentum (NASDAQ:LITE – Get Your Free Report ) last posted its earnings results on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.03 by $0.03. The company had revenue of $308.30 million for the quarter, compared to the consensus estimate of $301.36 million. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The company’s revenue for the quarter was down 16.9% year-over-year. In the same quarter last year, the company earned $0.12 per share. On average, analysts estimate that Lumentum Holdings Inc. will post 0.22 earnings per share for the current year.

About Lumentum

(Free Report)

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, Asia-Pacific, Europe, the Middle East and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment provides components, modules and subsystems that enable the transmission and transport of video, audio and data over high capacity fiber optic cables.

See Also

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