Rhumbline Advisers sells 2,958 shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Rhumbline Advisers reduced its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE – Free Report) by 1.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 191,680 shares of the technology company’s stock after selling 2,958 shares during the period. Rhumbline Advisers owned approximately 0.28% of Lumentum worth $9,760,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. CENTRAL TRUST Co boosted its holdings in shares of Lumentum by 714.3% in the 1st quarter. CENTRAL TRUST Co now owns 1,140 shares of the technology company’s stock worth $54,000 after purchasing an additional 1,000 shares during the period. Principal Securities Inc. purchased a new stake in shares of Lumentum in the 4th quarter valued at about $55,000. Signaturefd LLC raised its position in Lumentum by 93.9% in the second quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock valued at $58,000 after buying an additional 554 shares during the last quarter. EntryPoint Capital LLC purchased a new position in Lumentum in the first quarter worth $112,000. Finally, nVerses Capital LLC boosted its holdings in shares of Lumentum by 416.7% in the 2nd quarter. nVerses Capital LLC now owns 3,100 shares of the technology company’s stock worth $158,000 after buying an additional 2,500 shares in the last quarter. 94.05% of the shares are currently held by hedge funds and other institutional investors.

Analysts on Wall Street are forecasting an increase

LITE has been the subject of several recent research reports. JPMorgan Chase & Co. boosted their price objective on shares of Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Susquehanna upped their target price on shares of Lumentum from $60.00 to $70.00 and gave the stock a “positive” rating in a report on Wednesday, July 17th. Morgan Stanley upped their target price on Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Jefferies Financial Group raised their price objective on Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Finally, Barclays raised their target price on Lumentum from $38.00 to $40.00 and gave the stock an “underweight” rating in a research note on Thursday, August 15th. Three equities 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. Lumentum has a consensus rating of “Hold” and an average price target of $59.08, based on data from MarketBeat.

Check out the latest stock analysis on Lumentum

Lumentum Price Performance

Shares of NASDAQ LITE opened at $53.95 on Thursday. The firm has a market cap of $3.67 billion, a P/E ratio of -10.28, a PEG ratio of 4.11 and a beta of 0.88. 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 12-month low of $35.35 and a 12-month high of $60.99. The company has a 50-day moving average of $52.70 and a 200-day moving average of $48.64.

Lumentum (NASDAQ:LITE – Get Your 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 the consensus estimate 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 firm had revenue of $308.30 million during the quarter, compared to analysts’ expectations of $301.36 million. In the same period last year, the company earned $0.12 per share. The company’s quarterly revenue was down 16.9% year over year. As a group, research analysts expect that Lumentum Holdings Inc. to post 0.22 EPS for the current fiscal 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.

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