Eagle Asset Management Inc. raised its holdings in shares of Lumentum Holdings Inc (NASDAQ:LITE) by 2.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 877,374 shares of the technology company’s stock after acquiring an additional 19,045 shares during the quarter. Eagle Asset Management Inc. owned approximately 1.15% of Lumentum worth $49,606,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in LITE. New Mexico Educational Retirement Board raised its stake in Lumentum by 2.0% during the 4th quarter. New Mexico Educational Retirement Board now owns 15,000 shares of the technology company’s stock valued at $630,000 after acquiring an additional 300 shares during the last quarter. Brown Advisory Inc. raised its stake in shares of Lumentum by 6.4% during the 4th quarter. Brown Advisory Inc. now owns 5,033 shares of the technology company’s stock worth $212,000 after buying an additional 301 shares in the last quarter. Securian Asset Management Inc raised its stake in shares of Lumentum by 3.8% during the 1st quarter. Securian Asset Management Inc now owns 9,271 shares of the technology company’s stock worth $524,000 after buying an additional 343 shares in the last quarter. LaSalle Street Capital Management LLC raised its stake in shares of Lumentum by 1.5% during the 4th quarter. LaSalle Street Capital Management LLC now owns 26,079 shares of the technology company’s stock worth $1,096,000 after buying an additional 373 shares in the last quarter. Finally, IFP Advisors Inc raised its stake in shares of 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 buying an additional 521 shares in the last quarter. 86.44% of the stock is owned by institutional investors and hedge funds.
Shares of LITE traded down $0.86 during trading hours on Wednesday, hitting $42.05. The stock had a trading volume of 1,529,884 shares, compared to its average volume of 1,680,409. The company has a current ratio of 3.96, a quick ratio of 3.20 and a debt-to-equity ratio of 0.55. Lumentum Holdings Inc has a 12-month low of $37.00 and a 12-month high of $69.95. The firm has a market capitalization of $3.21 billion, a P/E ratio of 12.98, a price-to-earnings-growth ratio of 1.00 and a beta of 0.68.
Lumentum (NASDAQ:LITE) last announced its 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 analyst estimates of $428.33 million. During the same period in the previous year, the company earned $0.78 earnings per share. The company’s revenue for the quarter was up 44.8% compared to the same quarter last year. Sell-side analysts predict that Lumentum Holdings Inc will post 3.17 earnings per share for the current year.
In related news, SVP Judy G. Hamel sold 1,429 shares of Lumentum stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $58.64, for a total value of $83,796.56. Following the completion of the transaction, the senior vice president now directly owns 44,793 shares in the company, valued at $2,626,661.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.55% of the stock is currently owned by company insiders.
A number of equities analysts have recently issued reports on the company. Needham & Company LLC reissued a “strong-buy” rating and set a $70.00 target price on shares of Lumentum in a research note on Monday, May 6th. BidaskClub upgraded Lumentum from a “buy” rating to a “strong-buy” rating in a report on Tuesday, May 7th. TheStreet upgraded Lumentum from a “c+” rating to a “b-” rating in a report on Wednesday, April 17th. Northland Securities restated a “buy” rating and issued a $70.00 price target on shares of Lumentum in a report on Monday, April 22nd. Finally, Craig Hallum reiterated a “buy” rating and set a $81.00 target price (up previously from $65.00) on shares of Lumentum in a report on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. Lumentum presently has a consensus rating of “Buy” and an average target price of $67.16.
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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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