Lumentum (NASDAQ:LITE) Trading Up 3.9%

Lumentum Holdings Inc. (NASDAQ:LITE)’s stock price was up 3.9% during trading on Tuesday . The company traded as high as $53.49 and last traded at $53.45. Approximately 600,236 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 1,287,437 shares. The stock had previously closed at $51.43.

Analyst Ratings Changes

A number of equities analysts have recently commented on LITE shares. Needham & Company LLC dropped their price target on shares of Lumentum from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, May 20th. Raymond James boosted their target price on shares of Lumentum from $51.50 to $58.00 and gave the stock an “outperform” rating in a research report on Monday, April 1st. StockNews.com raised shares of Lumentum to a “sell” rating in a research report on Monday, May 6th. B. Riley dropped their target price on shares of Lumentum from $41.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 7th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Lumentum from $62.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, April 11th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $52.25.

Lumentum Price Performance

The company has a debt-to-equity ratio of 2.13, a quick ratio of 3.87 and a current ratio of 5.20. The company’s 50 day moving average price is $45.71 and its 200 day moving average price is $48.40. The company has a market cap of $3.63 billion, a price-to-earnings ratio of -9.80 and a beta of 0.88.

Lumentum (NASDAQ:LITE) last issued its earnings results on Monday, May 6th. The technology company reported ($0.18) EPS for the quarter, meeting the consensus estimate of ($0.18). Lumentum had a negative net margin of 24.91% and a negative return on equity of 1.72%. The company had revenue of $366.50 million for the quarter, compared to the consensus estimate of $366.53 million. On average, equities research analysts predict that Lumentum Holdings Inc. will post -0.64 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Lumentum by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock worth $341,786,000 after buying an additional 22,088 shares in the last quarter. Earnest Partners LLC lifted its position in Lumentum by 6.0% during the 1st quarter. Earnest Partners LLC now owns 1,690,117 shares of the technology company’s stock worth $80,027,000 after buying an additional 95,428 shares in the last quarter. Swedbank AB acquired a new position in Lumentum during the 1st quarter worth about $71,025,000. Dimensional Fund Advisors LP lifted its position in Lumentum by 3.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,491,502 shares of the technology company’s stock worth $78,187,000 after buying an additional 44,291 shares in the last quarter. Finally, Norges Bank acquired a new position in Lumentum during the 4th quarter worth about $53,785,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

About Lumentum

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.