Lumentum (NASDAQ:LITE) Trading Down 9.8%

Lumentum Holdings Inc. (NASDAQ:LITE)’s stock price dropped 9.8% during mid-day trading on Monday . The stock traded as low as $38.29 and last traded at $39.99. Approximately 1,112,759 shares changed hands during mid-day trading, a decline of 14% from the average daily volume of 1,299,300 shares. The stock had previously closed at $44.33.

Analyst Ratings Changes

Several research firms recently issued reports on LITE. Susquehanna lifted their price target on shares of Lumentum from $60.00 to $70.00 and gave the stock a “positive” rating in a research note on Wednesday, July 17th. Needham & Company LLC cut their price target on Lumentum from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, May 20th. Barclays cut their target price on Lumentum from $40.00 to $38.00 and set an “underweight” rating for the company in a research report on Tuesday, May 7th. JPMorgan Chase & Co. reduced their target price on shares of Lumentum from $62.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, April 11th. Finally, B. Riley dropped their price target on Lumentum from $41.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, May 7th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $53.08.

Lumentum Stock Performance

The company has a debt-to-equity ratio of 2.13, a current ratio of 5.20 and a quick ratio of 3.87. The firm has a market capitalization of $2.72 billion, a price-to-earnings ratio of -7.67, a PEG ratio of 39.11 and a beta of 0.88. The firm’s fifty day moving average is $50.25 and its 200 day moving average is $48.66.

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

Institutional Investors Weigh In On Lumentum

A number of hedge funds and other institutional investors have recently made changes to their positions in LITE. Vanguard Group Inc. grew its position in Lumentum by 0.3% in the first quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock worth $341,786,000 after acquiring an additional 22,088 shares in the last quarter. Earnest Partners LLC raised its holdings in Lumentum by 6.0% during the first quarter. Earnest Partners LLC now owns 1,690,117 shares of the technology company’s stock valued at $80,027,000 after buying an additional 95,428 shares in the last quarter. Swedbank AB acquired a new stake in shares of Lumentum in the first quarter worth about $71,025,000. Dimensional Fund Advisors LP boosted its stake in shares of 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 acquiring an additional 44,291 shares in the last quarter. Finally, Van Lanschot Kempen Investment Management N.V. increased its holdings in shares of Lumentum by 17.8% during the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock valued at $58,803,000 after acquiring an additional 174,828 shares during the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

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.