Lumentum (NASDAQ:LITE) Shares Down 3.2%

Lumentum Holdings Inc. (NASDAQ:LITE)’s stock price was down 3.2% on Monday . The stock traded as low as $56.95 and last traded at $57.27. Approximately 168,905 shares changed hands during trading, a decline of 88% from the average daily volume of 1,395,162 shares. The stock had previously closed at $59.17.

Analysts Set New Price Targets

A number of research firms recently commented on LITE. Needham & Company LLC boosted their target price on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Bank of America upped their price target on Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a report on Thursday, August 15th. Rosenblatt Securities raised their price objective on Lumentum from $65.00 to $69.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. StockNews.com upgraded Lumentum to a “sell” rating in a report on Monday, May 6th. Finally, Northland Securities upped their target price on Lumentum from $40.00 to $45.00 and gave the company a “market perform” rating in a report on Friday, August 16th. Three analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $59.08.

Lumentum Stock Down 0.2 %

The company has a quick ratio of 3.87, a current ratio of 5.20 and a debt-to-equity ratio of 2.13. The firm has a market capitalization of $3.88 billion, a PE ratio of -10.95, a price-to-earnings-growth ratio of 39.11 and a beta of 0.88. The business’s 50-day moving average price is $51.72 and its 200-day moving average price is $48.22.

Lumentum (NASDAQ:LITE) last released its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. Lumentum had a negative net margin of 24.91% and a negative return on equity of 1.72%. The company had revenue of $308.30 million during the quarter, compared to the consensus estimate of $301.36 million. During the same quarter in the prior year, the firm earned $0.12 EPS. The company’s revenue was down 16.9% compared to the same quarter last year. As a group, equities research analysts predict that Lumentum Holdings Inc. will post -0.64 EPS for the current fiscal year.

Hedge Funds Weigh In On Lumentum

A number of hedge funds have recently added to or reduced their stakes in LITE. Vanguard Group Inc. boosted its stake in shares of Lumentum by 6.5% during the 4th quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock worth $377,225,000 after acquiring an additional 442,177 shares in the last quarter. Duality Advisers LP acquired a new position in Lumentum during the first quarter valued at approximately $1,307,000. Retirement Systems of Alabama raised its position in shares of Lumentum by 13.9% in the first quarter. Retirement Systems of Alabama now owns 357,452 shares of the technology company’s stock valued at $16,925,000 after purchasing an additional 43,687 shares during the period. John G Ullman & Associates Inc. lifted its stake in shares of Lumentum by 26.0% in the first quarter. John G Ullman & Associates Inc. now owns 73,973 shares of the technology company’s stock worth $3,503,000 after buying an additional 15,282 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of Lumentum during the 4th quarter worth $1,379,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

Lumentum Company Profile

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.