Susquehanna Portfolio Strategies LLC Decreases Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Susquehanna Portfolio Strategies LLC decreased its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 25.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 66,975 shares of the technology company's stock after selling 22,477 shares during the quarter. Susquehanna Portfolio Strategies LLC owned about 0.10% of Lumentum worth $3,410,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Swedbank AB bought a new position in Lumentum in the 1st quarter worth about $71,025,000. Vanguard Group Inc. increased its position in shares of Lumentum by 6.5% during the fourth quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company's stock valued at $377,225,000 after acquiring an additional 442,177 shares in the last quarter. Robeco Schweiz AG raised its holdings in Lumentum by 28.1% in the 1st quarter. Robeco Schweiz AG now owns 843,000 shares of the technology company's stock worth $39,916,000 after acquiring an additional 185,000 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. lifted its position in Lumentum by 17.8% in 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 in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Lumentum by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company's stock valued at $86,760,000 after purchasing an additional 130,838 shares during the last quarter. 94.05% of the stock is owned by institutional investors.

Lumentum Stock Performance

Lumentum stock traded down $0.21 during midday trading on Friday, hitting $64.53. The stock had a trading volume of 2,313,560 shares, compared to its average volume of 1,416,083. The company has a current ratio of 5.90, a quick ratio of 4.43 and a debt-to-equity ratio of 2.61. Lumentum Holdings Inc. has a 52-week low of $35.35 and a 52-week high of $65.52. The company has a market capitalization of $4.36 billion, a PE ratio of -12.29, a P/E/G ratio of 4.83 and a beta of 0.88. The firm's fifty day moving average is $53.47 and its two-hundred day moving average is $49.54.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.03 by $0.03. The firm had revenue of $308.30 million for the quarter, compared to the consensus estimate of $301.36 million. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The company's revenue was down 16.9% on a year-over-year basis. During the same period last year, the firm earned $0.12 EPS. On average, research analysts forecast that Lumentum Holdings Inc. will post 0.22 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on LITE. Barclays upped their price target on Lumentum from $38.00 to $40.00 and gave the company an "underweight" rating in a report on Thursday, August 15th. Rosenblatt Securities upped their target price on shares of Lumentum from $65.00 to $69.00 and gave the company a "buy" rating in a research note on Thursday, August 15th. Bank of America lifted their price target on shares of Lumentum from $45.00 to $50.00 and gave the stock an "underperform" rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. increased their price objective on shares of Lumentum from $57.00 to $65.00 and gave the company an "overweight" rating in a research report on Monday, August 12th. Finally, Jefferies Financial Group lifted their target price on shares of Lumentum from $53.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, August 15th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $59.08.

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.