Lumentum Holdings Inc. (NASDAQ:LITE) Stake Trimmed by Cavalry Management Group LLC

Cavalry Management Group LLC cut its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 42.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,912 shares of the technology company's stock after selling 7,984 shares during the period. Lumentum comprises approximately 7.7% of Cavalry Management Group LLC's investment portfolio, making the stock its 5th biggest holding. Cavalry Management Group LLC's holdings in Lumentum were worth $556,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Bridge City Capital LLC lifted its position in Lumentum by 0.7% during the first quarter. Bridge City Capital LLC now owns 32,607 shares of the technology company's stock valued at $1,544,000 after purchasing an additional 242 shares during the period. Janney Montgomery Scott LLC increased its holdings in Lumentum by 1.8% in the first quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company's stock valued at $691,000 after buying an additional 260 shares in the last quarter. Mcdonald Partners LLC increased its holdings in Lumentum by 1.6% in the second quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company's stock valued at $1,010,000 after buying an additional 318 shares in the last quarter. Arizona State Retirement System increased its holdings in Lumentum by 2.5% in the second quarter. Arizona State Retirement System now owns 18,868 shares of the technology company's stock valued at $961,000 after buying an additional 455 shares in the last quarter. Finally, Texas Permanent School Fund Corp increased its holdings in Lumentum by 0.9% in the first quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company's stock valued at $2,759,000 after buying an additional 496 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Price Performance

LITE traded up $1.16 on Thursday, reaching $66.16. 1,406,345 shares of the company's stock were exchanged, compared to its average volume of 1,413,409. The stock has a market cap of $4.47 billion, a PE ratio of -12.51, a P/E/G ratio of 4.83 and a beta of 0.88. Lumentum Holdings Inc. has a twelve month low of $35.35 and a twelve month high of $66.22. The stock's fifty day moving average price is $54.01 and its 200-day moving average price is $49.92. The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.03 by $0.03. The firm had revenue of $308.30 million for the quarter, compared to analyst estimates of $301.36 million. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. Lumentum's quarterly revenue was down 16.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.12 earnings per share. Sell-side analysts expect that Lumentum Holdings Inc. will post 0.22 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on LITE. Susquehanna lifted their price objective on shares of Lumentum from $60.00 to $70.00 and gave the company a "positive" rating in a report on Wednesday, July 17th. Craig Hallum lifted their price objective on shares of Lumentum from $65.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, August 15th. Rosenblatt Securities lifted their price objective on shares of Lumentum from $65.00 to $69.00 and gave the company a "buy" rating in a report on Thursday, August 15th. Morgan Stanley lifted their price objective on shares of Lumentum from $50.00 to $54.00 and gave the company an "equal weight" rating in a report on Thursday, August 15th. Finally, Jefferies Financial Group boosted their target price on shares of Lumentum from $53.00 to $65.00 and gave the stock a "buy" rating in a research note on Thursday, August 15th. Three analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average 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.