Thrivent Financial for Lutherans lowered its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 99.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,333 shares of the technology company's stock after selling 25,150,557 shares during the period. Thrivent Financial for Lutherans' holdings in Lumentum were worth $832,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently modified their holdings of LITE. Vanguard Group Inc. grew its holdings in shares of Lumentum by 0.3% during the first 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. Dimensional Fund Advisors LP grew 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 acquiring an additional 130,838 shares in the last quarter. Earnest Partners LLC raised its holdings in Lumentum by 6.0% in the 1st quarter. Earnest Partners LLC now owns 1,690,117 shares of the technology company's stock valued at $80,027,000 after acquiring an additional 95,428 shares during the last quarter. Swedbank AB purchased a new position in Lumentum in the 1st quarter worth approximately $71,025,000. Finally, Van Lanschot Kempen Investment Management N.V. boosted 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 worth $58,803,000 after purchasing an additional 174,828 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company's stock.
Lumentum Stock Down 2.2 %
Shares of Lumentum stock traded down $1.53 on Monday, reaching $67.27. 2,141,980 shares of the company were exchanged, compared to its average volume of 1,421,581. The stock's 50 day moving average price is $54.97 and its 200-day moving average price is $50.34. The company has a market cap of $4.55 billion, a P/E ratio of -12.81, a price-to-earnings-growth ratio of 4.83 and a beta of 0.89. Lumentum Holdings Inc. has a 1-year low of $35.35 and a 1-year high of $68.81. 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 announced its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.03 by $0.03. The firm had revenue of $308.30 million during the quarter, compared to analysts' expectations of $301.36 million. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The business's revenue was down 16.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.12 EPS. As a group, equities analysts forecast that Lumentum Holdings Inc. will post 0.22 EPS for the current year.
Wall Street Analyst Weigh In
LITE has been the topic of a number of analyst reports. B. Riley lifted their price objective on Lumentum from $40.00 to $50.00 and gave the stock a "neutral" rating in a research report on Thursday, August 15th. Rosenblatt Securities lifted their price target on Lumentum from $65.00 to $69.00 and gave the stock a "buy" rating in a report on Thursday, August 15th. Jefferies Financial Group upped their price objective on shares of Lumentum from $53.00 to $65.00 and gave the company a "buy" rating in a report on Thursday, August 15th. Northland Securities lifted their target price on shares of Lumentum from $40.00 to $45.00 and gave the stock a "market perform" rating in a research note on Friday, August 16th. Finally, Bank of America increased their price target on shares of Lumentum from $45.00 to $50.00 and gave the company an "underperform" rating in a research note on Thursday, August 15th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, Lumentum currently has a consensus rating of "Hold" and an average target price of $60.00.
Check Out Our Latest Research Report on LITE
About Lumentum
(
Free Report)
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.
Further Reading
Before you consider Lumentum, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Lumentum wasn't on the list.
While Lumentum currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Click the link to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
