Pinnacle Associates Ltd. Acquires 136,659 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Pinnacle Associates Ltd. increased its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 50.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 407,789 shares of the technology company's stock after acquiring an additional 136,659 shares during the quarter. Pinnacle Associates Ltd. owned approximately 0.59% of Lumentum worth $25,846,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of LITE. Point72 DIFC Ltd purchased a new position in shares of Lumentum in the 2nd quarter worth about $36,000. GAMMA Investing LLC grew its position in shares of Lumentum by 141.6% during the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company's stock valued at $57,000 after acquiring an additional 524 shares during the period. Signaturefd LLC increased its stake in shares of Lumentum by 93.9% during the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company's stock worth $58,000 after purchasing an additional 554 shares during the last quarter. EntryPoint Capital LLC bought a new stake in shares of Lumentum in the 1st quarter worth approximately $112,000. Finally, nVerses Capital LLC lifted its stake in Lumentum by 416.7% in the second quarter. nVerses Capital LLC now owns 3,100 shares of the technology company's stock valued at $158,000 after purchasing an additional 2,500 shares during the last quarter. Institutional investors own 94.05% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on LITE shares. Bank of America raised their target price on Lumentum from $45.00 to $50.00 and gave the stock an "underperform" rating in a research report on Thursday, August 15th. Susquehanna upped their price objective on shares of Lumentum from $70.00 to $80.00 and gave the company a "positive" rating in a report on Monday, October 21st. Needham & Company LLC lifted their target price on shares of Lumentum from $65.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, August 15th. Raymond James boosted their price target on shares of Lumentum from $55.00 to $70.00 and gave the company an "outperform" rating in a research report on Friday, October 4th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Lumentum from $57.00 to $65.00 and gave the stock an "overweight" rating in a report on Monday, August 12th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Lumentum presently has a consensus rating of "Hold" and a consensus price target of $60.77.

Lumentum Price Performance

NASDAQ:LITE traded down $0.41 during trading hours on Wednesday, hitting $65.35. 1,015,279 shares of the company's stock traded hands, compared to its average volume of 1,411,837. Lumentum Holdings Inc. has a 52 week low of $37.99 and a 52 week high of $71.07. The business's fifty day simple moving average is $61.46 and its two-hundred day simple moving average is $52.62. The company has a quick ratio of 4.43, a current ratio of 5.90 and a debt-to-equity ratio of 2.61. The firm has a market cap of $4.42 billion, a P/E ratio of -12.45, a P/E/G ratio of 5.68 and a beta of 0.89.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.03 by $0.03. The company had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. Lumentum's revenue was down 16.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.12 earnings per share. On average, research analysts anticipate that Lumentum Holdings Inc. will post 0.2 earnings per share for the current fiscal year.

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.