Tocqueville Asset Management L.P. increased its stake in shares of Lumentum Holdings Inc (NASDAQ:LITE) by 2.4% during the second quarter, HoldingsChannel reports. The institutional investor owned 108,745 shares of the technology company’s stock after buying an additional 2,500 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in Lumentum were worth $5,808,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Argent Capital Management LLC grew its position in Lumentum by 36.5% during the first quarter. Argent Capital Management LLC now owns 89,670 shares of the technology company’s stock worth $5,070,000 after buying an additional 23,955 shares in the last quarter. Smith Graham & Co. Investment Advisors LP grew its position in Lumentum by 10.2% during the first quarter. Smith Graham & Co. Investment Advisors LP now owns 135,920 shares of the technology company’s stock worth $7,685,000 after buying an additional 12,550 shares in the last quarter. Kennedy Capital Management Inc. grew its position in Lumentum by 6.4% during the first quarter. Kennedy Capital Management Inc. now owns 705,363 shares of the technology company’s stock worth $39,881,000 after buying an additional 42,136 shares in the last quarter. Metropolitan Life Insurance Co NY grew its position in Lumentum by 2.9% during the first quarter. Metropolitan Life Insurance Co NY now owns 43,722 shares of the technology company’s stock worth $2,472,000 after buying an additional 1,218 shares in the last quarter. Finally, Norges Bank acquired a new stake in Lumentum during the fourth quarter worth approximately $34,669,000. 94.49% of the stock is currently owned by institutional investors and hedge funds.
In other news, SVP Judy G. Hamel sold 803 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $60.00, for a total value of $48,180.00. Following the completion of the transaction, the senior vice president now directly owns 42,510 shares in the company, valued at approximately $2,550,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.55% of the stock is currently owned by corporate insiders.
LITE has been the topic of a number of analyst reports. B. Riley reissued a “buy” rating and set a $71.00 price target (up previously from $68.00) on shares of Lumentum in a research report on Friday, August 9th. Barclays increased their price target on Lumentum from $60.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, August 9th. UBS Group set a $70.00 target price on Lumentum and gave the company a “buy” rating in a report on Wednesday, May 8th. MKM Partners reaffirmed a “buy” rating and issued a $76.00 target price (up previously from $60.00) on shares of Lumentum in a report on Friday, August 9th. Finally, Craig Hallum raised their target price on Lumentum from $60.00 to $75.00 and gave the company a “buy” rating in a report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Lumentum has an average rating of “Buy” and a consensus target price of $69.13.
Shares of LITE traded down $0.94 during trading hours on Wednesday, reaching $58.53. The stock had a trading volume of 17,339 shares, compared to its average volume of 1,638,737. Lumentum Holdings Inc has a 12 month low of $37.00 and a 12 month high of $69.95. The company has a market cap of $4.54 billion, a PE ratio of 17.78, a PEG ratio of 1.19 and a beta of 1.36. The company has a debt-to-equity ratio of 0.56, a current ratio of 4.53 and a quick ratio of 3.76. The stock has a 50-day moving average price of $55.04.
Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Thursday, August 8th. The technology company reported $0.74 EPS for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.21. Lumentum had a positive return on equity of 18.19% and a negative net margin of 2.33%. The company had revenue of $404.60 million during the quarter, compared to analysts’ expectations of $383.54 million. During the same period in the prior year, the company earned $0.95 EPS. Lumentum’s revenue was up 34.4% compared to the same quarter last year. On average, research analysts predict that Lumentum Holdings Inc will post 3.58 EPS for the current 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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.
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