Romano Brothers AND Company Sells 1,100 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Romano Brothers AND Company trimmed its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 4.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 21,390 shares of the technology company’s stock after selling 1,100 shares during the period. Romano Brothers AND Company’s holdings in Lumentum were worth $1,013,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Lumentum by 6.5% during the 4th quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock valued at $377,225,000 after buying an additional 442,177 shares in the last quarter. FengHe Fund Management Pte. Ltd. bought a new position in shares of Lumentum in the fourth quarter worth approximately $19,547,000. International Assets Investment Management LLC purchased a new stake in shares of Lumentum in the fourth quarter worth $1,379,000. Bank Julius Baer & Co. Ltd Zurich purchased a new position in shares of Lumentum during the 4th quarter valued at $1,389,000. Finally, Thompson Investment Management Inc. boosted its holdings in Lumentum by 139.1% in the 1st quarter. Thompson Investment Management Inc. now owns 71,429 shares of the technology company’s stock worth $3,382,000 after buying an additional 41,556 shares during the period. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Wall Street Analysts Forecast Growth

LITE has been the subject of several research analyst reports. JPMorgan Chase & Co. cut their target price on Lumentum from $62.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, April 11th. Needham & Company LLC reduced their price objective on shares of Lumentum from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, May 20th. StockNews.com raised shares of Lumentum to a “sell” rating in a report on Monday, May 6th. Stifel Nicolaus reiterated a “buy” rating and issued a $62.00 price target on shares of Lumentum in a report on Monday, April 1st. Finally, Barclays reduced their target price on Lumentum from $40.00 to $38.00 and set an “underweight” rating on the stock in a report on Tuesday, May 7th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Lumentum presently has a consensus rating of “Hold” and an average price target of $52.25.

Lumentum Price Performance

Shares of NASDAQ LITE opened at $50.92 on Friday. Lumentum Holdings Inc. has a 1-year low of $35.35 and a 1-year high of $60.99. The business has a fifty day moving average price of $45.51 and a 200 day moving average price of $48.37. The company has a debt-to-equity ratio of 2.13, a quick ratio of 3.87 and a current ratio of 5.20.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Monday, May 6th. The technology company reported ($0.18) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.18). The business had revenue of $366.50 million for the quarter, compared to analysts’ expectations of $366.53 million. Lumentum had a negative net margin of 24.91% and a negative return on equity of 1.72%. Research analysts anticipate that Lumentum Holdings Inc. will post -0.64 earnings per share for the current fiscal year.

About Lumentum

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.