Wolff Wiese Magana LLC Sells 6,268 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Wolff Wiese Magana LLC decreased its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 89.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 740 shares of the technology company’s stock after selling 6,268 shares during the period. Wolff Wiese Magana LLC’s holdings in Lumentum were worth $35,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Lumentum by 6.5% during the fourth quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock worth $377,225,000 after purchasing an additional 442,177 shares during the period. Earnest Partners LLC grew its holdings in Lumentum by 26.2% during the third quarter. Earnest Partners LLC now owns 1,624,514 shares of the technology company’s stock worth $73,396,000 after purchasing an additional 337,096 shares during the period. Dimensional Fund Advisors LP grew its holdings in Lumentum by 3.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,491,502 shares of the technology company’s stock worth $78,187,000 after purchasing an additional 44,291 shares during the period. Norges Bank bought a new position in Lumentum during the fourth quarter worth about $53,785,000. Finally, Northern Trust Corp grew its holdings in Lumentum by 9.9% during the third quarter. Northern Trust Corp now owns 820,489 shares of the technology company’s stock worth $37,070,000 after purchasing an additional 73,935 shares during the period. Institutional investors own 94.05% of the company’s stock.

Lumentum Price Performance

Shares of Lumentum stock traded down $0.26 during trading on Monday, hitting $50.66. The company’s stock had a trading volume of 297,765 shares, compared to its average volume of 1,286,847. 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 Holdings Inc. has a 52 week low of $35.35 and a 52 week high of $60.99. The stock has a 50-day moving average price of $45.51 and a two-hundred day moving average price of $48.38.

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

Analyst Upgrades and Downgrades

LITE has been the subject of a number of research analyst reports. Stifel Nicolaus reiterated a “buy” rating and set a $62.00 price target on shares of Lumentum in a report on Monday, April 1st. Needham & Company LLC cut their price objective on shares of Lumentum from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, May 20th. B. Riley cut their price objective on shares of Lumentum from $41.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, May 7th. StockNews.com upgraded shares of Lumentum to a “sell” rating in a research report on Monday, May 6th. Finally, Raymond James raised their price objective on shares of Lumentum from $51.50 to $58.00 and gave the stock an “outperform” rating in a research report on Monday, April 1st. Three analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Lumentum presently has a consensus rating of “Hold” and an average target price of $52.25.

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.