Lumentum Holdings Inc. (NASDAQ:LITE) Stock Holdings Cut by Amalgamated Bank

Amalgamated Bank lessened its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 25.2% during the second quarter, Holdings Channel reports. The institutional investor owned 34,184 shares of the technology company’s stock after selling 11,546 shares during the quarter. Amalgamated Bank’s holdings in Lumentum were worth $1,741,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Signaturefd LLC raised its position in Lumentum by 93.9% in the second quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after acquiring an additional 554 shares in the last quarter. EntryPoint Capital LLC acquired a new position in shares of Lumentum in the 1st quarter worth approximately $112,000. nVerses Capital LLC grew its stake in shares of Lumentum by 416.7% in the 2nd quarter. nVerses Capital LLC now owns 3,100 shares of the technology company’s stock worth $158,000 after purchasing an additional 2,500 shares during the last quarter. Perigon Wealth Management LLC bought a new stake in shares of Lumentum in the 1st quarter worth approximately $236,000. Finally, BNP Paribas acquired a new stake in Lumentum during the first quarter valued at approximately $238,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

Wall Street Analyst Weigh In

LITE has been the topic of several recent research reports. Craig Hallum upped their price target on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Jefferies Financial Group boosted their target price on Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. increased their price target on Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Northland Securities boosted their price objective on Lumentum from $40.00 to $45.00 and gave the stock a “market perform” rating in a report on Friday, August 16th. Finally, Susquehanna raised their target price on shares of Lumentum from $60.00 to $70.00 and gave the stock a “positive” rating in a report on Wednesday, July 17th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Lumentum presently has a consensus rating of “Hold” and a consensus price target of $59.08.

Lumentum Stock Performance

Shares of LITE opened at $60.95 on Thursday. The company has a market capitalization of $4.14 billion, a PE ratio of -11.61, a PEG ratio of 4.83 and a beta of 0.88. The company has a debt-to-equity ratio of 2.61, a quick ratio of 4.43 and a current ratio of 5.90. The company’s 50 day moving average price is $53.09 and its 200 day moving average price is $49.31. Lumentum Holdings Inc. has a 52 week low of $35.35 and a 52 week high of $62.21.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.03 by $0.03. The business had revenue of $308.30 million for the quarter, compared to analysts’ expectations of $301.36 million. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. Lumentum’s revenue was down 16.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.12 EPS. Research analysts expect that Lumentum Holdings Inc. will post 0.22 EPS 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.