Point72 DIFC Ltd Invests $36,000 in Lumentum Holdings Inc. (NASDAQ:LITE)

Point72 DIFC Ltd acquired a new stake in Lumentum Holdings Inc. (NASDAQ:LITE) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 698 shares of the technology company’s stock, valued at approximately $36,000.

A number of other hedge funds also recently added to or reduced their stakes in LITE. Vanguard Group Inc. raised its holdings in shares of Lumentum by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock valued at $341,786,000 after purchasing an additional 22,088 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Lumentum by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock worth $86,760,000 after buying an additional 130,838 shares in the last quarter. Earnest Partners LLC lifted its holdings in Lumentum by 6.0% during the first quarter. Earnest Partners LLC now owns 1,690,117 shares of the technology company’s stock worth $80,027,000 after buying an additional 95,428 shares during the period. Swedbank AB bought a new stake in Lumentum during the 1st quarter valued at $71,025,000. Finally, Van Lanschot Kempen Investment Management N.V. increased its holdings in shares of Lumentum by 17.8% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock valued at $58,803,000 after acquiring an additional 174,828 shares during the period. 94.05% of the stock is owned by hedge funds and other institutional investors.

Lumentum Price Performance

NASDAQ LITE opened at $66.16 on Friday. The company has a market cap of $4.47 billion, a price-to-earnings ratio of -12.51, a PEG ratio of 4.83 and a beta of 0.88. The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43. The stock’s fifty day moving average price is $54.01 and its 200 day moving average price is $49.92. Lumentum Holdings Inc. has a 1 year low of $35.35 and a 1 year high of $66.22.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The business had revenue of $308.30 million for the quarter, compared to analyst estimates of $301.36 million. During the same period in the prior year, the company earned $0.12 earnings per share. The company’s revenue was down 16.9% on a year-over-year basis. As a group, equities research analysts forecast that Lumentum Holdings Inc. will post 0.22 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Needham & Company LLC upped their price objective on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Bank of America raised their price target on shares of Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a report on Thursday, August 15th. Barclays boosted their price objective on shares of Lumentum from $38.00 to $40.00 and gave the stock an “underweight” rating in a research note on Thursday, August 15th. Jefferies Financial Group raised their target price on shares of Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Finally, B. Riley lifted their price target on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $59.08.

Lumentum 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.