Truist Financial Corp Acquires 607 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Truist Financial Corp raised its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 5.8% in the second quarter, HoldingsChannel.com reports. The firm owned 11,054 shares of the technology company’s stock after purchasing an additional 607 shares during the quarter. Truist Financial Corp’s holdings in Lumentum were worth $563,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its stake in Lumentum by 6.5% in the fourth quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock valued at $377,225,000 after acquiring an additional 442,177 shares during the period. Duality Advisers LP bought a new stake in shares of Lumentum during the 1st quarter worth $1,307,000. Retirement Systems of Alabama increased its stake in shares of Lumentum by 13.9% during the 1st quarter. Retirement Systems of Alabama now owns 357,452 shares of the technology company’s stock worth $16,925,000 after purchasing an additional 43,687 shares during the last quarter. John G Ullman & Associates Inc. lifted its position in shares of Lumentum by 26.0% during the 1st quarter. John G Ullman & Associates Inc. now owns 73,973 shares of the technology company’s stock valued at $3,503,000 after buying an additional 15,282 shares during the last quarter. Finally, Thompson Investment Management Inc. lifted its holdings in Lumentum by 139.1% during the first quarter. Thompson Investment Management Inc. now owns 71,429 shares of the technology company’s stock valued at $3,382,000 after purchasing an additional 41,556 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on LITE. Susquehanna increased their target price on Lumentum from $60.00 to $70.00 and gave the stock a “positive” rating in a research report on Wednesday, July 17th. Craig Hallum lifted their price objective on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Needham & Company LLC boosted their price target on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. B. Riley raised their price objective on Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Finally, Rosenblatt Securities lifted their target price on shares of Lumentum from $65.00 to $69.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Three investment 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. According to data from MarketBeat.com, Lumentum has an average rating of “Hold” and an average price target of $60.00.

Lumentum Stock Performance

NASDAQ:LITE opened at $66.58 on Wednesday. The company has a quick ratio of 4.43, a current ratio of 5.90 and a debt-to-equity ratio of 2.61. The firm’s fifty day simple moving average is $57.57 and its 200 day simple moving average is $51.13. The stock has a market cap of $4.50 billion, a P/E ratio of -12.68, a price-to-earnings-growth ratio of 5.78 and a beta of 0.89. Lumentum Holdings Inc. has a twelve month low of $35.35 and a twelve month high of $70.09.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.03. The company 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 quarterly revenue was down 16.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.12 earnings per share. As a group, research analysts predict that Lumentum Holdings Inc. will post 0.2 EPS for the current 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.