Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by Amalgamated Bank

Amalgamated Bank decreased its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 5.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,319 shares of the technology company’s stock after selling 1,865 shares during the period. Amalgamated Bank’s holdings in Lumentum were worth $2,048,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Lumentum by 0.3% in the first 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. Swedbank AB acquired a new position in shares of Lumentum in the first quarter worth $71,025,000. International Assets Investment Management LLC increased its position in shares of Lumentum by 6,238.0% during the third quarter. International Assets Investment Management LLC now owns 21,169 shares of the technology company’s stock worth $1,342,000 after acquiring an additional 20,835 shares during the period. DigitalBridge Group Inc. raised its stake in shares of Lumentum by 10.9% in the second quarter. DigitalBridge Group Inc. now owns 554,529 shares of the technology company’s stock valued at $28,237,000 after acquiring an additional 54,703 shares in the last quarter. Finally, Texas Permanent School Fund Corp boosted its holdings in Lumentum by 0.9% in the first quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company’s stock valued at $2,759,000 after purchasing an additional 496 shares during the period. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Lumentum Trading Up 3.4 %

NASDAQ:LITE opened at $86.72 on Tuesday. The company has a market capitalization of $5.95 billion, a PE ratio of -10.47, a P/E/G ratio of 8.55 and a beta of 0.88. Lumentum Holdings Inc. has a 52-week low of $38.28 and a 52-week high of $89.70. The stock’s 50 day moving average price is $63.84 and its 200 day moving average price is $54.38. The company has a quick ratio of 4.43, a current ratio of 5.90 and a debt-to-equity ratio of 2.61.

Lumentum (NASDAQ:LITE) last released 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. Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.43%. The firm had revenue of $308.30 million during the quarter, compared to the consensus estimate of $301.36 million. During the same quarter in the prior year, the firm earned $0.12 EPS. Lumentum’s revenue for the quarter was down 16.9% on a year-over-year basis. On average, research analysts anticipate that Lumentum Holdings Inc. will post 0.17 EPS for the current year.

Wall Street Analyst Weigh In

LITE has been the topic of a number of analyst reports. 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. Needham & Company LLC raised their target price on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Rosenblatt Securities boosted their price target on shares of Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a report on Friday. Morgan Stanley raised their price objective on shares of Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Finally, B. Riley boosted their target price on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Lumentum currently has a consensus rating of “Hold” and a consensus target price of $73.15.

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.