Dark Forest Capital Management LP Grows Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Dark Forest Capital Management LP lifted its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 11.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,408 shares of the technology company’s stock after purchasing an additional 2,905 shares during the period. Dark Forest Capital Management LP’s holdings in Lumentum were worth $1,396,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its stake 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 buying an additional 442,177 shares during the last quarter. Duality Advisers LP purchased a new stake in shares of Lumentum in the first quarter valued at about $1,307,000. Retirement Systems of Alabama increased its position in Lumentum by 13.9% during the first 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. raised its stake in Lumentum by 26.0% during the first quarter. John G Ullman & Associates Inc. now owns 73,973 shares of the technology company’s stock worth $3,503,000 after purchasing an additional 15,282 shares during the period. Finally, Thompson Investment Management Inc. boosted its holdings in Lumentum by 139.1% in the 1st 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. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Lumentum Trading Up 0.3 %

NASDAQ LITE opened at $60.95 on Thursday. Lumentum Holdings Inc. has a one year low of $35.35 and a one year high of $62.21. The firm has a 50 day simple moving average of $53.09 and a 200-day simple moving average of $49.31. The firm has a market cap of $4.14 billion, a price-to-earnings 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.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data 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. 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 analysts’ expectations of $301.36 million. During the same period last year, the firm earned $0.12 earnings per share. The company’s revenue for the quarter was down 16.9% compared to the same quarter last year. Equities research analysts anticipate that Lumentum Holdings Inc. will post 0.22 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on LITE shares. Bank of America raised their price target on shares of Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Thursday, August 15th. JPMorgan Chase & Co. lifted their target price on Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Susquehanna increased their price target on Lumentum from $60.00 to $70.00 and gave the stock a “positive” rating in a report on Wednesday, July 17th. Rosenblatt Securities boosted their price objective on shares of Lumentum from $65.00 to $69.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Finally, B. Riley increased 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 given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Lumentum currently has a consensus rating of “Hold” and an average 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.