International Assets Investment Management LLC Raises Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

International Assets Investment Management LLC grew its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 6,238.0% in the third quarter, HoldingsChannel reports. The fund owned 21,169 shares of the technology company’s stock after buying an additional 20,835 shares during the quarter. International Assets Investment Management LLC’s holdings in Lumentum were worth $1,342,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Point72 DIFC Ltd acquired a new stake in shares of Lumentum in the second quarter valued at about $36,000. GAMMA Investing LLC raised its stake in shares of Lumentum by 141.6% in the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after purchasing an additional 524 shares in the last quarter. Signaturefd LLC grew its position in shares of Lumentum by 93.9% in the 2nd 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 stake in shares of Lumentum during the first quarter worth $112,000. Finally, nVerses Capital LLC grew its holdings in shares of Lumentum by 416.7% during the second quarter. nVerses Capital LLC now owns 3,100 shares of the technology company’s stock valued at $158,000 after purchasing an additional 2,500 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Trading Down 1.8 %

NASDAQ LITE opened at $64.17 on Tuesday. The stock’s 50-day moving average is $61.75 and its 200-day moving average is $53.01. Lumentum Holdings Inc. has a one year low of $38.28 and a one year high of $71.07. 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 firm has a market cap of $4.40 billion, a P/E ratio of -7.93, a P/E/G ratio of 5.45 and a beta of 0.88.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. The company had revenue of $308.30 million for the quarter, compared to the consensus estimate of $301.36 million. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The firm’s revenue was down 16.9% compared to the same quarter last year. During the same period last year, the company earned $0.12 earnings per share. Sell-side analysts anticipate that Lumentum Holdings Inc. will post 0.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Needham & Company LLC lifted 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. B. Riley boosted their price target on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Morgan Stanley raised their price objective on Lumentum from $50.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 15th. Susquehanna raised their price objective on shares of Lumentum from $70.00 to $80.00 and gave the stock a “positive” rating in a research note on Monday, October 21st. Finally, Rosenblatt Securities increased their price target 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 analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Lumentum currently has a consensus rating of “Hold” and an average price target of $60.77.

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.