Truist Financial Corp Boosts Stock Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Truist Financial Corp boosted its stake in Lumentum Holdings Inc. (NASDAQ:LITEGet Rating) by 7.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 34,339 shares of the technology company’s stock after buying an additional 2,408 shares during the period. Truist Financial Corp owned 0.05% of Lumentum worth $2,355,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of LITE. Private Trust Co. NA increased its stake in shares of Lumentum by 187.7% during the third quarter. Private Trust Co. NA now owns 397 shares of the technology company’s stock valued at $27,000 after purchasing an additional 259 shares in the last quarter. Urban Wealth Management LLC purchased a new stake in Lumentum in the second quarter worth approximately $29,000. Assetmark Inc. purchased a new stake in Lumentum in the second quarter worth approximately $30,000. Wipfli Financial Advisors LLC purchased a new stake in Lumentum in the third quarter worth approximately $44,000. Finally, Householder Group Estate & Retirement Specialist LLC purchased a new stake in Lumentum in the third quarter worth approximately $45,000. 92.46% of the stock is currently owned by hedge funds and other institutional investors.

Lumentum Price Performance

NASDAQ:LITE opened at $57.58 on Monday. The company has a current ratio of 3.04, a quick ratio of 2.58 and a debt-to-equity ratio of 1.24. The company has a market capitalization of $3.93 billion, a P/E ratio of 36.44, a P/E/G ratio of 2.34 and a beta of 0.93. Lumentum Holdings Inc. has a 12 month low of $48.73 and a 12 month high of $106.65. The business’s 50-day moving average is $54.50 and its 200 day moving average is $70.89.

Lumentum (NASDAQ:LITEGet Rating) last posted its earnings results on Tuesday, November 8th. The technology company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. The company had revenue of $506.80 million for the quarter, compared to the consensus estimate of $505.55 million. Lumentum had a return on equity of 17.99% and a net margin of 6.61%. On average, equities research analysts forecast that Lumentum Holdings Inc. will post 3.14 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on LITE. Craig Hallum dropped their target price on shares of Lumentum from $80.00 to $75.00 in a report on Wednesday, January 11th. Northland Securities reiterated a “market perform” rating and set a $55.00 price target (down previously from $120.00) on shares of Lumentum in a research note on Wednesday, November 9th. Susquehanna Bancshares dropped their price target on shares of Lumentum from $100.00 to $85.00 in a research note on Wednesday, November 9th. Barclays dropped their price target on shares of Lumentum from $95.00 to $80.00 and set an “overweight” rating on the stock in a research note on Monday, October 24th. Finally, Raymond James lowered their target price on shares of Lumentum from $107.00 to $85.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 9th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Lumentum has a consensus rating of “Moderate Buy” and a consensus price target of $72.64.

Lumentum Company Profile

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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 in 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.It offers tunable transponders, transceivers, and transmitter modules; tunable lasers, receivers, and modulators; transport products, such as reconfigurable optical add/drop multiplexers, amplifiers, and optical channel monitors, as well as components, including 980nm, multi-mode, and Raman pumps; and switches, attenuators, photodetectors, gain flattening filters, isolators, wavelength-division multiplexing filters, arrayed waveguide gratings, multiplex/de-multiplexers, and integrated passive modules.

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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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