Romano Brothers AND Company Has $2.36 Million Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Romano Brothers AND Company cut its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITEFree Report) by 1.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,615 shares of the technology company’s stock after selling 401 shares during the period. Romano Brothers AND Company owned about 0.06% of Lumentum worth $2,361,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank bought a new stake in shares of Lumentum in the fourth quarter valued at about $34,040,000. Earnest Partners LLC boosted its stake in shares of Lumentum by 576.4% in the first quarter. Earnest Partners LLC now owns 680,435 shares of the technology company’s stock valued at $66,410,000 after buying an additional 579,835 shares during the period. Millennium Management LLC lifted its stake in Lumentum by 50.8% during the fourth quarter. Millennium Management LLC now owns 1,202,143 shares of the technology company’s stock worth $62,716,000 after purchasing an additional 405,140 shares during the last quarter. Segall Bryant & Hamill LLC bought a new stake in Lumentum during the first quarter worth $18,037,000. Finally, Renaissance Technologies LLC lifted its stake in Lumentum by 169.1% during the fourth quarter. Renaissance Technologies LLC now owns 417,038 shares of the technology company’s stock worth $21,757,000 after purchasing an additional 262,038 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors.

Lumentum Stock Performance

Lumentum stock traded down $0.32 during midday trading on Tuesday, reaching $48.04. 363,437 shares of the company traded hands, compared to its average volume of 1,387,517. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of -24.94, a price-to-earnings-growth ratio of 28.83 and a beta of 1.05. The business has a 50 day moving average of $51.30 and a two-hundred day moving average of $50.99. Lumentum Holdings Inc. has a 12 month low of $42.00 and a 12 month high of $75.56. The company has a debt-to-equity ratio of 1.84, a current ratio of 4.38 and a quick ratio of 3.74.

Lumentum (NASDAQ:LITEGet Free Report) last released its quarterly earnings results on Thursday, August 17th. The technology company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.02). The business had revenue of $370.80 million during the quarter, compared to the consensus estimate of $368.16 million. Lumentum had a positive return on equity of 12.44% and a negative net margin of 7.45%. As a group, research analysts predict that Lumentum Holdings Inc. will post 0.3 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on LITE. Stifel Nicolaus lowered their price target on shares of Lumentum from $62.00 to $55.00 and set a “buy” rating for the company in a report on Friday, August 18th. Raymond James cut their price objective on shares of Lumentum from $64.00 to $51.50 and set an “outperform” rating on the stock in a research report on Thursday, August 17th. Rosenblatt Securities raised shares of Lumentum from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $67.00 to $62.00 in a research report on Friday, August 18th. Susquehanna raised their price target on shares of Lumentum from $55.00 to $60.00 and gave the company a “positive” rating in a research report on Tuesday, July 25th. Finally, B. Riley dropped their target price on shares of Lumentum from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Friday, August 18th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $54.90.

Get Our Latest Research Report on Lumentum

Lumentum Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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