Vanguard Group Inc. Increases Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Vanguard Group Inc. lifted its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 0.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,754,028 shares of the technology company’s stock after buying an additional 11,942 shares during the period. Vanguard Group Inc. owned approximately 10.08% of Lumentum worth $305,147,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of LITE. Headlands Technologies LLC purchased a new position in Lumentum in the third quarter worth about $26,000. Ramirez Asset Management Inc. purchased a new position in shares of Lumentum in the third quarter worth approximately $32,000. Neo Ivy Capital Management bought a new stake in Lumentum during the third quarter valued at approximately $32,000. Covestor Ltd increased its holdings in Lumentum by 192.6% during the second quarter. Covestor Ltd now owns 670 shares of the technology company’s stock valued at $38,000 after buying an additional 441 shares during the last quarter. Finally, Qube Research & Technologies Ltd bought a new position in Lumentum in the third quarter worth approximately $62,000. Institutional investors own 94.05% of the company’s stock.

Insider Activity at Lumentum

In other Lumentum news, CAO Matthew Joseph Sepe sold 9,903 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $49.23, for a total transaction of $487,524.69. Following the completion of the transaction, the chief accounting officer now owns 33,188 shares in the company, valued at $1,633,845.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.60% of the stock is currently owned by insiders.

Lumentum Stock Up 0.1 %

LITE opened at $48.45 on Thursday. The company has a market capitalization of $3.27 billion, a PE ratio of -12.30 and a beta of 1.10. The firm has a 50-day simple moving average of $50.79 and a two-hundred day simple moving average of $47.21. The company has a quick ratio of 2.42, a current ratio of 3.13 and a debt-to-equity ratio of 1.96. Lumentum Holdings Inc. has a 52 week low of $35.35 and a 52 week high of $65.16.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Thursday, February 8th. The technology company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.07). Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. The firm had revenue of $366.80 million for the quarter, compared to the consensus estimate of $363.44 million. Analysts forecast that Lumentum Holdings Inc. will post -0.59 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

LITE has been the subject of a number of recent research reports. Craig Hallum raised shares of Lumentum from a “hold” rating to a “buy” rating in a research report on Friday, December 22nd. Barclays raised their price objective on Lumentum from $40.00 to $45.00 and gave the stock an “underweight” rating in a research note on Tuesday, January 16th. Stifel Nicolaus boosted their price objective on Lumentum from $55.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, January 2nd. Susquehanna lowered their price target on shares of Lumentum from $65.00 to $60.00 and set a “positive” rating on the stock in a report on Friday, February 9th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price target on shares of Lumentum in a research report on Friday, February 9th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $51.86.

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.