B. Riley Wealth Advisors Inc. Takes Position in Lumentum Holdings Inc. (NASDAQ:LITE)

B. Riley Wealth Advisors Inc. acquired a new stake in Lumentum Holdings Inc. (NASDAQ:LITE) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 11,677 shares of the technology company’s stock, valued at approximately $612,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in LITE. Ramirez Asset Management Inc. bought a new stake in shares of Lumentum during the third quarter worth $32,000. Neo Ivy Capital Management acquired a new stake in shares of Lumentum in the 3rd quarter valued at about $32,000. Principal Securities Inc. acquired a new stake in shares of Lumentum in the 4th quarter valued at about $55,000. Whittier Trust Co. boosted its position in shares of Lumentum by 697.7% during the fourth quarter. Whittier Trust Co. now owns 1,715 shares of the technology company’s stock worth $90,000 after buying an additional 1,500 shares during the period. Finally, Itau Unibanco Holding S.A. bought a new position in shares of Lumentum during the third quarter worth about $180,000. 94.05% of the stock is currently owned by institutional investors.

Lumentum Price Performance

NASDAQ:LITE opened at $48.66 on Friday. The firm’s fifty day moving average price is $44.82 and its two-hundred day moving average price is $48.18. The company has a debt-to-equity ratio of 2.13, a current ratio of 5.20 and a quick ratio of 3.87. The company has a market cap of $3.29 billion, a P/E ratio of -9.27 and a beta of 0.95. Lumentum Holdings Inc. has a one year low of $35.35 and a one year high of $60.99.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Monday, May 6th. The technology company reported ($0.18) EPS for the quarter, meeting analysts’ consensus estimates of ($0.18). The business had revenue of $366.50 million for the quarter, compared to analyst estimates of $366.53 million. Lumentum had a negative net margin of 24.91% and a negative return on equity of 1.72%. Equities analysts expect that Lumentum Holdings Inc. will post -0.64 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on LITE. Stifel Nicolaus reaffirmed a “buy” rating and set a $62.00 price target on shares of Lumentum in a research report on Monday, April 1st. StockNews.com upgraded shares of Lumentum to a “sell” rating in a research note on Monday, May 6th. Barclays reduced their price objective on shares of Lumentum from $40.00 to $38.00 and set an “underweight” rating for the company in a research note on Tuesday, May 7th. Needham & Company LLC lowered their target price on Lumentum from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, May 20th. Finally, JPMorgan Chase & Co. decreased their price target on Lumentum from $62.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, April 11th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $52.25.

About Lumentum

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.