PNC Financial Services Group Inc. Sells 7,372 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

PNC Financial Services Group Inc. lessened its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 39.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,171 shares of the technology company’s stock after selling 7,372 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Lumentum were worth $586,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. FengHe Fund Management Pte. Ltd. bought a new position in shares of Lumentum during the 4th quarter worth approximately $19,547,000. International Assets Investment Management LLC bought a new position in shares of Lumentum during the 4th quarter worth approximately $1,379,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of Lumentum during the 4th quarter worth approximately $1,389,000. Dimensional Fund Advisors LP raised its stake in shares of Lumentum by 3.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,491,502 shares of the technology company’s stock worth $78,187,000 after acquiring an additional 44,291 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in shares of Lumentum by 52.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 211,684 shares of the technology company’s stock worth $9,564,000 after acquiring an additional 73,047 shares in the last quarter. Institutional investors own 94.05% of the company’s stock.

Lumentum Stock Performance

Shares of NASDAQ LITE opened at $49.13 on Thursday. The company’s fifty day moving average price is $45.19 and its 200 day moving average price is $48.30. Lumentum Holdings Inc. has a 1 year low of $35.35 and a 1 year high of $60.99. The company has a market capitalization of $3.32 billion, a PE ratio of -9.36 and a beta of 0.95. The company has a debt-to-equity ratio of 2.13, a quick ratio of 3.87 and a current ratio of 5.20.

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

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. B. Riley dropped their target price on shares of Lumentum from $41.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 7th. Raymond James boosted their target price on shares of Lumentum from $51.50 to $58.00 and gave the stock an “outperform” rating in a research report on Monday, April 1st. Needham & Company LLC dropped their target price on shares of Lumentum from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, May 20th. StockNews.com raised shares of Lumentum to a “sell” rating in a research report on Monday, May 6th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Lumentum from $62.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, April 11th. Three equities research 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.com, the stock has a consensus 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.