Vanguard Group Inc. Purchases 442,177 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Vanguard Group Inc. lifted its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 6.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,196,205 shares of the technology company’s stock after purchasing an additional 442,177 shares during the quarter. Vanguard Group Inc. owned about 10.68% of Lumentum worth $377,225,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. FengHe Fund Management Pte. Ltd. bought a new position in shares of Lumentum in the fourth quarter worth $19,547,000. International Assets Investment Management LLC bought a new position in shares of Lumentum in the fourth quarter worth $1,379,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of Lumentum in the fourth quarter worth $1,389,000. Dimensional Fund Advisors LP increased its holdings in shares of Lumentum by 3.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,491,502 shares of the technology company’s stock worth $78,187,000 after purchasing an additional 44,291 shares during the period. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Lumentum by 52.7% in the third quarter. Envestnet Asset Management Inc. now owns 211,684 shares of the technology company’s stock worth $9,564,000 after purchasing an additional 73,047 shares during the period. Institutional investors own 94.05% of the company’s stock.

Lumentum Stock Down 0.2 %

NASDAQ LITE opened at $49.04 on Friday. 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 stock has a market capitalization of $3.32 billion, a PE ratio of -9.34 and a beta of 0.95. Lumentum Holdings Inc. has a 1 year low of $35.35 and a 1 year high of $60.99. The business’s 50-day moving average is $45.33 and its 200 day moving average is $48.31.

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

Analyst Upgrades and Downgrades

LITE has been the subject of several research reports. StockNews.com upgraded shares of Lumentum to a “sell” rating in a research report on Monday, May 6th. Needham & Company LLC cut their target price on shares of Lumentum from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, May 20th. Raymond James upped 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. B. Riley cut their target price on shares of Lumentum from $41.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, May 7th. Finally, Barclays cut their target price on shares of Lumentum from $40.00 to $38.00 and set an “underweight” rating for the company in a research report on Tuesday, May 7th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Lumentum presently has an average rating of “Hold” and an average target price of $52.25.

Lumentum Company 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.