Algert Global LLC Makes New $346,000 Investment in Lumentum Holdings Inc. (NASDAQ:LITE)

Algert Global LLC bought a new stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 6,788 shares of the technology company’s stock, valued at approximately $346,000.

Other hedge funds also recently made changes to their positions in the company. Bridge City Capital LLC increased its holdings in Lumentum by 0.7% during the first quarter. Bridge City Capital LLC now owns 32,607 shares of the technology company’s stock worth $1,544,000 after buying an additional 242 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Lumentum by 1.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock worth $691,000 after purchasing an additional 260 shares during the period. Mcdonald Partners LLC lifted its stake in Lumentum by 1.6% in the second quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company’s stock valued at $1,010,000 after purchasing an additional 318 shares during the last quarter. Arizona State Retirement System grew its holdings in Lumentum by 2.5% during the second quarter. Arizona State Retirement System now owns 18,868 shares of the technology company’s stock valued at $961,000 after purchasing an additional 455 shares during the period. Finally, Texas Permanent School Fund Corp increased its position in Lumentum by 0.9% in the first quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company’s stock worth $2,759,000 after buying an additional 496 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on LITE shares. Barclays upped their price target on Lumentum from $38.00 to $40.00 and gave the company an “underweight” rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. upped their price objective on shares of Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, August 12th. B. Riley lifted their target price on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Morgan Stanley raised their price objective on shares of Lumentum from $50.00 to $54.00 and gave the stock an “equal weight” rating in a report on Thursday, August 15th. Finally, Northland Securities lifted their price objective on shares of Lumentum from $40.00 to $45.00 and gave the company a “market perform” rating in a research note on Friday, August 16th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $60.00.

Lumentum Price Performance

NASDAQ:LITE opened at $67.75 on Wednesday. The firm has a market capitalization of $4.58 billion, a price-to-earnings ratio of -12.90, a P/E/G ratio of 4.83 and a beta of 0.89. The company has a debt-to-equity ratio of 2.61, a quick ratio of 4.43 and a current ratio of 5.90. The stock has a fifty day moving average of $55.34 and a 200 day moving average of $50.46. Lumentum Holdings Inc. has a 52-week low of $35.35 and a 52-week high of $68.81.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.03 by $0.03. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The company had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. During the same quarter in the previous year, the firm earned $0.12 earnings per share. Lumentum’s revenue was down 16.9% on a year-over-year basis. On average, research analysts expect that Lumentum Holdings Inc. will post 0.22 EPS for the current fiscal year.

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.