Truist Financial Corp Buys 607 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Truist Financial Corp grew its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 5.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,054 shares of the technology company’s stock after buying an additional 607 shares during the period. Truist Financial Corp’s holdings in Lumentum were worth $563,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LITE. Vanguard Group Inc. grew its holdings in shares of Lumentum by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock valued at $341,786,000 after buying an additional 22,088 shares during the period. Dimensional Fund Advisors LP grew its stake in Lumentum by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock valued at $86,760,000 after acquiring an additional 130,838 shares during the period. Earnest Partners LLC increased its holdings in shares of Lumentum by 6.0% in the first quarter. Earnest Partners LLC now owns 1,690,117 shares of the technology company’s stock worth $80,027,000 after acquiring an additional 95,428 shares in the last quarter. Swedbank AB acquired a new stake in shares of Lumentum during the first quarter worth about $71,025,000. Finally, Van Lanschot Kempen Investment Management N.V. raised its position in shares of Lumentum by 17.8% during the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock worth $58,803,000 after purchasing an additional 174,828 shares during the period. Institutional investors own 94.05% of the company’s stock.

Lumentum Price Performance

Lumentum stock opened at $66.58 on Wednesday. The firm has a market cap of $4.50 billion, a PE ratio of -12.68, a price-to-earnings-growth ratio of 5.78 and a beta of 0.89. The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43. Lumentum Holdings Inc. has a one year low of $35.35 and a one year high of $70.09. The stock’s fifty day moving average price is $57.57 and its two-hundred day moving average price is $51.13.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.03 by $0.03. The business had revenue of $308.30 million during the quarter, compared to the consensus estimate of $301.36 million. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The company’s revenue was down 16.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.12 earnings per share. As a group, research analysts expect that Lumentum Holdings Inc. will post 0.2 EPS for the current fiscal year.

Analysts Set New Price Targets

LITE has been the subject of a number of research reports. Bank of America increased their target price on Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Thursday, August 15th. Raymond James raised their price objective on shares of Lumentum from $55.00 to $70.00 and gave the stock an “outperform” rating in a report on Friday, October 4th. JPMorgan Chase & Co. upped their target price on shares of Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Craig Hallum upped their price objective on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Finally, Barclays boosted their price target on Lumentum from $38.00 to $40.00 and gave the stock an “underweight” rating in a research report on Thursday, August 15th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $60.00.

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.