Truist Financial Corp Sells 446 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Truist Financial Corp lessened its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 6.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,498 shares of the technology company’s stock after selling 446 shares during the period. Truist Financial Corp’s holdings in Lumentum were worth $546,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Atreides Management LP grew its position in shares of Lumentum by 28.5% during the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock valued at $107,177,000 after acquiring an additional 375,389 shares during the period. Geode Capital Management LLC lifted its stake in Lumentum by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock worth $75,198,000 after purchasing an additional 15,799 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Lumentum by 5.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company’s stock worth $46,784,000 after purchasing an additional 37,109 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Lumentum during the 3rd quarter valued at about $17,981,000. Finally, Goodman Financial Corp raised its position in shares of Lumentum by 1.3% during the 3rd quarter. Goodman Financial Corp now owns 259,618 shares of the technology company’s stock valued at $16,455,000 after buying an additional 3,355 shares in the last quarter. Institutional investors own 94.05% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on LITE. Stifel Nicolaus upped their price target on shares of Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a report on Friday, February 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $110.00 target price on shares of Lumentum in a research report on Friday, February 7th. Northland Securities lifted their price objective on shares of Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a report on Friday, February 7th. UBS Group raised their target price on shares of Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Finally, B. Riley raised their target price on shares of Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $88.07.

Lumentum Stock Down 6.6 %

LITE stock opened at $65.69 on Tuesday. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. Lumentum Holdings Inc. has a 1-year low of $38.28 and a 1-year high of $104.00. The firm has a fifty day moving average price of $83.30 and a two-hundred day moving average price of $74.95. The firm has a market cap of $4.55 billion, a price-to-earnings ratio of -8.54 and a beta of 0.94.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. Research analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Insider Buying and Selling at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the transaction, the chief financial officer now owns 51,976 shares in the company, valued at $4,071,799.84. This represents a 4.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.19% of the stock is owned by corporate insiders.

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.