B. Riley Wealth Advisors Inc. acquired a new stake in Lumentum Holdings Inc. (NASDAQ:LITE – Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 11,677 shares of the technology company’s stock, valued at approximately $612,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in LITE. Ramirez Asset Management Inc. bought a new stake in shares of Lumentum during the third quarter worth $32,000. Neo Ivy Capital Management acquired a new stake in shares of Lumentum in the 3rd quarter valued at about $32,000. Principal Securities Inc. acquired a new stake in shares of Lumentum in the 4th quarter valued at about $55,000. Whittier Trust Co. boosted its position in shares of Lumentum by 697.7% during the fourth quarter. Whittier Trust Co. now owns 1,715 shares of the technology company’s stock worth $90,000 after buying an additional 1,500 shares during the period. Finally, Itau Unibanco Holding S.A. bought a new position in shares of Lumentum during the third quarter worth about $180,000. 94.05% of the stock is currently owned by institutional investors.
Lumentum Price Performance
NASDAQ:LITE opened at $48.66 on Friday. The firm’s fifty day moving average price is $44.82 and its two-hundred day moving average price is $48.18. 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 company has a market cap of $3.29 billion, a P/E ratio of -9.27 and a beta of 0.95. Lumentum Holdings Inc. has a one year low of $35.35 and a one year high of $60.99.
Wall Street Analyst Weigh In
A number of research firms have weighed in on LITE. Stifel Nicolaus reaffirmed a “buy” rating and set a $62.00 price target on shares of Lumentum in a research report on Monday, April 1st. StockNews.com upgraded shares of Lumentum to a “sell” rating in a research note on Monday, May 6th. Barclays reduced their price objective on shares of Lumentum from $40.00 to $38.00 and set an “underweight” rating for the company in a research note on Tuesday, May 7th. Needham & Company LLC lowered their target price on Lumentum from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, May 20th. Finally, JPMorgan Chase & Co. decreased their price target on Lumentum from $62.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, April 11th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $52.25.
Check Out Our Latest Report on LITE
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.
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