Front Street Capital Management Inc. Sells 442 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Front Street Capital Management Inc. reduced its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 0.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 116,821 shares of the technology company’s stock after selling 442 shares during the period. Lumentum accounts for 1.1% of Front Street Capital Management Inc.’s portfolio, making the stock its 24th largest position. Front Street Capital Management Inc. owned approximately 0.17% of Lumentum worth $5,949,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Signaturefd LLC boosted its holdings in Lumentum by 93.9% in the second quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after acquiring an additional 554 shares in the last quarter. EntryPoint Capital LLC bought a new stake in Lumentum in the first quarter worth $112,000. nVerses Capital LLC boosted its holdings in Lumentum by 416.7% in the second quarter. nVerses Capital LLC now owns 3,100 shares of the technology company’s stock worth $158,000 after acquiring an additional 2,500 shares in the last quarter. Vanguard Personalized Indexing Management LLC bought a new stake in Lumentum in the second quarter worth $210,000. Finally, Perigon Wealth Management LLC bought a new stake in Lumentum in the first quarter worth $236,000. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Lumentum Stock Down 0.2 %

LITE stock opened at $61.23 on Tuesday. Lumentum Holdings Inc. has a fifty-two week low of $35.35 and a fifty-two week high of $62.21. The business’s 50-day moving average is $52.99 and its two-hundred day moving average is $49.14. 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 company has a market cap of $4.14 billion, a price-to-earnings ratio of -11.66, a P/E/G ratio of 4.26 and a beta of 0.88.

Lumentum (NASDAQ:LITE) last posted its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. The company had revenue of $308.30 million for the quarter, compared to the consensus estimate of $301.36 million. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. Lumentum’s revenue was down 16.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.12 earnings per share. As a group, analysts forecast that Lumentum Holdings Inc. will post 0.22 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Rosenblatt Securities boosted their target price on Lumentum from $65.00 to $69.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Craig Hallum upped their price target on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. JPMorgan Chase & Co. upped their price target on Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Morgan Stanley upped their price target on Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Finally, B. Riley upped their price target on Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $59.08.

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.