Kimelman & Baird LLC Purchases Shares of 5,949 Lumentum Holdings Inc. (NASDAQ:LITE)

Kimelman & Baird LLC acquired a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 5,949 shares of the technology company’s stock, valued at approximately $303,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Algert Global LLC acquired a new stake in shares of Lumentum during the second quarter worth about $346,000. Susquehanna Fundamental Investments LLC raised its position in Lumentum by 106.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 29,936 shares of the technology company’s stock worth $1,524,000 after buying an additional 15,436 shares during the last quarter. Shellback Capital LP lifted its stake in Lumentum by 35.7% during the 2nd quarter. Shellback Capital LP now owns 221,097 shares of the technology company’s stock valued at $11,258,000 after acquiring an additional 58,108 shares during the period. Dark Forest Capital Management LP boosted its holdings in shares of Lumentum by 11.9% in the 2nd quarter. Dark Forest Capital Management LP now owns 27,408 shares of the technology company’s stock valued at $1,396,000 after acquiring an additional 2,905 shares during the last quarter. Finally, DigitalBridge Group Inc. increased its stake in shares of Lumentum by 10.9% in the second quarter. DigitalBridge Group Inc. now owns 554,529 shares of the technology company’s stock worth $28,237,000 after acquiring an additional 54,703 shares during the period. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Stock Down 1.8 %

Shares of NASDAQ LITE opened at $63.38 on Tuesday. The firm has a market cap of $4.28 billion, a price-to-earnings ratio of -12.07, a price-to-earnings-growth ratio of 4.83 and a beta of 0.88. The company’s 50-day simple moving average is $53.63 and its 200-day simple moving average is $49.70. The company has a quick ratio of 4.43, a current ratio of 5.90 and a debt-to-equity ratio of 2.61. Lumentum Holdings Inc. has a 52-week low of $35.35 and a 52-week high of $65.52.

Lumentum (NASDAQ:LITE) last posted 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. The company had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. Lumentum’s quarterly revenue was down 16.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.12 EPS. Equities analysts predict that Lumentum Holdings Inc. will post 0.22 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Susquehanna upped their target price on Lumentum from $60.00 to $70.00 and gave the stock a “positive” rating in a research note on Wednesday, July 17th. Craig Hallum lifted their price target on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Jefferies Financial Group upped their price objective on Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Finally, Rosenblatt Securities lifted their target price on shares of Lumentum from $65.00 to $69.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Three investment 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $59.08.

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.