Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by Dana Investment Advisors Inc.

Dana Investment Advisors Inc. decreased its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 2.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 69,982 shares of the technology company’s stock after selling 1,823 shares during the quarter. Dana Investment Advisors Inc. owned 0.10% of Lumentum worth $3,563,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Lumentum by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock worth $341,786,000 after buying an additional 22,088 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Lumentum by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock valued at $86,760,000 after purchasing an additional 130,838 shares during the last quarter. Earnest Partners LLC boosted its stake in Lumentum by 6.0% during the 1st quarter. Earnest Partners LLC now owns 1,690,117 shares of the technology company’s stock worth $80,027,000 after purchasing an additional 95,428 shares during the period. Swedbank AB purchased a new position in Lumentum during the 1st quarter worth $71,025,000. Finally, Van Lanschot Kempen Investment Management N.V. grew its position in Lumentum by 17.8% during the 2nd 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 last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on LITE. Bank of America upped their target price on shares of Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a report on Thursday, August 15th. Needham & Company LLC upped their price objective on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Rosenblatt Securities lifted their target price on Lumentum from $65.00 to $69.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Northland Securities boosted their target price on Lumentum from $40.00 to $45.00 and gave the company a “market perform” rating in a report on Friday, August 16th. Finally, Craig Hallum increased their price target on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Lumentum presently has a consensus rating of “Hold” and an average price target of $59.08.

Lumentum Stock Performance

NASDAQ:LITE opened at $61.49 on Wednesday. The firm’s fifty day simple moving average is $53.76 and its 200-day simple moving average is $49.81. The company has a quick ratio of 4.43, a current ratio of 5.90 and a debt-to-equity ratio of 2.61. The stock has a market cap of $4.16 billion, a PE ratio of -11.71, a price-to-earnings-growth ratio of 4.83 and a beta of 0.88. Lumentum Holdings Inc. has a fifty-two week low of $35.35 and a fifty-two week high of $65.52.

Lumentum (NASDAQ:LITE) last issued its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.03. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The company had revenue of $308.30 million for the quarter, compared to analyst estimates of $301.36 million. During the same period in the prior year, the business posted $0.12 earnings per share. The firm’s revenue for the quarter was down 16.9% compared to the same quarter last year. Analysts expect that Lumentum Holdings Inc. will post 0.22 earnings per share for the current fiscal year.

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.