International Assets Investment Management LLC Buys 20,835 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

International Assets Investment Management LLC lifted its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 6,238.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 21,169 shares of the technology company’s stock after purchasing an additional 20,835 shares during the quarter. International Assets Investment Management LLC’s holdings in Lumentum were worth $1,342,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Lecap Asset Management Ltd. bought a new stake in shares of Lumentum during the third quarter worth $1,632,000. Signaturefd LLC lifted its position in shares of Lumentum by 13.8% during the third quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock worth $83,000 after purchasing an additional 158 shares during the last quarter. First Citizens Bank & Trust Co. bought a new stake in shares of Lumentum during the third quarter worth $259,000. nVerses Capital LLC lifted its position in shares of Lumentum by 54.8% during the third quarter. nVerses Capital LLC now owns 4,800 shares of the technology company’s stock worth $304,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Creative Planning lifted its position in shares of Lumentum by 36.0% during the third quarter. Creative Planning now owns 6,914 shares of the technology company’s stock worth $438,000 after purchasing an additional 1,831 shares during the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

LITE has been the subject of several recent research reports. Needham & Company LLC lifted their price objective 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. lifted their price objective on Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Northland Securities lifted their price objective on Lumentum from $40.00 to $45.00 and gave the company a “market perform” rating in a report on Friday, August 16th. Jefferies Financial Group lifted their price objective on Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Finally, Bank of America boosted their target price on shares of Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Thursday, August 15th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $60.77.

Lumentum Price Performance

LITE stock opened at $64.17 on Tuesday. The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43. The firm has a market capitalization of $4.40 billion, a P/E ratio of -7.93, a P/E/G ratio of 5.45 and a beta of 0.88. The business’s 50-day moving average is $61.75 and its two-hundred day moving average is $53.01. Lumentum Holdings Inc. has a 1 year low of $38.28 and a 1 year high of $71.07.

Lumentum (NASDAQ:LITE) last posted 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. The firm had revenue of $308.30 million during the quarter, compared to analysts’ expectations of $301.36 million. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The firm’s revenue was down 16.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.12 earnings per share. Analysts anticipate that Lumentum Holdings Inc. will post 0.2 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.