Private Advisor Group LLC Sells 535 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Private Advisor Group LLC reduced its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 10.6% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,493 shares of the technology company’s stock after selling 535 shares during the quarter. Private Advisor Group LLC’s holdings in Lumentum were worth $285,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Lumentum by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock worth $341,786,000 after acquiring an additional 22,088 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Lumentum by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock worth $86,760,000 after purchasing an additional 130,838 shares in the last quarter. Earnest Partners LLC boosted its holdings in shares of Lumentum by 6.0% in 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 in the last quarter. Swedbank AB purchased a new position in shares of Lumentum in the 1st quarter worth about $71,025,000. Finally, Van Lanschot Kempen Investment Management N.V. boosted its holdings in shares of Lumentum by 17.8% in 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 in the last quarter. 94.05% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on LITE. Needham & Company LLC upped their price objective on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Barclays increased their target price on Lumentum from $38.00 to $40.00 and gave the company an “underweight” rating in a report on Thursday, August 15th. Craig Hallum increased their target price on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Jefferies Financial Group increased their target price on Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Finally, Morgan Stanley increased their target price on Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Lumentum currently has an average rating of “Hold” and an average target price of $60.77.

Lumentum Trading Up 8.7 %

NASDAQ LITE opened at $71.97 on Thursday. Lumentum Holdings Inc. has a fifty-two week low of $38.28 and a fifty-two week high of $72.77. 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 stock has a 50 day simple moving average of $62.39 and a two-hundred day simple moving average of $53.47. The stock has a market cap of $4.94 billion, a P/E ratio of -8.90, a price-to-earnings-growth ratio of 5.48 and a beta of 0.88.

Lumentum (NASDAQ:LITE) last announced its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.03. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The firm had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. During the same quarter in the prior year, the company earned $0.12 EPS. The business’s revenue was down 16.9% compared to the same quarter last year. On average, analysts forecast that Lumentum Holdings Inc. will post 0.2 earnings per share for the current year.

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.