Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by Tocqueville Asset Management L.P.

Tocqueville Asset Management L.P. cut its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 95.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 15,610 shares of the technology company’s stock after selling 295,500 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in Lumentum were worth $739,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of LITE. Norges Bank acquired a new position in shares of Lumentum in the 4th quarter worth $53,785,000. Westfield Capital Management Co. LP acquired a new position in shares of Lumentum in the 4th quarter worth $29,675,000. Vanguard Group Inc. grew its holdings in shares of Lumentum by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock worth $377,225,000 after acquiring an additional 442,177 shares during the last quarter. FengHe Fund Management Pte. Ltd. acquired a new position in shares of Lumentum in the 4th quarter worth $19,547,000. Finally, Robeco Schweiz AG grew its holdings in shares of Lumentum by 28.1% in the 1st quarter. Robeco Schweiz AG now owns 843,000 shares of the technology company’s stock worth $39,916,000 after acquiring an additional 185,000 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on LITE shares. B. Riley decreased their target price on Lumentum from $41.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, May 7th. StockNews.com upgraded Lumentum to a “sell” rating in a report on Monday, May 6th. Needham & Company LLC lowered their price target on Lumentum from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, May 20th. Stifel Nicolaus reiterated a “buy” rating and set a $62.00 price target on shares of Lumentum in a report on Monday, April 1st. Finally, Raymond James lifted their price target on Lumentum from $51.50 to $58.00 and gave the company an “outperform” rating in a report on Monday, April 1st. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $53.08.

Lumentum Stock Down 1.3 %

LITE traded down $0.73 during trading on Friday, reaching $54.77. 960,618 shares of the stock traded hands, compared to its average volume of 1,043,351. The stock has a market cap of $3.70 billion, a price-to-earnings ratio of -10.43, a price-to-earnings-growth ratio of 44.62 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 $60.99. The company has a debt-to-equity ratio of 2.13, a current ratio of 5.20 and a quick ratio of 3.87. The stock’s 50-day simple moving average is $49.36 and its two-hundred day simple moving average is $48.85.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Monday, May 6th. The technology company reported ($0.18) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.18). The firm had revenue of $366.50 million during the quarter, compared to analysts’ expectations of $366.53 million. Lumentum had a negative return on equity of 1.72% and a negative net margin of 24.91%. As a group, equities research analysts expect that Lumentum Holdings Inc. will post -0.64 EPS for the current year.

Lumentum Company 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.