Earnest Partners LLC Increases Stock Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Earnest Partners LLC raised its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 6.0% in the first quarter, Holdings Channel reports. The institutional investor owned 1,690,117 shares of the technology company’s stock after purchasing an additional 95,428 shares during the period. Earnest Partners LLC’s holdings in Lumentum were worth $80,027,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of LITE. Keeley Teton Advisors LLC raised its stake in shares of Lumentum by 15.2% during the 1st quarter. Keeley Teton Advisors LLC now owns 31,937 shares of the technology company’s stock worth $1,512,000 after buying an additional 4,209 shares during the period. EntryPoint Capital LLC purchased a new position in Lumentum during the first quarter valued at $112,000. Vanguard Group Inc. grew its position in shares of Lumentum by 0.3% in the first quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock valued at $341,786,000 after purchasing an additional 22,088 shares during the period. State Board of Administration of Florida Retirement System increased its stake in shares of Lumentum by 2.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 79,009 shares of the technology company’s stock worth $3,741,000 after purchasing an additional 1,706 shares in the last quarter. Finally, Entropy Technologies LP raised its position in shares of Lumentum by 83.3% during the 1st quarter. Entropy Technologies LP now owns 7,161 shares of the technology company’s stock worth $339,000 after purchasing an additional 3,254 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on LITE shares. Raymond James boosted their price objective on Lumentum from $51.50 to $58.00 and gave the stock an “outperform” rating in a research note on Monday, April 1st. Susquehanna raised their price objective on Lumentum from $60.00 to $70.00 and gave the company a “positive” rating in a report on Wednesday, July 17th. Needham & Company LLC dropped their target price on shares of Lumentum from $60.00 to $55.00 and set a “buy” rating for the company in a report on Monday, May 20th. Barclays decreased their price target on shares of Lumentum from $40.00 to $38.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 7th. Finally, StockNews.com raised shares of Lumentum to a “sell” rating in a research note on Monday, May 6th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $53.08.

Lumentum Trading Down 0.1 %

Shares of LITE stock traded down $0.03 during trading on Monday, hitting $51.80. 628,227 shares of the stock traded hands, compared to its average volume of 1,279,026. Lumentum Holdings Inc. has a 52-week low of $35.35 and a 52-week high of $60.99. The firm has a market capitalization of $3.50 billion, a P/E ratio of -9.87, a price-to-earnings-growth ratio of 42.23 and a beta of 0.88. The firm’s fifty day moving average price is $50.22 and its 200-day moving average price is $48.91. The company has a debt-to-equity ratio of 2.13, a current ratio of 5.20 and a quick ratio of 3.87.

Lumentum (NASDAQ:LITE) last posted its earnings results on Monday, May 6th. The technology company reported ($0.18) EPS for the quarter, meeting analysts’ consensus estimates of ($0.18). The company had revenue of $366.50 million for the quarter, compared to the consensus estimate 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, research analysts forecast that Lumentum Holdings Inc. will post -0.64 earnings per share for the current fiscal 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.