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

Earnest Partners LLC boosted its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 6.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,690,117 shares of the technology company’s stock after acquiring an additional 95,428 shares during the quarter. Earnest Partners LLC owned 2.50% of Lumentum worth $80,027,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of 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 position in Lumentum by 3.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,491,502 shares of the technology company’s stock valued at $78,187,000 after buying an additional 44,291 shares during the period. Norges Bank bought a new position in shares of Lumentum during the fourth quarter valued at about $53,785,000. Robeco Schweiz AG increased its holdings in shares of Lumentum by 28.1% in the first quarter. Robeco Schweiz AG now owns 843,000 shares of the technology company’s stock worth $39,916,000 after buying an additional 185,000 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Lumentum by 5.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 628,106 shares of the technology company’s stock valued at $32,925,000 after acquiring an additional 34,266 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Wall Street Analysts Forecast Growth

LITE has been the topic of several recent research reports. Barclays reduced their price target on Lumentum from $40.00 to $38.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 7th. Susquehanna upped their price target on shares of Lumentum from $60.00 to $70.00 and gave the company a “positive” rating in a report on Wednesday, July 17th. B. Riley dropped their price target on shares of Lumentum from $41.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, May 7th. Raymond James boosted their price objective on shares of Lumentum from $51.50 to $58.00 and gave the company an “outperform” rating in a research report on Monday, April 1st. Finally, 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. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Lumentum has an average rating of “Hold” and an average target price of $53.08.

Lumentum Stock Down 0.1 %

LITE stock traded down $0.03 during midday trading on Monday, hitting $51.80. The stock had a trading volume of 628,227 shares, compared to its average volume of 1,279,026. The business has a 50-day moving average of $50.22 and a two-hundred day moving average of $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. The firm has a market cap of $3.50 billion, a price-to-earnings ratio of -9.87, a price-to-earnings-growth ratio of 42.23 and a beta of 0.88. Lumentum Holdings Inc. has a 52-week low of $35.35 and a 52-week high of $60.99.

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