Nelson Van Denburg & Campbell Wealth Management Group LLC trimmed its stake in Lumentum Holdings Inc (NASDAQ:LITE) by 43.8% in the 3rd quarter, Holdings Channel.com reports. The firm owned 4,040 shares of the technology company’s stock after selling 3,150 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC’s holdings in Lumentum were worth $216,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of LITE. Nuveen Asset Management LLC lifted its stake in shares of Lumentum by 2,178.5% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,372,183 shares of the technology company’s stock valued at $73,289,000 after purchasing an additional 1,311,961 shares during the last quarter. Westfield Capital Management Co. LP lifted its stake in shares of Lumentum by 113.6% in the 2nd quarter. Westfield Capital Management Co. LP now owns 1,027,148 shares of the technology company’s stock valued at $54,860,000 after purchasing an additional 546,318 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Lumentum by 771.4% in the 2nd quarter. Victory Capital Management Inc. now owns 431,043 shares of the technology company’s stock valued at $23,022,000 after purchasing an additional 381,575 shares during the last quarter. Tairen Capital Ltd bought a new stake in shares of Lumentum in the 2nd quarter valued at approximately $15,561,000. Finally, Maverick Capital Ltd. bought a new stake in shares of Lumentum in the 2nd quarter valued at approximately $15,017,000. 95.30% of the stock is owned by institutional investors and hedge funds.
LITE has been the subject of several analyst reports. MKM Partners set a $71.00 price objective on Lumentum and gave the company a “buy” rating in a research note on Tuesday. Barclays raised their price objective on Lumentum from $60.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. Piper Jaffray Companies raised their price objective on Lumentum from $68.00 to $72.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. BidaskClub downgraded Lumentum from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, B. Riley reiterated a “buy” rating on shares of Lumentum in a report on Monday, September 23rd. Three investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Lumentum presently has an average rating of “Buy” and a consensus target price of $69.54.
Shares of NASDAQ LITE opened at $53.82 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 3.76 and a current ratio of 4.53. The business’s 50 day moving average price is $55.67 and its 200-day moving average price is $54.57. Lumentum Holdings Inc has a fifty-two week low of $37.00 and a fifty-two week high of $63.95. The company has a market cap of $4.01 billion, a price-to-earnings ratio of 16.31, a PEG ratio of 1.40 and a beta of 1.35.
Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Thursday, August 8th. The technology company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.53 by $0.21. The company had revenue of $404.60 million for the quarter, compared to the consensus estimate of $383.54 million. Lumentum had a positive return on equity of 18.19% and a negative net margin of 2.33%. Lumentum’s quarterly revenue was up 34.4% on a year-over-year basis. During the same period last year, the business posted $0.95 EPS. Sell-side analysts predict that Lumentum Holdings Inc will post 3.7 earnings per share for the current year.
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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.
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