Raymond James Financial Services Advisors Inc. Reduces Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Raymond James Financial Services Advisors Inc. reduced its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 60.3% in the 4th quarter, Holdings Channel reports. The institutional investor owned 16,013 shares of the technology company’s stock after selling 24,289 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Lumentum were worth $839,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Headlands Technologies LLC bought a new stake in Lumentum in the third quarter valued at about $26,000. Ramirez Asset Management Inc. bought a new stake in Lumentum in the third quarter valued at about $32,000. Neo Ivy Capital Management bought a new stake in Lumentum in the third quarter valued at about $32,000. Qube Research & Technologies Ltd bought a new stake in Lumentum in the third quarter valued at about $62,000. Finally, Whittier Trust Co. increased its holdings in Lumentum by 697.7% in the fourth quarter. Whittier Trust Co. now owns 1,715 shares of the technology company’s stock valued at $90,000 after buying an additional 1,500 shares during the last quarter. 94.05% of the stock is owned by institutional investors.

Insider Activity

In other news, CAO Matthew Joseph Sepe sold 9,903 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $49.23, for a total value of $487,524.69. Following the completion of the sale, the chief accounting officer now owns 33,188 shares in the company, valued at $1,633,845.24. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.60% of the stock is owned by insiders.

Lumentum Stock Performance

Shares of NASDAQ LITE opened at $41.81 on Tuesday. The company has a current ratio of 3.13, a quick ratio of 2.42 and a debt-to-equity ratio of 1.96. The stock has a 50 day simple moving average of $48.44 and a 200-day simple moving average of $47.14. The company has a market cap of $2.82 billion, a PE ratio of -10.61 and a beta of 1.09. Lumentum Holdings Inc. has a 12-month low of $35.35 and a 12-month high of $65.16.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Thursday, February 8th. The technology company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.07). The business had revenue of $366.80 million for the quarter, compared to analyst estimates of $363.44 million. Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. On average, equities research analysts forecast that Lumentum Holdings Inc. will post -0.61 EPS for the current year.

Wall Street Analyst Weigh In

LITE has been the subject of several research analyst reports. Barclays boosted their price objective on Lumentum from $40.00 to $45.00 and gave the company an “underweight” rating in a report on Tuesday, January 16th. B. Riley decreased their target price on Lumentum from $42.00 to $41.00 and set a “neutral” rating for the company in a research note on Friday, February 9th. Susquehanna decreased their target price on Lumentum from $65.00 to $60.00 and set a “positive” rating for the company in a research note on Friday, February 9th. Raymond James lifted their target price on Lumentum from $51.50 to $58.00 and gave the company an “outperform” rating in a research note on Monday, April 1st. Finally, Stifel Nicolaus restated a “buy” rating and issued a $62.00 target price on shares of Lumentum in a research note 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. According to data from MarketBeat, Lumentum has a consensus rating of “Hold” and a consensus target price of $51.79.

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.