Creative Planning Raises Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

Creative Planning increased its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 36.0% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 6,914 shares of the technology company’s stock after purchasing an additional 1,831 shares during the period. Creative Planning’s holdings in Lumentum were worth $438,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Point72 DIFC Ltd bought a new position in Lumentum in the 2nd quarter worth about $36,000. GAMMA Investing LLC increased its stake in Lumentum by 141.6% in the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after acquiring an additional 524 shares during the last quarter. Signaturefd LLC increased its stake in Lumentum by 93.9% in the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after acquiring an additional 554 shares during the last quarter. EntryPoint Capital LLC bought a new position in Lumentum in the 1st quarter worth about $112,000. Finally, nVerses Capital LLC increased its stake in Lumentum by 416.7% in the 2nd quarter. nVerses Capital LLC now owns 3,100 shares of the technology company’s stock worth $158,000 after acquiring an additional 2,500 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Trading Up 8.7 %

NASDAQ LITE opened at $71.97 on Thursday. Lumentum Holdings Inc. has a fifty-two week low of $38.28 and a fifty-two week high of $72.77. The company has a debt-to-equity ratio of 2.61, a quick ratio of 4.43 and a current ratio of 5.90. The stock has a 50 day simple moving average of $62.39 and a two-hundred day simple moving average of $53.47. The stock has a market cap of $4.94 billion, a P/E ratio of -8.90, a price-to-earnings-growth ratio of 5.48 and a beta of 0.88.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.03. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The business had revenue of $308.30 million during the quarter, compared to analysts’ expectations of $301.36 million. During the same quarter last year, the business posted $0.12 EPS. The business’s revenue was down 16.9% on a year-over-year basis. On average, analysts forecast that Lumentum Holdings Inc. will post 0.2 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Barclays increased their price objective on Lumentum from $38.00 to $40.00 and gave the company an “underweight” rating in a research report on Thursday, August 15th. Craig Hallum increased their price objective on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Bank of America increased their price objective on Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Thursday, August 15th. Finally, B. Riley increased their price objective on Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $60.77.

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.