Truist Financial Corp lessened its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE – Free Report) by 46.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,035 shares of the technology company’s stock after selling 7,044 shares during the quarter. Truist Financial Corp’s holdings in Lumentum were worth $421,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Earnest Partners LLC raised its position in Lumentum by 26.2% during the 3rd quarter. Earnest Partners LLC now owns 1,624,514 shares of the technology company’s stock worth $73,396,000 after buying an additional 337,096 shares during the last quarter. Northern Trust Corp raised its holdings in Lumentum by 9.9% during the third quarter. Northern Trust Corp now owns 820,489 shares of the technology company’s stock worth $37,070,000 after purchasing an additional 73,935 shares in the last quarter. Van Lanschot Kempen Investment Management N.V. lifted its position in Lumentum by 34.2% in the third quarter. Van Lanschot Kempen Investment Management N.V. now owns 499,362 shares of the technology company’s stock valued at $22,561,000 after purchasing an additional 127,125 shares during the period. Pinnacle Associates Ltd. boosted its holdings in Lumentum by 2.8% in the 4th quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock valued at $21,376,000 after purchasing an additional 11,281 shares in the last quarter. Finally, FengHe Fund Management Pte. Ltd. acquired a new position in Lumentum during the 4th quarter worth approximately $19,547,000. 94.05% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research firms recently weighed in on LITE. Needham & Company LLC restated a “buy” rating and issued a $50.00 price target on shares of Lumentum in a research note on Friday, February 9th. StockNews.com raised shares of Lumentum to a “sell” rating in a research note on Monday, May 6th. Susquehanna reduced their price objective on shares of Lumentum from $65.00 to $60.00 and set a “positive” rating for the company in a research note on Friday, February 9th. Stifel Nicolaus restated a “buy” rating and set a $62.00 target price on shares of Lumentum in a research report on Monday, April 1st. Finally, Rosenblatt Securities lifted their price target on shares of Lumentum from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Three research 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, the company currently has a consensus rating of “Hold” and an average price target of $51.83.
Check Out Our Latest Stock Analysis on Lumentum
Lumentum Stock Performance
Lumentum stock opened at $46.05 on Friday. Lumentum Holdings Inc. has a fifty-two week low of $35.35 and a fifty-two week high of $65.16. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of -8.77 and a beta of 1.09. The stock has a fifty day moving average of $45.33 and a two-hundred day moving average of $47.55. The company has a debt-to-equity ratio of 2.13, a quick ratio of 3.87 and a current ratio of 5.20.
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.
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Source: defenseworld.net
