Washington Capital Management Inc. Reduces Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Washington Capital Management Inc. decreased its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 16.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,800 shares of the technology company’s stock after selling 2,000 shares during the quarter. Washington Capital Management Inc.’s holdings in Lumentum were worth $621,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Creative Planning increased its position in Lumentum by 36.0% in the third quarter. Creative Planning now owns 6,914 shares of the technology company’s stock worth $438,000 after purchasing an additional 1,831 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Lumentum by 141.6% in the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after purchasing an additional 524 shares during the last quarter. Central Pacific Bank Trust Division lifted its stake in Lumentum by 6,232.5% in the third quarter. Central Pacific Bank Trust Division now owns 7,599 shares of the technology company’s stock worth $482,000 after acquiring an additional 7,479 shares during the period. Point72 DIFC Ltd purchased a new stake in Lumentum in the second quarter worth about $36,000. Finally, Truist Financial Corp lifted its stake in Lumentum by 5.8% in the second quarter. Truist Financial Corp now owns 11,054 shares of the technology company’s stock worth $563,000 after acquiring an additional 607 shares during the period. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on LITE. B. Riley increased their price target on shares of Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Craig Hallum increased their target price on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Barclays lifted their target price on shares of Lumentum from $38.00 to $40.00 and gave the stock an “underweight” rating in a research note on Thursday, August 15th. Raymond James boosted their price target on shares of Lumentum from $55.00 to $70.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Finally, Morgan Stanley boosted their price objective on shares of Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Lumentum currently has a consensus rating of “Hold” and an average price target of $60.00.

Lumentum Stock Performance

LITE stock traded down $1.82 during trading on Tuesday, reaching $67.41. 975,937 shares of the company’s stock were exchanged, compared to its average volume of 1,413,134. Lumentum Holdings Inc. has a 1-year low of $35.35 and a 1-year high of $70.09. The company has a quick ratio of 4.43, a current ratio of 5.90 and a debt-to-equity ratio of 2.61. The company’s fifty day moving average price is $57.07 and its 200-day moving average price is $51.00. The firm has a market cap of $4.56 billion, a PE ratio of -13.19, a P/E/G ratio of 5.78 and a beta of 0.89.

Lumentum (NASDAQ:LITE) last announced its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. The company had revenue of $308.30 million for the quarter, compared to analyst estimates of $301.36 million. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. Lumentum’s revenue for the quarter was down 16.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.12 earnings per share. On average, research analysts expect that Lumentum Holdings Inc. will post 0.2 EPS 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.