Leeward Investments LLC MA Decreases Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

Leeward Investments LLC MA cut its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 0.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 357,106 shares of the technology company’s stock after selling 3,023 shares during the period. Leeward Investments LLC MA’s holdings in Lumentum were worth $16,909,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Lumentum in the fourth quarter valued at approximately $53,785,000. Westfield Capital Management Co. LP acquired a new position in shares of Lumentum in the 4th quarter valued at $29,675,000. Vanguard Group Inc. boosted its holdings in shares of Lumentum by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock valued at $377,225,000 after buying an additional 442,177 shares in the last quarter. FengHe Fund Management Pte. Ltd. purchased a new position in shares of Lumentum in the 4th quarter valued at $19,547,000. Finally, Earnest Partners LLC raised its stake 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 acquiring an additional 337,096 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on LITE shares. Barclays decreased their price objective on shares of Lumentum from $40.00 to $38.00 and set an “underweight” rating for the company in a research note on Tuesday, May 7th. Stifel Nicolaus reissued a “buy” rating and issued a $62.00 target price on shares of Lumentum in a research report on Monday, April 1st. JPMorgan Chase & Co. cut their price target on Lumentum from $62.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, April 11th. StockNews.com upgraded Lumentum to a “sell” rating in a research note on Monday, May 6th. Finally, Needham & Company LLC lowered their target price on shares of Lumentum from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, May 20th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $52.25.

Lumentum Price Performance

Shares of NASDAQ LITE traded up $0.30 during trading on Thursday, hitting $54.24. 537,654 shares of the company were exchanged, compared to its average volume of 814,895. The firm’s fifty day moving average price is $46.44 and its 200 day moving average price is $48.51. The company has a debt-to-equity ratio of 2.13, a current ratio of 5.20 and a quick ratio of 3.87. The company has a market cap of $3.67 billion, a price-to-earnings ratio of -10.33, a PEG ratio of 43.94 and a beta of 0.88. Lumentum Holdings Inc. has a 1 year low of $35.35 and a 1 year high of $60.99.

Lumentum (NASDAQ:LITE) last issued its earnings results on Monday, May 6th. The technology company reported ($0.18) earnings per share for the quarter, hitting the consensus estimate of ($0.18). The company had revenue of $366.50 million for the quarter, compared to analyst estimates of $366.53 million. Lumentum had a negative net margin of 24.91% and a negative return on equity of 1.72%. On average, sell-side analysts expect that Lumentum Holdings Inc. will post -0.64 earnings per share 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.