Aigen Investment Management LP Boosts Stock Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Aigen Investment Management LP grew its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 34.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,086 shares of the technology company’s stock after buying an additional 2,559 shares during the period. Aigen Investment Management LP’s holdings in Lumentum were worth $639,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Lumentum by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock valued at $341,786,000 after buying an additional 22,088 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Lumentum by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock worth $86,760,000 after purchasing an additional 130,838 shares in the last quarter. Earnest Partners LLC lifted its holdings in Lumentum by 6.0% in the 1st quarter. Earnest Partners LLC now owns 1,690,117 shares of the technology company’s stock worth $80,027,000 after purchasing an additional 95,428 shares in the last quarter. Swedbank AB purchased a new position in Lumentum in the 1st quarter worth approximately $71,025,000. Finally, Van Lanschot Kempen Investment Management N.V. lifted its holdings in Lumentum by 17.8% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock worth $58,803,000 after purchasing an additional 174,828 shares in the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Raymond James boosted their price target on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Barclays boosted their price target on Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a report on Monday. Jefferies Financial Group lifted their price objective on Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Bank of America lifted their price objective on Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Thursday, August 15th. Finally, JPMorgan Chase & Co. lifted their price objective on Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $73.15.

Lumentum Stock Performance

NASDAQ LITE opened at $88.06 on Thursday. The company has a market cap of $6.05 billion, a P/E ratio of -10.64, a P/E/G ratio of 8.83 and a beta of 0.88. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. The business’s 50 day moving average price is $65.16 and its 200-day moving average price is $54.92. Lumentum Holdings Inc. has a fifty-two week low of $38.28 and a fifty-two week high of $89.70.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.03 by $0.03. The company had revenue of $308.30 million for the quarter, compared to the consensus estimate of $301.36 million. Lumentum had a negative return on equity of 6.79% and a negative net margin of 40.70%. Lumentum’s quarterly revenue was down 16.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.12 EPS. Sell-side analysts predict that Lumentum Holdings Inc. will post 0.17 earnings per share for the current year.

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.