Bank of Montreal Can grew its stake in Lumentum Holdings Inc (NASDAQ:LITE) by 23.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,435 shares of the technology company’s stock after buying an additional 6,688 shares during the period. Bank of Montreal Can owned 0.06% of Lumentum worth $1,489,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Bowling Portfolio Management LLC purchased a new position in Lumentum during the 4th quarter worth $729,000. Nisa Investment Advisors LLC raised its position in Lumentum by 70.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,349 shares of the technology company’s stock worth $57,000 after buying an additional 559 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in Lumentum during the 4th quarter worth $25,000. Steward Partners Investment Advisory LLC raised its position in Lumentum by 960.5% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 5,525 shares of the technology company’s stock worth $232,000 after buying an additional 5,004 shares during the last quarter. Finally, IMA Wealth Inc. purchased a new position in Lumentum during the 4th quarter worth $2,554,000.
A number of equities analysts have commented on the stock. Zacks Investment Research downgraded shares of Lumentum from a “buy” rating to a “hold” rating in a research report on Friday, November 16th. ValuEngine raised shares of Lumentum from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. BidaskClub cut shares of Lumentum from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 8th. Northland Securities reaffirmed an “outperform” rating and set a $60.00 price target on shares of Lumentum in a research note on Tuesday, November 13th. Finally, UBS Group lowered their price target on shares of Lumentum from $80.00 to $53.00 and set a “buy” rating on the stock in a research note on Wednesday, November 14th. Four analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $67.95.
Shares of NASDAQ LITE opened at $45.52 on Thursday. The stock has a market capitalization of $3.46 billion, a P/E ratio of 14.05, a price-to-earnings-growth ratio of 0.79 and a beta of 0.65. Lumentum Holdings Inc has a 52 week low of $37.00 and a 52 week high of $74.40. The company has a debt-to-equity ratio of 0.53, a quick ratio of 3.24 and a current ratio of 4.17.
Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Tuesday, February 5th. The technology company reported $1.15 EPS for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.15. The firm had revenue of $373.70 million for the quarter, compared to analysts’ expectations of $365.08 million. Lumentum had a net margin of 7.50% and a return on equity of 20.24%. The firm’s revenue was down 7.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.67 EPS. As a group, equities research analysts expect that Lumentum Holdings Inc will post 3.37 earnings per share for the current year.
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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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.
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