Kennedy Capital Management LLC Boosts Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Kennedy Capital Management LLC boosted its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 23.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 75,513 shares of the technology company’s stock after purchasing an additional 14,132 shares during the period. Kennedy Capital Management LLC owned about 0.11% of Lumentum worth $3,576,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Raymond James & Associates grew its position in shares of Lumentum by 15.0% during the 4th quarter. Raymond James & Associates now owns 62,777 shares of the technology company’s stock valued at $3,291,000 after acquiring an additional 8,174 shares during the period. Pacer Advisors Inc. boosted its stake in shares of Lumentum by 75.0% in the fourth quarter. Pacer Advisors Inc. now owns 10,065 shares of the technology company’s stock worth $528,000 after acquiring an additional 4,314 shares during the period. JB Capital LLC grew its holdings in Lumentum by 27.0% during the 4th quarter. JB Capital LLC now owns 14,043 shares of the technology company’s stock valued at $736,000 after buying an additional 2,989 shares in the last quarter. FengHe Fund Management Pte. Ltd. purchased a new stake in Lumentum in the 4th quarter worth $19,547,000. Finally, Oak Thistle LLC bought a new position in shares of Lumentum during the 4th quarter valued at about $374,000. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on LITE. Needham & Company LLC decreased their target price on Lumentum from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, May 20th. Raymond James upped their target price on shares of Lumentum from $51.50 to $58.00 and gave the company an “outperform” rating in a research report on Monday, April 1st. Barclays dropped their price target 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. Susquehanna increased their price objective on shares of Lumentum from $60.00 to $70.00 and gave the stock a “positive” rating in a research report on Wednesday, July 17th. Finally, 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. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $53.08.

Lumentum Stock Down 5.3 %

NASDAQ:LITE traded down $2.75 during trading hours on Tuesday, reaching $49.05. The company’s stock had a trading volume of 1,859,714 shares, compared to its average volume of 1,283,030. The stock has a 50 day moving average price of $50.22 and a two-hundred day moving average price of $48.91. The company has a debt-to-equity ratio of 2.13, a quick ratio of 3.87 and a current ratio of 5.20. The company has a market capitalization of $3.32 billion, a P/E ratio of -9.34, a price-to-earnings-growth ratio of 42.23 and a beta of 0.88. Lumentum Holdings Inc. has a 12 month low of $35.35 and a 12 month high of $60.99.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Monday, May 6th. The technology company reported ($0.18) EPS for the quarter, hitting the consensus estimate of ($0.18). Lumentum had a negative return on equity of 1.72% and a negative net margin of 24.91%. The firm had revenue of $366.50 million during the quarter, compared to analyst estimates of $366.53 million. Equities analysts predict that Lumentum Holdings Inc. will post -0.64 EPS for the current fiscal year.

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.