Lumentum (NASDAQ:LITE) Shares Down 9.8%

Lumentum Holdings Inc. (NASDAQ:LITE) shares fell 9.8% on Monday . The stock traded as low as $38.29 and last traded at $39.99. 1,112,759 shares traded hands during trading, a decline of 14% from the average session volume of 1,299,300 shares. The stock had previously closed at $44.33.

Analysts Set New Price Targets

LITE has been the subject of several analyst reports. StockNews.com raised Lumentum to a “sell” rating in a research note on Monday, May 6th. Susquehanna increased their price target on Lumentum from $60.00 to $70.00 and gave the stock a “positive” rating in a report on Wednesday, July 17th. JPMorgan Chase & Co. dropped their price objective on shares of Lumentum from $62.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, April 11th. B. Riley reduced their target price on shares of Lumentum from $41.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, May 7th. Finally, Barclays dropped their price target on shares of Lumentum from $40.00 to $38.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 7th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $53.08.

Lumentum Stock Down 7.5 %

The firm has a 50 day moving average of $50.41 and a two-hundred day moving average of $48.83. The company has a current ratio of 5.20, a quick ratio of 3.87 and a debt-to-equity ratio of 2.13. The stock has a market capitalization of $2.77 billion, a PE ratio of -8.44, a P/E/G ratio of 39.11 and a beta of 0.88.

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

Hedge Funds Weigh In On Lumentum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CENTRAL TRUST Co increased its stake in shares of Lumentum by 714.3% during the 1st quarter. CENTRAL TRUST Co now owns 1,140 shares of the technology company’s stock worth $54,000 after purchasing an additional 1,000 shares in the last quarter. Principal Securities Inc. acquired a new position in shares of Lumentum in the fourth quarter worth $55,000. Signaturefd LLC lifted its position in shares of Lumentum by 93.9% in the second quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock valued at $58,000 after acquiring an additional 554 shares in the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Lumentum during the first quarter valued at $112,000. Finally, nVerses Capital LLC increased its position in Lumentum by 416.7% during the 2nd quarter. nVerses Capital LLC now owns 3,100 shares of the technology company’s stock worth $158,000 after purchasing an additional 2,500 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

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.