North Growth Management Ltd. Has $11.14 Million Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

by · The Cerbat Gem

North Growth Management Ltd. lifted its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE – Free Report) by 0.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 219,000 shares of the technology company’s stock after purchasing an additional 1,000 shares during the quarter. Lumentum accounts for 2.2% of North Growth Management Ltd.’s investment portfolio, making the stock its 20th largest holding. North Growth Management Ltd. owned 0.32% of Lumentum worth $11,141,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of LITE. Vanguard Group Inc. raised its holdings in Lumentum by 0.3% during the first quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock worth $341,786,000 after buying an additional 22,088 shares during the last quarter. Earnest Partners LLC raised its holdings in shares of 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 acquiring an additional 95,428 shares during the last quarter. Swedbank AB bought a new position in Lumentum in the 1st quarter valued at about $71,025,000. Dimensional Fund Advisors LP lifted its position in Lumentum by 3.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,491,502 shares of the technology company’s stock valued at $78,187,000 after acquiring an additional 44,291 shares in the last quarter. Finally, Van Lanschot Kempen Investment Management N.V. boosted its stake in Lumentum by 17.8% during the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock valued at $58,803,000 after purchasing an additional 174,828 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on LITE shares. B. Riley increased their price objective on Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Bank of America lifted their price objective on shares of Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Thursday, August 15th. Barclays increased their target price on shares of Lumentum from $38.00 to $40.00 and gave the company an “underweight” rating in a report on Thursday, August 15th. Northland Securities boosted their price target on shares of Lumentum from $40.00 to $45.00 and gave the stock a “market perform” rating in a report on Friday, August 16th. Finally, Needham & Company LLC increased their price objective on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $59.08.

Check Out Our Latest Report on Lumentum

Lumentum Stock Performance

NASDAQ:LITE traded up $3.58 on Friday, reaching $59.17. 1,973,390 shares of the company’s stock were exchanged, compared to its average volume of 1,402,684. The firm has a market cap of $4.00 billion, a price-to-earnings ratio of -11.27, a P/E/G ratio of 39.11 and a beta of 0.88. 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 stock has a fifty day simple moving average of $51.44 and a 200-day simple moving average of $48.25. Lumentum Holdings Inc. has a 52 week low of $35.35 and a 52 week high of $60.99.

Lumentum (NASDAQ:LITE – Get Free Report) last posted its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. The firm had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. Lumentum had a negative return on equity of 1.72% and a negative net margin of 24.91%. The business’s revenue for the quarter was down 16.9% on a year-over-year basis. During the same period last year, the company earned $0.12 earnings per share. As a group, sell-side analysts predict that Lumentum Holdings Inc. will post -0.64 earnings per share for the current year.

Lumentum Profile

(Free Report)

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.

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