Russell Investments Group Ltd. Lowers Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Russell Investments Group Ltd. reduced its position in shares of Lumentum Holdings Inc. (NASDAQ:LITEFree Report) by 90.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,610 shares of the technology company’s stock after selling 24,142 shares during the period. Russell Investments Group Ltd.’s holdings in Lumentum were worth $137,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in LITE. Headlands Technologies LLC acquired a new position in Lumentum during the 3rd quarter worth approximately $26,000. Ramirez Asset Management Inc. purchased a new position in Lumentum in the third quarter worth $32,000. Neo Ivy Capital Management acquired a new stake in Lumentum in the third quarter valued at $32,000. Whittier Trust Co. boosted its position in shares of Lumentum by 697.7% during the 4th quarter. Whittier Trust Co. now owns 1,715 shares of the technology company’s stock worth $90,000 after purchasing an additional 1,500 shares in the last quarter. Finally, Itau Unibanco Holding S.A. acquired a new position in shares of Lumentum during the 3rd quarter worth $180,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

Lumentum Stock Performance

Lumentum stock opened at $45.92 on Friday. The stock has a fifty day moving average price of $45.28 and a 200 day moving average price of $47.66. Lumentum Holdings Inc. has a 52 week low of $35.35 and a 52 week high of $65.16. The firm has a market capitalization of $3.10 billion, a P/E ratio of -8.75 and a beta of 1.09. The company has a current ratio of 5.20, a quick ratio of 3.87 and a debt-to-equity ratio of 2.13.

Analysts Set New Price Targets

Several research analysts have weighed in on LITE shares. Susquehanna lowered their target price on shares of Lumentum from $65.00 to $60.00 and set a “positive” rating on the stock in a research report on Friday, February 9th. Needham & Company LLC lowered their price target on Lumentum from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Monday. Barclays reduced their price objective on Lumentum from $40.00 to $38.00 and set an “underweight” rating for the company in a report on Tuesday, May 7th. Rosenblatt Securities raised their price target on Lumentum from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Finally, B. Riley decreased their price objective on shares of Lumentum from $41.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 7th. Three analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $52.25.

View Our Latest Research Report on LITE

Lumentum Company 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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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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