Lumentum Holdings Inc (LITE) Stake Lifted by Bank of Montreal Can

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Bank of Montreal Can lifted its stake in shares of Lumentum Holdings Inc (NASDAQ:LITE) by 23.3% during the 4th quarter, HoldingsChannel.com reports. The fund owned 35,435 shares of the technology company’s stock after acquiring an additional 6,688 shares during the period. Bank of Montreal Can’s holdings in Lumentum were worth $1,489,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Nisa Investment Advisors LLC raised its holdings in Lumentum by 70.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,349 shares of the technology company’s stock valued at $57,000 after buying an additional 559 shares during the period. Meeder Asset Management Inc. purchased a new position in Lumentum in the fourth quarter valued at approximately $25,000. DekaBank Deutsche Girozentrale raised its holdings in Lumentum by 149.5% in the third quarter. DekaBank Deutsche Girozentrale now owns 1,497 shares of the technology company’s stock valued at $102,000 after buying an additional 897 shares during the period. B. Riley Financial Inc. raised its holdings in Lumentum by 19.2% in the third quarter. B. Riley Financial Inc. now owns 9,007 shares of the technology company’s stock valued at $540,000 after buying an additional 1,449 shares during the period. Finally, Alps Advisors Inc. raised its holdings in Lumentum by 24.8% in the third quarter. Alps Advisors Inc. now owns 7,968 shares of the technology company’s stock valued at $478,000 after buying an additional 1,582 shares during the period.

LITE has been the topic of several research reports. BidaskClub upgraded shares of Lumentum from a “buy” rating to a “strong-buy” rating in a report on Friday, October 19th. Stifel Nicolaus initiated coverage on shares of Lumentum in a report on Monday, October 22nd. They issued a “buy” rating and a $75.00 price target on the stock. ValuEngine lowered shares of Lumentum from a “hold” rating to a “sell” rating in a report on Wednesday, October 24th. Loop Capital cut their price target on shares of Lumentum to $70.00 and set an “average” rating on the stock in a report on Thursday, November 1st. Finally, Zacks Investment Research upgraded shares of Lumentum from a “hold” rating to a “buy” rating and set a $63.00 price target on the stock in a report on Saturday, November 3rd. Four research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $67.95.

LITE opened at $45.52 on Thursday. The company has a market cap of $3.46 billion, a PE ratio of 14.05, a PEG 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 posted its quarterly earnings data on Tuesday, February 5th. The technology company reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.15. The company had revenue of $373.70 million for the quarter, compared to analyst estimates of $365.08 million. Lumentum had a net margin of 7.50% and a return on equity of 20.24%. The business’s quarterly revenue was down 7.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.67 earnings per share. Equities research analysts predict that Lumentum Holdings Inc will post 3.37 EPS for the current fiscal year.

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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 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.

Further Reading: Quiet Period Expirations Explained

Want to see what other hedge funds are holding LITE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lumentum Holdings Inc (NASDAQ:LITE).

Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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