AIA Group Ltd Sells 8,700 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

AIA Group Ltd reduced its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE – Get Rating) by 45.5% in the third quarter, Holdings Channel reports. The fund owned 10,400 shares of the technology company’s stock after selling 8,700 shares during the quarter. AIA Group Ltd’s holdings in Lumentum were worth $713,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LITE. Private Trust Co. NA boosted its position in shares of Lumentum by 187.7% during the 3rd quarter. Private Trust Co. NA now owns 397 shares of the technology company’s stock valued at $27,000 after acquiring an additional 259 shares during the last quarter. Urban Wealth Management LLC bought a new stake in Lumentum in the second quarter worth $29,000. Assetmark Inc. bought a new stake in Lumentum in the second quarter worth $30,000. Wipfli Financial Advisors LLC bought a new stake in Lumentum in the third quarter worth $44,000. Finally, Householder Group Estate & Retirement Specialist LLC bought a new stake in Lumentum in the third quarter worth $45,000. 92.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

LITE has been the subject of a number of analyst reports. Craig Hallum lowered their price target on Lumentum from $80.00 to $75.00 in a research report on Wednesday, January 11th. Rosenblatt Securities lowered their price target on Lumentum from $80.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, January 18th. Raymond James lowered their price target on Lumentum from $107.00 to $85.00 and set an “outperform” rating for the company in a research report on Wednesday, November 9th. JPMorgan Chase & Co. lowered Lumentum from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $83.00 to $64.00 in a research note on Tuesday, December 20th. Finally, Bank of America lowered Lumentum from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $84.00 to $62.00 in a research note on Friday, November 11th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Lumentum currently has an average rating of “Moderate Buy” and a consensus price target of $72.21.

Lumentum Stock Performance

Shares of Lumentum stock opened at $58.90 on Wednesday. The firm has a market cap of $4.02 billion, a P/E ratio of 37.28, a P/E/G ratio of 2.44 and a beta of 0.93. The company has a current ratio of 3.04, a quick ratio of 2.58 and a debt-to-equity ratio of 1.24. Lumentum Holdings Inc. has a 12 month low of $48.73 and a 12 month high of $105.05. The stock’s fifty day moving average price is $54.46 and its 200-day moving average price is $69.94.

Lumentum (NASDAQ:LITE – Get Rating) last issued its quarterly earnings data on Tuesday, November 8th. The technology company reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.18 by $0.01. Lumentum had a return on equity of 17.99% and a net margin of 6.61%. The company had revenue of $506.80 million for the quarter, compared to the consensus estimate of $505.55 million. On average, equities research analysts expect that Lumentum Holdings Inc. will post 3.15 earnings per share for the current fiscal year.

About Lumentum

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Lumentum Holdings, Inc engages in the provision of optical and photonic products. It operates through the Optical Communications (OpComms) and Commercial Lasers segments. The OpComms segment includes a range of components, modules, and subsystems to support customers including carrier networks of access (local), metro (intracity), long-haul (city-to-city and worldwide), and submarine (undersea) applications.