Public Employees Retirement System of Ohio Sells 1,200 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Public Employees Retirement System of Ohio cut its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 4.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,375 shares of the technology company’s stock after selling 1,200 shares during the period. Public Employees Retirement System of Ohio’s holdings in Lumentum were worth $1,608,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quarry LP increased its position in shares of Lumentum by 85.5% during the third quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after acquiring an additional 201 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Lumentum during the third quarter worth about $33,000. Point72 DIFC Ltd bought a new stake in shares of Lumentum during the second quarter worth about $36,000. Nomura Asset Management Co. Ltd. increased its position in shares of Lumentum by 67.5% during the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after acquiring an additional 270 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Lumentum by 141.6% during the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after acquiring an additional 524 shares in the last quarter. 94.05% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on LITE shares. Northland Securities boosted their price target on shares of Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Raymond James boosted their price target on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Barclays boosted their price target on shares of Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a report on Monday, November 11th. Rosenblatt Securities boosted their price target on shares of Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, Susquehanna boosted their price target on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a report on Friday, November 8th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $75.38.

Lumentum Stock Down 6.8 %

LITE opened at $82.90 on Thursday. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The stock has a market cap of $5.70 billion, a price-to-earnings ratio of -10.01 and a beta of 0.95. Lumentum Holdings Inc. has a twelve month low of $38.28 and a twelve month high of $96.25. The company’s 50-day moving average price is $78.67 and its two-hundred day moving average price is $62.40.

Insider Activity at Lumentum

In related news, CFO Wajid Ali sold 29,887 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the sale, the chief financial officer now directly owns 56,492 shares in the company, valued at approximately $4,805,209.52. This represents a 34.60 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Harold L. Covert sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the sale, the director now owns 8,761 shares in the company, valued at $763,696.37. The trade was a 63.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 101,797 shares of company stock worth $8,881,428. 0.19% of the stock is owned by corporate insiders.

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.