Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System cut its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 1.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 73,791 shares of the technology company’s stock after selling 1,000 shares during the period. New York State Teachers Retirement System’s holdings in Lumentum were worth $6,195,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Quarry LP raised its holdings in shares of Lumentum by 85.5% during the third quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after acquiring an additional 201 shares during the period. UMB Bank n.a. raised its holdings in shares of Lumentum by 301.2% during the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after acquiring an additional 253 shares during the period. Capital Performance Advisors LLP acquired a new stake in shares of Lumentum during the third quarter valued at approximately $33,000. Nomura Asset Management Co. Ltd. raised its holdings 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 valued at $42,000 after acquiring an additional 270 shares during the period. Finally, Signaturefd LLC raised its holdings in shares of Lumentum by 13.8% during the third quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock valued at $83,000 after acquiring an additional 158 shares during the period. 94.05% of the stock is owned by institutional investors and hedge funds.

Lumentum Price Performance

NASDAQ LITE opened at $77.29 on Thursday. Lumentum Holdings Inc. has a twelve month low of $38.28 and a twelve month high of $104.00. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. The stock has a market capitalization of $5.35 billion, a PE ratio of -10.05 and a beta of 0.94. The stock has a 50-day simple moving average of $85.90 and a 200 day simple moving average of $73.22.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. Research analysts anticipate that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Insider Buying and Selling

In other news, CFO Wajid Ali sold 29,887 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $85.06, for a total value of $2,542,188.22. Following the transaction, the chief financial officer now owns 56,492 shares of the company’s stock, valued at $4,805,209.52. This represents a 34.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Vincent Retort sold 41,710 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $89.52, for a total value of $3,733,879.20. Following the completion of the transaction, the insider now directly owns 147,515 shares in the company, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 73,655 shares of company stock worth $6,452,685 in the last three months. Insiders own 0.19% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley cut their price target on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, January 31st. Susquehanna upped their price objective on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research note on Friday, November 8th. Raymond James upped their price objective on shares of Lumentum from $94.00 to $96.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $110.00 price objective on shares of Lumentum in a research note on Friday, February 7th. Finally, Northland Securities upped their price objective on shares of Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a research note on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $88.07.

Lumentum Company Profile

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.