State of New Jersey Common Pension Fund D Sells 8,038 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

State of New Jersey Common Pension Fund D decreased its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 22.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 27,126 shares of the technology company’s stock after selling 8,038 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Lumentum were worth $2,277,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of LITE. Quarry LP boosted its holdings in shares of Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after purchasing an additional 201 shares during the period. UMB Bank n.a. boosted its holdings in shares of Lumentum by 301.2% in the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after purchasing an additional 253 shares during the period. Capital Performance Advisors LLP purchased a new stake in shares of Lumentum in the third quarter valued at approximately $33,000. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after purchasing an additional 270 shares during the period. Finally, Signaturefd LLC boosted its holdings in shares of Lumentum by 13.8% in the third quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock valued at $83,000 after purchasing an additional 158 shares during the period. Institutional investors own 94.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on LITE shares. Rosenblatt Securities reiterated a “buy” rating and issued a $110.00 price target on shares of Lumentum in a report on Friday, February 7th. Susquehanna boosted their price target on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. Northland Securities boosted their price target on Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a report on Friday, February 7th. Barclays upgraded Lumentum from an “underweight” rating to an “overweight” rating and boosted their price target for the company from $80.00 to $125.00 in a report on Friday, January 17th. Finally, Raymond James upped their target price on Lumentum from $94.00 to $96.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $88.07.

Lumentum Stock Performance

Shares of LITE opened at $73.35 on Friday. Lumentum Holdings Inc. has a 12 month low of $38.28 and a 12 month high of $104.00. The stock has a fifty day moving average price of $85.22 and a 200-day moving average price of $73.46. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The firm has a market cap of $5.08 billion, a PE ratio of -9.54 and a beta of 0.94.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) 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%. Equities research analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Wajid Ali sold 2,172 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the transaction, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at $4,071,799.84. This represents a 4.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Vincent Retort sold 41,710 shares of the company’s 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. The trade was a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 73,769 shares of company stock worth $6,446,222. Insiders own 0.19% of the company’s stock.

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.