Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by Texas Permanent School Fund

Texas Permanent School Fund cut its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE – Get Rating) by 2.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 51,186 shares of the technology company’s stock after selling 1,168 shares during the quarter. Texas Permanent School Fund owned 0.07% of Lumentum worth $4,996,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of LITE. Nordea Investment Management AB lifted its stake in Lumentum by 3.2% during the first quarter. Nordea Investment Management AB now owns 88,724 shares of the technology company’s stock valued at $8,689,000 after purchasing an additional 2,733 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of Lumentum by 172.5% during the 1st quarter. Pacer Advisors Inc. now owns 144,252 shares of the technology company’s stock valued at $14,079,000 after acquiring an additional 91,315 shares during the last quarter. KRS Capital Management LLC bought a new stake in shares of Lumentum during the 4th quarter worth $420,000. Princeton Capital Management LLC grew its holdings in shares of Lumentum by 1.3% in the 4th quarter. Princeton Capital Management LLC now owns 16,677 shares of the technology company’s stock worth $1,764,000 after acquiring an additional 206 shares during the last quarter. Finally, KCM Investment Advisors LLC acquired a new stake in shares of Lumentum during the fourth quarter worth $237,000. Institutional investors own 92.49% of the company’s stock.

Insider Activity

In other Lumentum news, CFO Wajid Ali sold 3,287 shares of the stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $89.12, for a total transaction of $292,937.44. Following the transaction, the chief financial officer now directly owns 37,717 shares of the company’s stock, valued at $3,361,339.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.32% of the stock is owned by insiders.

Lumentum Stock Down 0.1 %

Shares of Lumentum stock opened at $90.99 on Friday. The stock has a 50-day simple moving average of $82.92 and a 200-day simple moving average of $89.00. Lumentum Holdings Inc. has a 52-week low of $73.97 and a 52-week high of $108.90. The firm has a market cap of $6.28 billion, a price-to-earnings ratio of 36.99 and a beta of 0.93. The company has a debt-to-equity ratio of 0.76, a current ratio of 4.69 and a quick ratio of 4.35.

Lumentum (NASDAQ:LITE – Get Rating) last posted its earnings results on Wednesday, May 4th. The technology company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.14. Lumentum had a net margin of 11.04% and a return on equity of 17.57%. The firm had revenue of $395.40 million during the quarter, compared to analysts’ expectations of $390.16 million. During the same period in the previous year, the company earned $1.08 earnings per share. The company’s revenue was down 5.7% compared to the same quarter last year. On average, equities research analysts expect that Lumentum Holdings Inc. will post 4.8 earnings per share for the current fiscal year.

Analyst Ratings Changes

LITE has been the subject of a number of recent analyst reports. Barclays decreased their price target on Lumentum from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Monday, July 25th. Needham & Company LLC reissued a “buy” rating and issued a $125.00 target price on shares of Lumentum in a research report on Monday, June 6th. Susquehanna reduced their price target on shares of Lumentum from $120.00 to $110.00 in a research report on Thursday, May 5th. Susquehanna Bancshares lowered their price objective on shares of Lumentum to $105.00 in a research report on Monday, July 25th. Finally, B. Riley reduced their target price on Lumentum from $120.00 to $119.00 in a report on Thursday, May 5th. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Lumentum presently has a consensus rating of “Moderate Buy” and an average target price of $108.15.

About Lumentum

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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 in 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.