New York State Teachers Retirement System Trims Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

New York State Teachers Retirement System lessened its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 3.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 70,891 shares of the technology company's stock after selling 2,900 shares during the period. New York State Teachers Retirement System owned approximately 0.10% of Lumentum worth $4,419,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in LITE. Capital World Investors increased its position in shares of Lumentum by 108.3% during the fourth quarter. Capital World Investors now owns 3,600,132 shares of the technology company's stock valued at $302,231,000 after purchasing an additional 1,871,572 shares during the period. Norges Bank acquired a new stake in Lumentum during the fourth quarter valued at approximately $68,962,000. Nuveen Asset Management LLC grew its stake in shares of Lumentum by 98.9% in the 4th quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company's stock valued at $103,122,000 after purchasing an additional 610,938 shares during the period. Balyasny Asset Management L.P. raised its holdings in shares of Lumentum by 419.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 444,147 shares of the technology company's stock worth $37,286,000 after buying an additional 583,330 shares in the last quarter. Finally, Capital Research Global Investors bought a new position in shares of Lumentum during the 4th quarter worth approximately $42,415,000. Institutional investors and hedge funds own 94.05% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Morgan Stanley increased their price objective on Lumentum from $76.00 to $85.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Northland Capmk raised shares of Lumentum from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Rosenblatt Securities reaffirmed a "buy" rating and set a $105.00 price objective on shares of Lumentum in a report on Thursday, June 12th. Northland Securities set a $80.00 price objective on shares of Lumentum in a report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Lumentum from $87.00 to $100.00 and gave the stock an "overweight" rating in a report on Thursday, June 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Lumentum presently has an average rating of "Moderate Buy" and a consensus target price of $85.53.

Insider Buying and Selling at Lumentum

In other news, SVP Jae Kim sold 4,577 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $77.98, for a total transaction of $356,914.46. Following the completion of the sale, the senior vice president owned 31,534 shares of the company's stock, valued at approximately $2,459,021.32. This represents a 12.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Alan S. Lowe sold 20,000 shares of the stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $93.47, for a total transaction of $1,869,400.00. Following the completion of the transaction, the director directly owned 230,471 shares of the company's stock, valued at approximately $21,542,124.37. The trade was a 7.98% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,520 shares of company stock worth $5,742,078. 0.19% of the stock is currently owned by company insiders.

Lumentum Stock Up 2.4%

Shares of NASDAQ LITE traded up $2.18 during mid-day trading on Thursday, reaching $92.62. 2,148,203 shares of the company's stock were exchanged, compared to its average volume of 2,546,292. The firm has a market capitalization of $6.43 billion, a price-to-earnings ratio of -14.36 and a beta of 1.34. Lumentum Holdings Inc. has a twelve month low of $38.28 and a twelve month high of $104.00. The company has a current ratio of 4.72, a quick ratio of 3.53 and a debt-to-equity ratio of 2.91. The business has a fifty day simple moving average of $80.79 and a 200 day simple moving average of $75.27.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.50 by $0.07. Lumentum had a negative net margin of 29.87% and a negative return on equity of 8.69%. The firm had revenue of $425.20 million for the quarter, compared to analysts' expectations of $418.18 million. During the same period in the previous year, the firm posted $0.09 EPS. The company's revenue for the quarter was up 16.0% on a year-over-year basis. As a group, equities analysts expect that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

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.