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

New York State Teachers Retirement System trimmed its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 3.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm 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 quarter.

Several other institutional investors and hedge funds have also bought and sold shares of LITE. Jones Financial Companies Lllp lifted its stake in Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after acquiring an additional 130 shares during the period. M&T Bank Corp increased its holdings in shares of Lumentum by 54.2% during the 4th quarter. M&T Bank Corp now owns 18,104 shares of the technology company's stock valued at $1,520,000 after purchasing an additional 6,361 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in shares of Lumentum during the 4th quarter valued at approximately $531,000. Arizona State Retirement System increased its holdings in shares of Lumentum by 2.2% during the 4th quarter. Arizona State Retirement System now owns 19,891 shares of the technology company's stock valued at $1,670,000 after purchasing an additional 425 shares in the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in shares of Lumentum during the 4th quarter valued at approximately $317,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Trading Up 1.4%

Shares of LITE opened at $92.50 on Monday. Lumentum Holdings Inc. has a 52-week low of $38.29 and a 52-week high of $104.00. The company has a quick ratio of 3.53, a current ratio of 4.72 and a debt-to-equity ratio of 2.91. The firm's fifty day moving average is $78.91 and its two-hundred day moving average is $75.01. The stock has a market cap of $6.42 billion, a PE ratio of -14.34 and a beta of 1.34.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share (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 company had revenue of $425.20 million for the quarter, compared to analysts' expectations of $418.18 million. During the same quarter in the previous year, the company posted $0.09 EPS. The firm's quarterly revenue was up 16.0% on a year-over-year basis. Research analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on LITE. Rosenblatt Securities reaffirmed a "buy" rating and set a $105.00 target price on shares of Lumentum in a report on Thursday, June 12th. Barclays set a $75.00 price target on shares of Lumentum and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Northland Securities set a $80.00 price target on shares of Lumentum in a report on Wednesday, May 7th. Needham & Company LLC boosted their price target on shares of Lumentum from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Wednesday, June 11th. Finally, JPMorgan Chase & Co. boosted their price target 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 equities research analyst has rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $84.93.

Insider Activity

In other news, SVP Jae Kim sold 4,577 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $77.98, for a total transaction of $356,914.46. Following the transaction, the senior vice president owned 31,534 shares of the company's stock, valued at approximately $2,459,021.32. The trade was a 12.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Yuen Wupen sold 4,716 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $76.87, for a total transaction of $362,518.92. Following the transaction, the insider directly owned 82,957 shares in the company, valued at approximately $6,376,904.59. The trade was a 5.38% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,520 shares of company stock worth $5,742,078. 0.19% of the stock is owned by 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.

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