Louisiana State Employees Retirement System Purchases Shares of 18,800 Lumentum Holdings Inc. (NASDAQ:LITE)

Louisiana State Employees Retirement System bought a new stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 18,800 shares of the technology company's stock, valued at approximately $985,000.

Several other institutional investors have also made changes to their positions in LITE. Raymond James Financial Services Advisors Inc. raised its position in shares of Lumentum by 12.1% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 40,302 shares of the technology company's stock valued at $1,821,000 after purchasing an additional 4,342 shares during the period. Stratos Wealth Advisors LLC acquired a new position in Lumentum during the 3rd quarter worth $208,000. JB Capital LLC lifted its position in Lumentum by 36.0% during the 3rd quarter. JB Capital LLC now owns 11,054 shares of the technology company's stock worth $499,000 after acquiring an additional 2,929 shares during the last quarter. Washington Capital Management Inc. acquired a new position in Lumentum during the 3rd quarter worth $533,000. Finally, Park Avenue Securities LLC acquired a new position in Lumentum during the 3rd quarter worth $382,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Lumentum news, CAO Matthew Joseph Sepe sold 9,903 shares of the company's stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $49.23, for a total transaction of $487,524.69. Following the sale, the chief accounting officer now directly owns 33,188 shares of the company's stock, valued at $1,633,845.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.60% of the company's stock.

Lumentum Price Performance

NASDAQ LITE traded down $0.05 on Thursday, reaching $42.01. The company's stock had a trading volume of 942,222 shares, compared to its average volume of 1,410,707. The firm has a market cap of $2.83 billion, a PE ratio of -10.66 and a beta of 1.09. The business has a 50-day moving average price of $47.12 and a 200 day moving average price of $47.04. Lumentum Holdings Inc. has a 52 week low of $35.35 and a 52 week high of $65.16. The company has a current ratio of 3.13, a quick ratio of 2.42 and a debt-to-equity ratio of 1.96.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its earnings results on Thursday, February 8th. The technology company reported ($0.17) earnings per share for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.07). The business had revenue of $366.80 million during the quarter, compared to the consensus estimate of $363.44 million. Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. Sell-side analysts expect that Lumentum Holdings Inc. will post -0.64 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on LITE. Barclays boosted their target price on shares of Lumentum from $40.00 to $45.00 and gave the stock an "underweight" rating in a research report on Tuesday, January 16th. B. Riley cut their target price on shares of Lumentum from $42.00 to $41.00 and set a "neutral" rating for the company in a research report on Friday, February 9th. Needham & Company LLC reaffirmed a "buy" rating and set a $50.00 price objective on shares of Lumentum in a research report on Friday, February 9th. JPMorgan Chase & Co. cut their price objective on shares of Lumentum from $62.00 to $57.00 and set an "overweight" rating for the company in a research report on Thursday, April 11th. Finally, Susquehanna cut their price objective on shares of Lumentum from $65.00 to $60.00 and set a "positive" rating for the company in a research report on Friday, February 9th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Lumentum presently has an average rating of "Hold" and an average price target of $52.69.

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.