Retirement Systems of Alabama Lowers Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Retirement Systems of Alabama reduced its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 9.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 313,765 shares of the technology company's stock after selling 32,014 shares during the period. Retirement Systems of Alabama owned about 0.47% of Lumentum worth $16,448,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of LITE. FengHe Fund Management Pte. Ltd. acquired a new position in Lumentum during the fourth quarter valued at approximately $19,547,000. International Assets Investment Management LLC acquired a new position in Lumentum during the fourth quarter valued at approximately $1,379,000. Bank Julius Baer & Co. Ltd Zurich acquired a new position in Lumentum during the fourth quarter valued at approximately $1,389,000. Pathstone Family Office LLC boosted its position in Lumentum by 46.3% during the third quarter. Pathstone Family Office LLC now owns 13,296 shares of the technology company's stock valued at $606,000 after purchasing an additional 4,207 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in Lumentum by 52.7% during the third quarter. Envestnet Asset Management Inc. now owns 211,684 shares of the technology company's stock valued at $9,564,000 after purchasing an additional 73,047 shares during the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CAO Matthew Joseph Sepe sold 9,903 shares of Lumentum stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $49.23, for a total value of $487,524.69. Following the transaction, the chief accounting officer now owns 33,188 shares in the company, valued at approximately $1,633,845.24. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.60% of the company's stock.

Lumentum Stock Performance

Shares of NASDAQ LITE traded down $0.24 during trading hours on Wednesday, reaching $43.52. 972,990 shares of the stock were exchanged, compared to its average volume of 1,390,875. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of -11.04 and a beta of 1.09. The company has a debt-to-equity ratio of 1.96, a quick ratio of 2.42 and a current ratio of 3.13. Lumentum Holdings Inc. has a 52 week low of $35.35 and a 52 week high of $65.16. The stock's fifty day simple moving average is $46.62 and its 200 day simple moving average is $47.12.

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

Analysts Set New Price Targets

Several brokerages recently commented on LITE. Needham & Company LLC reissued a "buy" rating and set a $50.00 price target on shares of Lumentum in a research report on Friday, February 9th. Barclays increased their price target on Lumentum from $40.00 to $45.00 and gave the company an "underweight" rating in a research report on Tuesday, January 16th. Rosenblatt Securities raised their price objective on Lumentum from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Friday, February 9th. JPMorgan Chase & Co. cut their price objective on Lumentum from $62.00 to $57.00 and set an "overweight" rating for the company in a research report on Thursday, April 11th. Finally, Raymond James raised their price objective on Lumentum from $51.50 to $58.00 and gave the company an "outperform" rating in a research report on Monday, April 1st. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price 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.