State of Alaska Department of Revenue Has $379,000 Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

State of Alaska Department of Revenue trimmed its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 11.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,238 shares of the technology company’s stock after selling 925 shares during the quarter. State of Alaska Department of Revenue’s holdings in Lumentum were worth $379,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Alliancebernstein L.P. boosted its holdings in Lumentum by 4.0% during the second quarter. Alliancebernstein L.P. now owns 3,833,164 shares of the technology company’s stock valued at $217,455,000 after purchasing an additional 146,014 shares in the last quarter. Earnest Partners LLC boosted its holdings in Lumentum by 26.2% during the third quarter. Earnest Partners LLC now owns 1,624,514 shares of the technology company’s stock valued at $73,396,000 after purchasing an additional 337,096 shares in the last quarter. Millennium Management LLC boosted its holdings in Lumentum by 50.8% during the fourth quarter. Millennium Management LLC now owns 1,202,143 shares of the technology company’s stock valued at $62,716,000 after purchasing an additional 405,140 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Lumentum by 3.0% in the first quarter. Geode Capital Management LLC now owns 1,017,174 shares of the technology company’s stock valued at $54,938,000 after acquiring an additional 29,836 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Lumentum by 9.9% in the third quarter. Northern Trust Corp now owns 820,489 shares of the technology company’s stock valued at $37,070,000 after acquiring an additional 73,935 shares during the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on LITE. Craig Hallum upgraded shares of Lumentum from a “hold” rating to a “buy” rating in a research note on Friday, December 22nd. Raymond James lifted their target price on shares of Lumentum from $51.50 to $58.00 and gave the company an “outperform” rating in a research note on Monday, April 1st. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 target price on shares of Lumentum in a research note on Friday, February 9th. Stifel Nicolaus reiterated a “buy” rating and issued a $62.00 target price on shares of Lumentum in a research note on Monday, April 1st. Finally, Rosenblatt Securities boosted their price objective on shares of Lumentum from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $51.79.

Lumentum Price Performance

LITE opened at $43.45 on Friday. The company has a fifty day moving average price of $48.72 and a two-hundred day moving average price of $47.14. 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 firm has a market capitalization of $2.93 billion, a PE ratio of -11.03 and a beta of 1.09.

Lumentum (NASDAQ:LITE) last released its earnings results 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 business had revenue of $366.80 million for the quarter, compared to analyst estimates of $363.44 million. As a group, analysts anticipate that Lumentum Holdings Inc. will post -0.61 earnings per share for the current year.

Lumentum 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.