Arizona State Retirement System Reduces Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Arizona State Retirement System trimmed its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 4.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 18,730 shares of the technology company’s stock after selling 831 shares during the period. Arizona State Retirement System’s holdings in Lumentum were worth $982,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of LITE. Headlands Technologies LLC acquired a new stake in Lumentum during the 3rd quarter worth $26,000. Ramirez Asset Management Inc. acquired a new stake in Lumentum during the 3rd quarter worth $32,000. Neo Ivy Capital Management acquired a new stake in Lumentum during the 3rd quarter worth $32,000. Qube Research & Technologies Ltd acquired a new stake in Lumentum during the 3rd quarter worth $62,000. Finally, Whittier Trust Co. boosted its stake in Lumentum by 697.7% during the 4th quarter. Whittier Trust Co. now owns 1,715 shares of the technology company’s stock worth $90,000 after purchasing an additional 1,500 shares during the period. 94.05% of the stock is owned by hedge funds and other institutional investors.

Lumentum Stock Up 3.6 %

Shares of NASDAQ LITE opened at $43.31 on Wednesday. The company has a quick ratio of 2.42, a current ratio of 3.13 and a debt-to-equity ratio of 1.96. Lumentum Holdings Inc. has a 52 week low of $35.35 and a 52 week high of $65.16. The firm has a 50-day moving average price of $48.13 and a 200 day moving average price of $47.13. The stock has a market capitalization of $2.92 billion, a price-to-earnings ratio of -10.99 and a beta of 1.09.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Thursday, February 8th. The technology company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.07). Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. The company had revenue of $366.80 million during the quarter, compared to analyst estimates of $363.44 million. Equities research analysts anticipate that Lumentum Holdings Inc. will post -0.61 EPS for the current fiscal year.

Insider Buying and Selling at Lumentum

In other Lumentum news, CAO Matthew Joseph Sepe sold 9,903 shares of the firm’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 completion of the transaction, the chief accounting officer now directly owns 33,188 shares in the company, valued at approximately $1,633,845.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on LITE shares. Barclays increased their price target on shares of Lumentum from $40.00 to $45.00 and gave the stock an “underweight” rating in a research note on Tuesday, January 16th. Needham & Company LLC restated a “buy” rating and issued a $50.00 target price on shares of Lumentum in a research note on Friday, February 9th. Stifel Nicolaus restated a “buy” rating and issued a $62.00 target price on shares of Lumentum in a research note on Monday, April 1st. JPMorgan Chase & Co. reduced their target price on shares of Lumentum from $62.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, April 11th. Finally, Craig Hallum upgraded shares of Lumentum from a “hold” rating to a “buy” rating in a research note on Friday, December 22nd. Three investment 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’s stock. Based on data from MarketBeat, Lumentum presently has an average rating of “Hold” and an average target price of $51.79.

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.