Mutual of America Capital Management LLC Sells 3,234 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Mutual of America Capital Management LLC cut its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 7.2% during the 4th quarter, Holdings Channel.com reports. The firm owned 41,432 shares of the technology company’s stock after selling 3,234 shares during the period. Mutual of America Capital Management LLC’s holdings in Lumentum were worth $2,172,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of LITE. Headlands Technologies LLC bought a new position in shares of Lumentum in the third quarter valued at about $26,000. Ramirez Asset Management Inc. bought a new position in shares of Lumentum in the third quarter valued at about $32,000. Neo Ivy Capital Management bought a new position in shares of Lumentum in the third quarter valued at about $32,000. Qube Research & Technologies Ltd bought a new position in Lumentum during the third quarter worth about $62,000. Finally, Whittier Trust Co. increased its position in Lumentum by 697.7% during the fourth quarter. Whittier Trust Co. now owns 1,715 shares of the technology company’s stock worth $90,000 after acquiring an additional 1,500 shares during the period. 94.05% of the stock is owned by institutional investors.

Lumentum Trading Down 1.6 %

LITE opened at $41.74 on Friday. The company’s 50 day moving average is $47.57 and its 200-day moving average is $47.05. Lumentum Holdings Inc. has a 1-year low of $35.35 and a 1-year 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. The company has a market cap of $2.81 billion, a P/E ratio of -10.59 and a beta of 1.09.

Lumentum (NASDAQ:LITE) last posted its quarterly 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). 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 predict that Lumentum Holdings Inc. will post -0.64 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Matthew Joseph Sepe sold 9,903 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $49.23, for a total value of $487,524.69. Following the sale, 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 filing with the SEC, which is available at the SEC website. 0.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently commented on LITE. Stifel Nicolaus reaffirmed a “buy” rating and set a $62.00 price target on shares of Lumentum in a research report on Monday, April 1st. Susquehanna lowered their price target on shares of Lumentum from $65.00 to $60.00 and set a “positive” rating on the stock in a research report on Friday, February 9th. Rosenblatt Securities raised their price target 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. Barclays raised their price target 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. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price target on shares of Lumentum in a research report on Friday, February 9th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company 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.