Louisiana State Employees Retirement System Takes Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Louisiana State Employees Retirement System bought a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) during the 4th quarter, HoldingsChannel reports. The institutional investor bought 18,800 shares of the technology company’s stock, valued at approximately $985,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Headlands Technologies LLC acquired a new position in shares of Lumentum in the 3rd quarter worth approximately $26,000. Ramirez Asset Management Inc. acquired a new position in shares of Lumentum in the 3rd quarter worth approximately $32,000. Neo Ivy Capital Management acquired a new position in shares of Lumentum in the 3rd quarter worth approximately $32,000. Whittier Trust Co. increased 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 valued at $90,000 after purchasing an additional 1,500 shares in the last quarter. Finally, Itau Unibanco Holding S.A. bought a new stake in Lumentum during the 3rd quarter valued at $180,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on LITE. Needham & Company LLC restated a “buy” rating and set a $50.00 price target on shares of Lumentum in a research note on Friday, February 9th. Stifel Nicolaus restated a “buy” rating and set a $62.00 price target on shares of Lumentum in a research report on Monday, April 1st. Rosenblatt Securities increased their price target on shares of Lumentum from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Barclays increased their price target on shares of Lumentum from $40.00 to $45.00 and gave the company an “underweight” rating in a research report on Tuesday, January 16th. Finally, Susquehanna cut their target price 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 analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Lumentum currently has a consensus rating of “Hold” and an average target price of $52.69.

Lumentum Price Performance

LITE stock opened at $42.06 on Thursday. The firm has a 50 day moving average of $47.27 and a 200-day moving average of $47.08. 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 Holdings Inc. has a 12 month low of $35.35 and a 12 month high of $65.16. The firm has a market capitalization of $2.83 billion, a P/E ratio of -10.68 and a beta of 1.09.

Lumentum (NASDAQ:LITE) last released 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 negative net margin of 18.52% and a positive return on equity of 1.04%. The firm had revenue of $366.80 million during the quarter, compared to the consensus estimate of $363.44 million. As a group, sell-side analysts predict that Lumentum Holdings Inc. will post -0.64 earnings per share for the current fiscal year.

Insider Activity

In related 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 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 at the SEC website. 0.60% of the stock is owned by company insiders.

Lumentum Company 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.