California Public Employees Retirement System Lowers Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

California Public Employees Retirement System reduced its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 7.3% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 98,261 shares of the technology company’s stock after selling 7,780 shares during the quarter. California Public Employees Retirement System’s holdings in Lumentum were worth $5,151,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. FengHe Fund Management Pte. Ltd. purchased a new position in Lumentum during the fourth quarter valued at approximately $19,547,000. Earnest Partners LLC boosted its holdings in shares of Lumentum by 26.2% in the 3rd quarter. Earnest Partners LLC now owns 1,624,514 shares of the technology company’s stock valued at $73,396,000 after buying an additional 337,096 shares in the last quarter. Van Lanschot Kempen Investment Management N.V. grew its position in shares of Lumentum by 34.2% in the 3rd quarter. Van Lanschot Kempen Investment Management N.V. now owns 499,362 shares of the technology company’s stock worth $22,561,000 after buying an additional 127,125 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong bought a new position in shares of Lumentum during the 4th quarter worth approximately $5,504,000. Finally, S Squared Technology LLC lifted its position in Lumentum by 95.6% during the third quarter. S Squared Technology LLC now owns 156,463 shares of the technology company’s stock valued at $7,069,000 after acquiring an additional 76,463 shares during the last quarter. 94.05% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on LITE. JPMorgan Chase & Co. cut their price target on shares of Lumentum from $62.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, April 11th. Barclays upped their target price on Lumentum from $40.00 to $45.00 and gave the company an “underweight” rating in a research report on Tuesday, January 16th. Stifel Nicolaus reissued a “buy” rating and issued a $62.00 price target on shares of Lumentum in a report on Monday, April 1st. Needham & Company LLC restated a “buy” rating and set a $50.00 price objective on shares of Lumentum in a report on Friday, February 9th. Finally, Susquehanna decreased their price objective 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 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $52.69.

Lumentum Trading Up 1.0 %

Shares of NASDAQ:LITE opened at $44.74 on Friday. 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 business has a 50 day moving average of $46.32 and a two-hundred day moving average of $47.13. The company has a market capitalization of $3.02 billion, a PE ratio of -11.36 and a beta of 1.09.

Lumentum (NASDAQ:LITE) last posted its earnings results on Thursday, February 8th. The technology company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.07). The firm had revenue of $366.80 million during the quarter, compared to analyst estimates of $363.44 million. Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. As a group, analysts forecast that Lumentum Holdings Inc. will post -0.64 EPS for the current year.

Insider Transactions at Lumentum

In related news, CAO Matthew Joseph Sepe sold 9,903 shares of Lumentum stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $49.23, for a total value of $487,524.69. Following the completion of 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 document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.60% of the company’s stock.

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.