Teacher Retirement System of Texas Invests $626,000 in Lumentum Holdings Inc. (NASDAQ:LITE)

Teacher Retirement System of Texas purchased a new stake in Lumentum Holdings Inc. (NASDAQ:LITE) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 10,043 shares of the technology company’s stock, valued at approximately $626,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Crestline Management LP bought a new stake in Lumentum in the fourth quarter valued at about $4,435,000. Cambridge Investment Research Advisors Inc. bought a new position in Lumentum during the 1st quarter worth approximately $260,000. UMB Bank n.a. grew its holdings in Lumentum by 132.9% during the first quarter. UMB Bank n.a. now owns 785 shares of the technology company’s stock valued at $49,000 after purchasing an additional 448 shares during the period. Asset Management One Co. Ltd. bought a new stake in Lumentum in the first quarter valued at approximately $69,000. Finally, Robeco Institutional Asset Management B.V. raised its holdings in Lumentum by 43.7% in the first quarter. Robeco Institutional Asset Management B.V. now owns 11,059 shares of the technology company’s stock worth $689,000 after purchasing an additional 3,362 shares during the period. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Stock Performance

Shares of LITE opened at $98.14 on Wednesday. The company has a debt-to-equity ratio of 2.91, a current ratio of 4.72 and a quick ratio of 3.53. The firm has a 50-day moving average of $83.27 and a 200-day moving average of $75.48. The company has a market cap of $6.81 billion, a PE ratio of -15.22 and a beta of 1.34. Lumentum Holdings Inc. has a one year low of $38.29 and a one year high of $104.00.

Lumentum (NASDAQ:LITE) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.07. Lumentum had a negative return on equity of 8.69% and a negative net margin of 29.87%. The company had revenue of $425.20 million for the quarter, compared to analyst estimates of $418.18 million. During the same quarter last year, the company earned $0.09 earnings per share. The firm’s quarterly revenue was up 16.0% compared to the same quarter last year. As a group, equities analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP Jae Kim sold 4,577 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $77.98, for a total transaction of $356,914.46. Following the sale, the senior vice president directly owned 31,534 shares of the company’s stock, valued at approximately $2,459,021.32. This represents a 12.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Wajid Ali sold 2,222 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total transaction of $185,714.76. Following the sale, the chief financial officer owned 47,460 shares in the company, valued at $3,966,706.80. This represents a 4.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,520 shares of company stock worth $5,742,078 in the last quarter. Insiders own 0.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on LITE. Morgan Stanley lifted their price objective on Lumentum from $76.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, July 8th. B. Riley upped their price target on shares of Lumentum from $65.00 to $73.00 and gave the company a “neutral” rating in a report on Wednesday, June 4th. Wolfe Research initiated coverage on shares of Lumentum in a research report on Tuesday, July 8th. They set an “outperform” rating for the company. UBS Group cut their price objective on shares of Lumentum from $96.00 to $78.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 7th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $105.00 target price on shares of Lumentum in a report on Thursday, June 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $85.53.

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.