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

Louisiana State Employees Retirement System purchased a new stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 18,800 shares of the technology company’s stock, valued at approximately $985,000.

Other hedge funds also recently made changes to their positions in the company. Headlands Technologies LLC bought a new stake in shares of Lumentum during the third quarter valued at approximately $26,000. Ramirez Asset Management Inc. bought a new stake in shares of Lumentum during the third quarter valued at approximately $32,000. Neo Ivy Capital Management bought a new stake in shares of Lumentum during the third quarter valued at approximately $32,000. Whittier Trust Co. raised its holdings in shares of Lumentum by 697.7% during the fourth quarter. Whittier Trust Co. now owns 1,715 shares of the technology company’s stock valued at $90,000 after buying an additional 1,500 shares during the last quarter. Finally, Itau Unibanco Holding S.A. bought a new stake in shares of Lumentum during the third quarter valued at approximately $180,000. Institutional investors own 94.05% of the company’s stock.

Lumentum Trading Up 0.1 %

Lumentum stock opened at $42.06 on Thursday. The company has a debt-to-equity ratio of 1.96, a quick ratio of 2.42 and a current ratio of 3.13. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of -10.68 and a beta of 1.09. Lumentum Holdings Inc. has a 1 year low of $35.35 and a 1 year high of $65.16. The firm’s 50 day moving average price is $47.27 and its two-hundred day moving average price is $47.08.

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

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on LITE shares. Raymond James boosted their target price on Lumentum from $51.50 to $58.00 and gave the stock an “outperform” rating in a report on Monday, April 1st. Susquehanna dropped their target price on Lumentum from $65.00 to $60.00 and set a “positive” rating on the stock in a report on Friday, February 9th. Needham & Company LLC reissued a “buy” rating and set a $50.00 target price on shares of Lumentum in a report on Friday, February 9th. JPMorgan Chase & Co. dropped their target price on Lumentum from $62.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, April 11th. Finally, B. Riley dropped their target price on Lumentum from $42.00 to $41.00 and set a “neutral” rating on the stock in a report on Friday, February 9th. Three equities research 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. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $52.69.

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.