California Public Employees Retirement System trimmed its position in Lumentum Holdings Inc (NASDAQ:LITE) by 9.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 110,900 shares of the technology company’s stock after selling 11,900 shares during the quarter. California Public Employees Retirement System owned 0.18% of Lumentum worth $6,027,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the business. BlackRock Inc. increased its position in Lumentum by 7.0% during the 2nd quarter. BlackRock Inc. now owns 6,889,157 shares of the technology company’s stock valued at $393,025,000 after buying an additional 448,077 shares in the last quarter. Vanguard Group Inc. increased its position in Lumentum by 2.3% during the 2nd quarter. Vanguard Group Inc. now owns 5,330,153 shares of the technology company’s stock valued at $304,085,000 after buying an additional 122,150 shares in the last quarter. Alliancebernstein L.P. grew its stake in Lumentum by 14.5% during the 2nd quarter. Alliancebernstein L.P. now owns 2,102,853 shares of the technology company’s stock valued at $119,968,000 after purchasing an additional 265,723 shares during the last quarter. Whale Rock Capital Management LLC grew its stake in Lumentum by 86.0% during the 3rd quarter. Whale Rock Capital Management LLC now owns 1,590,359 shares of the technology company’s stock valued at $86,436,000 after purchasing an additional 735,239 shares during the last quarter. Finally, State Street Corp grew its stake in Lumentum by 16.3% during the 2nd quarter. State Street Corp now owns 1,491,562 shares of the technology company’s stock valued at $85,095,000 after purchasing an additional 208,872 shares during the last quarter. Institutional investors and hedge funds own 95.70% of the company’s stock.
Several research firms have weighed in on LITE. BidaskClub upgraded Lumentum from a “sell” rating to a “hold” rating in a research note on Saturday. Barclays upgraded Lumentum from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $65.00 to $67.00 in a research note on Wednesday. B. Riley reiterated a “buy” rating and set a $89.00 price target on shares of Lumentum in a research report on Friday, January 5th. Piper Jaffray Companies reiterated a “buy” rating and set a $81.00 price target on shares of Lumentum in a research report on Wednesday, January 3rd. Finally, Rosenblatt Securities reissued a “buy” rating and set a $70.00 target price on shares of Lumentum in a report on Thursday, September 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the company’s stock. Lumentum presently has an average rating of “Buy” and a consensus price target of $69.69.
In other news, Director Martin A. Kaplan sold 15,000 shares of Lumentum stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $57.07, for a total transaction of $856,050.00. Following the sale, the director now owns 29,573 shares in the company, valued at $1,687,731.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Penny Herscher sold 822 shares of the business’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $50.61, for a total value of $41,601.42. Following the completion of the transaction, the director now owns 34,793 shares in the company, valued at approximately $1,760,873.73. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,643 shares of company stock worth $1,806,554. 0.76% of the stock is owned by insiders.
Lumentum Holdings Inc (NASDAQ LITE) opened at $53.20 on Friday. The stock has a market capitalization of $3,286.00, a price-to-earnings ratio of -35.00, a P/E/G ratio of 0.94 and a beta of 0.84. Lumentum Holdings Inc has a fifty-two week low of $34.15 and a fifty-two week high of $68.63. The company has a quick ratio of 4.38, a current ratio of 5.21 and a debt-to-equity ratio of 0.50.
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Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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