Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System lowered its stake in Lumentum Holdings Inc. (NASDAQ:LITEGet Rating) by 5.9% during the second quarter, Holdings Channel.com reports. The fund owned 151,274 shares of the technology company’s stock after selling 9,548 shares during the quarter. California Public Employees Retirement System’s holdings in Lumentum were worth $12,014,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in LITE. Park Avenue Securities LLC acquired a new stake in Lumentum during the 1st quarter worth $544,000. National Asset Management Inc. acquired a new stake in Lumentum during the 1st quarter worth $218,000. Versor Investments LP boosted its stake in Lumentum by 147.9% during the 1st quarter. Versor Investments LP now owns 6,445 shares of the technology company’s stock worth $629,000 after purchasing an additional 3,845 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Lumentum by 201.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 126,376 shares of the technology company’s stock worth $12,334,000 after purchasing an additional 84,482 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Lumentum by 3.0% during the 1st quarter. Victory Capital Management Inc. now owns 173,466 shares of the technology company’s stock worth $14,087,000 after purchasing an additional 5,070 shares during the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.

Analyst Upgrades and Downgrades

LITE has been the topic of several recent research reports. Barclays lowered their target price on shares of Lumentum from $95.00 to $80.00 and set an “overweight” rating on the stock in a research note on Monday, October 24th. Needham & Company LLC reduced their price target on Lumentum from $125.00 to $72.00 and set a “buy” rating on the stock in a report on Wednesday, November 9th. StockNews.com lowered Lumentum from a “buy” rating to a “hold” rating in a report on Wednesday, November 16th. Susquehanna reduced their price target on Lumentum from $100.00 to $85.00 in a report on Wednesday, November 9th. Finally, Craig Hallum reduced their price target on Lumentum to $80.00 in a report on Tuesday, November 15th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $79.08.

Lumentum Stock Up 1.3 %

Shares of LITE opened at $56.20 on Monday. The firm has a market cap of $3.83 billion, a P/E ratio of 35.57, a price-to-earnings-growth ratio of 2.24 and a beta of 0.99. Lumentum Holdings Inc. has a 12-month low of $54.40 and a 12-month high of $108.90. The company’s 50-day moving average price is $69.65 and its 200 day moving average price is $79.59. The company has a current ratio of 3.04, a quick ratio of 2.58 and a debt-to-equity ratio of 1.24.

Insider Activity at Lumentum

In related news, CAO Matthew Joseph Sepe sold 3,030 shares of the business’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $86.20, for a total value of $261,186.00. Following the sale, the chief accounting officer now directly owns 25,288 shares in the company, valued at approximately $2,179,825.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Lumentum news, CFO Wajid Ali sold 8,781 shares of the business’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $92.47, for a total transaction of $811,979.07. Following the sale, the chief financial officer now directly owns 31,194 shares in the company, valued at $2,884,509.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Matthew Joseph Sepe sold 3,030 shares of the firm’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $86.20, for a total value of $261,186.00. Following the completion of the transaction, the chief accounting officer now owns 25,288 shares in the company, valued at $2,179,825.60. The disclosure for this sale can be found here. 0.50% of the stock is owned by insiders.

Lumentum Profile

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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 in 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.It offers tunable transponders, transceivers, and transmitter modules; tunable lasers, receivers, and modulators; transport products, such as reconfigurable optical add/drop multiplexers, amplifiers, and optical channel monitors, as well as components, including 980nm, multi-mode, and Raman pumps; and switches, attenuators, photodetectors, gain flattening filters, isolators, wavelength-division multiplexing filters, arrayed waveguide gratings, multiplex/de-multiplexers, and integrated passive modules.

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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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