Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama trimmed its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 26.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 261,842 shares of the technology company’s stock after selling 94,408 shares during the period. Retirement Systems of Alabama’s holdings in Lumentum were worth $16,596,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Atreides Management LP boosted its stake in shares of Lumentum by 28.5% during the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock valued at $107,177,000 after acquiring an additional 375,389 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Lumentum during the 3rd quarter worth about $17,981,000. Van Lanschot Kempen Investment Management N.V. grew its holdings in shares of Lumentum by 17.8% during the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock worth $58,803,000 after buying an additional 174,828 shares in the last quarter. Pinnacle Associates Ltd. raised its position in shares of Lumentum by 50.4% in the third quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock valued at $25,846,000 after buying an additional 136,659 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Lumentum by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock valued at $86,760,000 after buying an additional 130,838 shares during the period. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Barclays boosted their price target on Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a report on Monday, November 11th. Morgan Stanley increased their target price on Lumentum from $61.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 14th. Rosenblatt Securities raised their price target on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Raymond James upped their price objective on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Northland Securities raised their target price on shares of Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $74.85.

Insider Activity at Lumentum

In other Lumentum news, Director Penny Herscher sold 1,625 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $81.09, for a total value of $131,771.25. Following the completion of the sale, the director now owns 6,852 shares of the company’s stock, valued at $555,628.68. This trade represents a 19.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Vincent Retort sold 41,710 shares of Lumentum stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the sale, the insider now owns 147,515 shares in the company, valued at $13,205,542.80. This represents a 22.04 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 101,797 shares of company stock worth $8,881,428. 0.19% of the stock is currently owned by corporate insiders.

Lumentum Trading Up 2.4 %

Shares of LITE stock opened at $92.92 on Monday. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. Lumentum Holdings Inc. has a fifty-two week low of $38.28 and a fifty-two week high of $96.25. The firm’s 50 day moving average price is $77.43 and its two-hundred day moving average price is $61.59. The stock has a market cap of $6.38 billion, a price-to-earnings ratio of -11.22 and a beta of 0.95.

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.