Retirement Systems of Alabama Has $14.71 Million Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

Retirement Systems of Alabama reduced its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 33.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 175,212 shares of the technology company’s stock after selling 86,630 shares during the quarter. Retirement Systems of Alabama’s holdings in Lumentum were worth $14,709,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Quarry LP lifted its stake in shares of Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after buying an additional 201 shares during the last quarter. UMB Bank n.a. grew its stake in Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after buying an additional 253 shares during the last quarter. Capital Performance Advisors LLP bought a new position in Lumentum in the 3rd quarter worth $33,000. Nomura Asset Management Co. Ltd. lifted its position in Lumentum by 67.5% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after acquiring an additional 270 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Lumentum by 141.6% during the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after acquiring an additional 524 shares during the period. Institutional investors own 94.05% of the company’s stock.

Lumentum Trading Down 7.3 %

Shares of LITE opened at $85.90 on Friday. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. The stock has a market cap of $5.90 billion, a PE ratio of -10.37 and a beta of 0.94. Lumentum Holdings Inc. has a 1 year low of $38.28 and a 1 year high of $104.00. The stock has a 50 day simple moving average of $87.68 and a 200-day simple moving average of $71.49.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 6.79% and a negative net margin of 40.70%. On average, sell-side analysts predict that Lumentum Holdings Inc. will post -0.02 EPS for the current fiscal year.

Insider Activity at Lumentum

In other news, Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total value of $1,307,550.00. Following the completion of the transaction, the director now owns 8,761 shares in the company, valued at approximately $763,696.37. The trade was a 63.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total value of $715,867.20. Following the completion of the transaction, the chief accounting officer now directly owns 21,138 shares in the company, valued at $1,851,688.80. The trade was a 27.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 101,797 shares of company stock valued at $8,881,428 in the last ninety days. Insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Barclays upgraded Lumentum from an “underweight” rating to an “overweight” rating and lifted their price objective for the stock from $80.00 to $125.00 in a research note on Friday, January 17th. B. Riley upped their price target on Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday. UBS Group increased their price objective on Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a research report on Friday. Northland Securities boosted their target price on shares of Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a research report on Friday. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $110.00 price target on shares of Lumentum in a report on Friday. Two analysts have rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $88.07.

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.