State of Alaska Department of Revenue Purchases 535 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

State of Alaska Department of Revenue lifted its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 7.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,848 shares of the technology company’s stock after purchasing an additional 535 shares during the quarter. State of Alaska Department of Revenue’s holdings in Lumentum were worth $497,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Swedbank AB bought a new position in Lumentum in the 1st quarter worth about $71,025,000. Van Lanschot Kempen Investment Management N.V. increased its position in shares of Lumentum by 17.8% in 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 purchasing an additional 174,828 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in 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 purchasing an additional 130,838 shares during the last quarter. Hodges Capital Management Inc. purchased a new position in Lumentum in the 2nd quarter worth approximately $5,642,000. Finally, Earnest Partners LLC increased its holdings in shares of Lumentum by 6.0% in the 1st quarter. Earnest Partners LLC now owns 1,690,117 shares of the technology company’s stock worth $80,027,000 after buying an additional 95,428 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Barclays upped their target price on shares of Lumentum from $38.00 to $40.00 and gave the stock an “underweight” rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. raised their price objective on Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Raymond James boosted their target price on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday. Needham & Company LLC lifted their price target on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Finally, Morgan Stanley upped their price objective on shares of Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. Three analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Lumentum currently has a consensus rating of “Hold” and a consensus price target of $70.08.

Lumentum Trading Up 13.9 %

Shares of Lumentum stock opened at $83.85 on Friday. The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43. The company’s fifty day simple moving average is $63.25 and its two-hundred day simple moving average is $53.90. Lumentum Holdings Inc. has a 12-month low of $38.28 and a 12-month high of $88.00.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.03. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The company had revenue of $308.30 million for the quarter, compared to analysts’ expectations of $301.36 million. During the same quarter in the previous year, the company earned $0.12 earnings per share. Lumentum’s quarterly revenue was down 16.9% on a year-over-year basis. Sell-side analysts predict that Lumentum Holdings Inc. will post 0.17 EPS for the current year.

Lumentum 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.