Public Employees Retirement Association of Colorado Sells 692 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Public Employees Retirement Association of Colorado lowered its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 8.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 7,621 shares of the technology company’s stock after selling 692 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Lumentum were worth $388,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Bridge City Capital LLC raised its holdings in Lumentum by 0.7% during the 1st quarter. Bridge City Capital LLC now owns 32,607 shares of the technology company’s stock valued at $1,544,000 after buying an additional 242 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Lumentum by 1.8% during the first quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock valued at $691,000 after buying an additional 260 shares during the period. Mcdonald Partners LLC lifted its stake in Lumentum by 1.6% in the second quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company’s stock worth $1,010,000 after acquiring an additional 318 shares during the period. Arizona State Retirement System raised its holdings in Lumentum by 2.5% in the 2nd quarter. Arizona State Retirement System now owns 18,868 shares of the technology company’s stock worth $961,000 after purchasing an additional 455 shares in the last quarter. Finally, Texas Permanent School Fund Corp lifted its position in shares of Lumentum by 0.9% in the 1st quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company’s stock worth $2,759,000 after purchasing an additional 496 shares during the period. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on LITE shares. Northland Securities increased their price target on shares of Lumentum from $40.00 to $45.00 and gave the stock a “market perform” rating in a research note on Friday, August 16th. Bank of America upped their price target on Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Thursday, August 15th. Barclays boosted their price objective on shares of Lumentum from $38.00 to $40.00 and gave the stock an “underweight” rating in a research note on Thursday, August 15th. B. Riley raised their target price on shares of Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Finally, Jefferies Financial Group raised their price objective on Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Three 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $59.08.

Lumentum Trading Down 0.3 %

Lumentum stock opened at $64.53 on Friday. Lumentum Holdings Inc. has a one year low of $35.35 and a one year high of $65.52. The business’s fifty day moving average is $53.47 and its 200 day moving average is $49.54. The stock has a market capitalization of $4.36 billion, a PE ratio of -12.29, a price-to-earnings-growth ratio of 4.83 and a beta of 0.88. The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. The firm had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The business’s revenue for the quarter was down 16.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.12 earnings per share. On average, sell-side analysts predict that Lumentum Holdings Inc. will post 0.22 EPS for the current year.

Lumentum Company 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.