Lumentum Holdings Inc. $LITE Stock Position Lifted by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System boosted its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 25.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,761 shares of the technology company’s stock after buying an additional 974 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Lumentum were worth $4,624,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Jupiter Topco LLC acquired a new stake in shares of Lumentum in the 2nd quarter valued at $1,621,396,000. Amundi raised its position in shares of Lumentum by 188.7% during the second quarter. Amundi now owns 658,427 shares of the technology company’s stock worth $564,970,000 after acquiring an additional 430,355 shares during the last quarter. WT Asset Management Ltd bought a new stake in shares of Lumentum during the second quarter worth $494,688,000. Janus Henderson Group PLC raised its position in shares of Lumentum by 163.2% during the first quarter. Janus Henderson Group PLC now owns 567,182 shares of the technology company’s stock worth $398,590,000 after acquiring an additional 351,676 shares during the last quarter. Finally, Legal & General Group Plc acquired a new position in shares of Lumentum during the second quarter valued at $376,539,000. 94.05% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on LITE shares. Mizuho set a $1,132.00 price target on Lumentum in a research note on Monday, November 2nd. Stifel Nicolaus set a $806.00 price objective on Lumentum in a research report on Monday, November 2nd. UBS Group lowered their price objective on Lumentum from $960.00 to $686.00 and set a “neutral” rating for the company in a research report on Tuesday. Wolfe Research reissued an “outperform” rating on shares of Lumentum in a report on Friday, August 21st. Finally, Weiss Ratings downgraded shares of Lumentum from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Wednesday, August 19th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $1,053.17.

Insiders Place Their Bets

In related news, CFO Wajid Ali sold 24,542 shares of the company’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $1,048.50, for a total value of $25,732,287.00. Following the completion of the sale, the chief financial officer owned 75,074 shares in the company, valued at approximately $78,715,089. This represents a 24.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Vincent Retort sold 38,663 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $852.59, for a total value of $32,963,687.17. Following the completion of the sale, the insider owned 78,440 shares of the company’s stock, valued at $66,877,159.60. This represents a 33.02% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 94,496 shares of company stock worth $85,978,498 over the last three months. Insiders own 0.28% of the company’s stock.

More Lumentum News

Here’s some of the latest news about LITE:

• Positive Sentiment: Sanford C. Bernstein raised its price target on Lumentum, a favorable analyst revision, though the article does not specify the new target. Lumentum Stock Gets Price Target Increase from Sanford C. Bernstein
• Positive Sentiment: Lumentum shares rose 15% amid a broad technology rally. The move may reflect improved sector sentiment rather than company-specific news. Lumentum rises 15% amid broad technology rally
• Negative Sentiment: UBS issued a pessimistic forecast for Lumentum, signaling a cautious outlook from the firm. UBS Group Issues Pessimistic Forecast for Lumentum

Lumentum Price Performance

Shares of LITE stock opened at $624.65 on Friday. Lumentum Holdings Inc. has a 52-week low of $215.35 and a 52-week high of $1,143.00. The stock has a market cap of $56.66 billion, a PE ratio of -7.94 and a beta of 1.64. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.27 and a current ratio of 1.61. The firm’s 50 day moving average price is $872.23 and its two-hundred day moving average price is $806.93.

Lumentum (NASDAQ:LITE) last released its earnings results on Monday, November 2nd. The technology company reported $4.57 EPS for the quarter, topping analysts’ consensus estimates of $4.22 by $0.35. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.26 billion. Lumentum had a negative net margin of 175.82% and a positive return on equity of 28.85%. The business’s quarterly revenue was up 136.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.10 EPS. As a group, analysts forecast that Lumentum Holdings Inc. will post 19.93 EPS for the current year.

Lumentum Company Profile

Lumentum Holdings Inc. develops and manufactures optical and photonic products used in communications networks and industrial applications. Its offerings include optical components, modules and lasers that help transmit and process data across telecommunications and data center networks. The company also supplies lasers and related technologies for industrial uses, including precision manufacturing and semiconductor production. Its products serve customers in markets around the world. Lumentum became an independent public company in 2015 through a spin-off from JDSU, now Viavi Solutions.