Texas Permanent School Fund Sells 1,168 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Texas Permanent School Fund trimmed its position in Lumentum Holdings Inc. (NASDAQ:LITEGet Rating) by 2.2% in the first quarter, HoldingsChannel.com reports. The firm owned 51,186 shares of the technology company’s stock after selling 1,168 shares during the period. Texas Permanent School Fund’s holdings in Lumentum were worth $4,996,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nordea Investment Management AB raised its stake in shares of Lumentum by 3.2% in the 1st quarter. Nordea Investment Management AB now owns 88,724 shares of the technology company’s stock valued at $8,689,000 after buying an additional 2,733 shares in the last quarter. Pacer Advisors Inc. increased its stake in Lumentum by 172.5% in the first quarter. Pacer Advisors Inc. now owns 144,252 shares of the technology company’s stock valued at $14,079,000 after acquiring an additional 91,315 shares during the period. KRS Capital Management LLC bought a new position in Lumentum during the fourth quarter worth about $420,000. Princeton Capital Management LLC boosted its holdings in Lumentum by 1.3% during the fourth quarter. Princeton Capital Management LLC now owns 16,677 shares of the technology company’s stock valued at $1,764,000 after purchasing an additional 206 shares in the last quarter. Finally, KCM Investment Advisors LLC bought a new stake in shares of Lumentum in the 4th quarter valued at approximately $237,000. 92.49% of the stock is owned by institutional investors.

Lumentum Stock Down 0.1 %

Shares of LITE opened at $90.99 on Friday. The business’s fifty day moving average price is $82.92 and its two-hundred day moving average price is $89.00. The firm has a market capitalization of $6.28 billion, a price-to-earnings ratio of 36.99 and a beta of 0.93. Lumentum Holdings Inc. has a 52 week low of $73.97 and a 52 week high of $108.90. The company has a debt-to-equity ratio of 0.76, a quick ratio of 4.35 and a current ratio of 4.69.

Lumentum (NASDAQ:LITEGet Rating) last issued its quarterly earnings results on Wednesday, May 4th. The technology company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.14. Lumentum had a return on equity of 17.57% and a net margin of 11.04%. The business had revenue of $395.40 million for the quarter, compared to analyst estimates of $390.16 million. During the same quarter in the prior year, the firm posted $1.08 earnings per share. The firm’s revenue for the quarter was down 5.7% compared to the same quarter last year. On average, analysts predict that Lumentum Holdings Inc. will post 4.8 earnings per share for the current year.

Insider Activity

In other news, CFO Wajid Ali sold 3,287 shares of the company’s stock in a transaction on Tuesday, May 17th. The stock was sold at an average price of $89.12, for a total transaction of $292,937.44. Following the transaction, the chief financial officer now owns 37,717 shares of the company’s stock, valued at $3,361,339.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.32% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on LITE shares. StockNews.com lowered Lumentum from a “buy” rating to a “hold” rating in a research note on Thursday. TheStreet cut shares of Lumentum from a “b” rating to a “c+” rating in a research report on Monday, May 16th. Susquehanna Bancshares reduced their price target on shares of Lumentum to $105.00 in a research report on Monday, July 25th. Raymond James dropped their price objective on shares of Lumentum from $118.00 to $102.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Barclays cut their target price on shares of Lumentum from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Monday, July 25th. Two investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $108.15.

Lumentum Profile

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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 in 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.

See Also

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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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