California Public Employees Retirement System Grows Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

California Public Employees Retirement System lifted its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 16.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 103,381 shares of the technology company's stock after acquiring an additional 14,798 shares during the period. California Public Employees Retirement System owned 0.15% of Lumentum worth $8,679,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank acquired a new position in shares of Lumentum during the fourth quarter valued at about $68,962,000. Arrowstreet Capital Limited Partnership acquired a new position in Lumentum during the 4th quarter worth approximately $15,945,000. Proficio Capital Partners LLC bought a new position in Lumentum in the fourth quarter worth approximately $13,421,000. Lightrock Netherlands B.V. acquired a new stake in Lumentum in the fourth quarter valued at approximately $12,668,000. Finally, Fisher Asset Management LLC increased its holdings in shares of Lumentum by 18.8% during the fourth quarter. Fisher Asset Management LLC now owns 687,311 shares of the technology company's stock valued at $57,700,000 after acquiring an additional 108,740 shares in the last quarter. 94.05% of the stock is owned by institutional investors.

Lumentum Stock Performance

Shares of Lumentum stock traded down $3.20 during trading hours on Friday, hitting $51.27. 4,623,904 shares of the company's stock traded hands, compared to its average volume of 1,856,239. The stock has a market capitalization of $3.55 billion, a price-to-earnings ratio of -6.67 and a beta of 1.14. Lumentum Holdings Inc. has a 12-month low of $38.29 and a 12-month high of $104.00. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The company has a fifty day simple moving average of $67.62 and a 200-day simple moving average of $75.82.

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Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. Equities research analysts anticipate that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Jefferies Financial Group began coverage on shares of Lumentum in a research report on Friday, February 21st. They issued a "buy" rating for the company. Raymond James upgraded shares of Lumentum from an "outperform" rating to a "strong-buy" rating and reduced their price objective for the company from $96.00 to $82.00 in a report on Monday, March 24th. BNP Paribas upgraded shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 target price on the stock in a report on Tuesday, March 11th. Barclays raised shares of Lumentum from an "underweight" rating to an "overweight" rating and raised their price target for the company from $80.00 to $125.00 in a research report on Friday, January 17th. Finally, B. Riley boosted their price objective on Lumentum from $62.00 to $75.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $87.40.

Insider Transactions at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the completion of the transaction, the chief financial officer now owns 51,976 shares in the company, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.19% of the stock is currently owned by company insiders.

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.