Retirement Systems of Alabama Has $16.60 Million Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Retirement Systems of Alabama lowered its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 26.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 261,842 shares of the technology company's stock after selling 94,408 shares during the quarter. Retirement Systems of Alabama owned about 0.38% of Lumentum worth $16,596,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Signaturefd LLC grew its position in shares of Lumentum by 13.8% in the third quarter. Signaturefd LLC now owns 1,302 shares of the technology company's stock valued at $83,000 after purchasing an additional 158 shares during the last quarter. Synovus Financial Corp raised its stake in Lumentum by 1.5% during the 3rd quarter. Synovus Financial Corp now owns 13,225 shares of the technology company's stock valued at $838,000 after purchasing an additional 200 shares during the last quarter. Quarry LP boosted its holdings in Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company's stock valued at $28,000 after purchasing an additional 201 shares during the period. Nomura Asset Management Co. Ltd. grew its position in Lumentum by 67.5% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company's stock worth $42,000 after purchasing an additional 270 shares during the last quarter. Finally, Arizona State Retirement System increased its holdings in shares of Lumentum by 2.5% during 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 during the period. Institutional investors and hedge funds own 94.05% of the company's stock.

Analysts Set New Price Targets

LITE has been the subject of several research reports. Northland Securities increased their target price on shares of Lumentum from $45.00 to $60.00 and gave the company a "market perform" rating in a research note on Friday, November 8th. Raymond James lifted their price objective on Lumentum from $70.00 to $100.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Susquehanna raised their target price on Lumentum from $80.00 to $115.00 and gave the stock a "positive" rating in a research report on Friday, November 8th. Rosenblatt Securities increased their price objective on shares of Lumentum from $69.00 to $110.00 and gave the company a "buy" rating in a research note on Friday, November 8th. Finally, Morgan Stanley upped their price objective on Lumentum from $61.00 to $76.00 and gave the company an "equal weight" rating in a research note on Thursday, November 14th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $74.85.

Insider Buying and Selling at Lumentum

In other news, CAO Matthew Joseph Sepe sold 8,172 shares of the firm's stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total value of $715,867.20. Following the transaction, the chief accounting officer now directly owns 21,138 shares in the company, valued at $1,851,688.80. This trade represents a 27.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Vincent Retort sold 41,710 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $89.52, for a total value of $3,733,879.20. Following the completion of the sale, the insider now owns 147,515 shares of the company's stock, valued at $13,205,542.80. This trade represents a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 101,797 shares of company stock worth $8,881,428. 0.19% of the stock is currently owned by corporate insiders.

Lumentum Price Performance

Shares of NASDAQ:LITE traded up $0.26 during midday trading on Monday, reaching $93.18. The company's stock had a trading volume of 1,654,192 shares, compared to its average volume of 1,497,934. The business's fifty day simple moving average is $77.94 and its 200-day simple moving average is $61.94. The company has a market capitalization of $6.40 billion, a P/E ratio of -11.25 and a beta of 0.95. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. Lumentum Holdings Inc. has a fifty-two week low of $38.28 and a fifty-two week high of $96.25.

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.