Retirement Systems of Alabama Sells 86,630 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Retirement Systems of Alabama trimmed its position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 33.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 175,212 shares of the technology company's stock after selling 86,630 shares during the period. Retirement Systems of Alabama owned about 0.26% of Lumentum worth $14,709,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. UMB Bank n.a. boosted its position in shares of Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock worth $28,000 after purchasing an additional 253 shares during the last quarter. Quarry LP raised its stake in Lumentum by 85.5% during the 3rd quarter. Quarry LP now owns 436 shares of the technology company's stock worth $28,000 after buying an additional 201 shares during the period. Capital Performance Advisors LLP acquired a new stake in Lumentum during the 3rd quarter worth $33,000. Nomura Asset Management Co. Ltd. raised its stake in Lumentum by 67.5% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company's stock worth $42,000 after buying an additional 270 shares during the period. Finally, GAMMA Investing LLC raised its stake in Lumentum by 141.6% during the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company's stock worth $57,000 after buying an additional 524 shares during the period. 94.05% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Penny Herscher sold 1,625 shares of the firm's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $81.09, for a total value of $131,771.25. Following the transaction, the director now owns 6,852 shares of the company's stock, valued at approximately $555,628.68. This trade represents a 19.17 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the firm's stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total transaction of $715,867.20. Following the completion of the transaction, the chief accounting officer now directly owns 21,138 shares in the company, valued at approximately $1,851,688.80. The trade was a 27.88 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 86,797 shares of company stock worth $7,573,878. Company insiders own 0.19% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. B. Riley raised their price objective on Lumentum from $62.00 to $75.00 and gave the stock a "neutral" rating in a research note on Friday. Needham & Company LLC reissued a "buy" rating and issued a $110.00 price target on shares of Lumentum in a research note on Friday. Northland Securities lifted their price target on Lumentum from $60.00 to $70.00 and gave the company a "market perform" rating in a research note on Friday. Susquehanna lifted their price target on Lumentum from $80.00 to $115.00 and gave the company a "positive" rating in a research note on Friday, November 8th. Finally, Stifel Nicolaus lifted their price target on Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a research note on Friday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Lumentum has an average rating of "Hold" and an average target price of $88.07.

Lumentum Price Performance

Shares of NASDAQ:LITE traded down $2.33 during trading on Tuesday, hitting $79.60. 2,519,785 shares of the company were exchanged, compared to its average volume of 2,494,975. The business's 50 day moving average is $87.40 and its 200-day moving average is $72.15. The company has a market capitalization of $5.47 billion, a P/E ratio of -10.35 and a beta of 0.94. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. Lumentum Holdings Inc. has a 1-year low of $38.28 and a 1-year high of $104.00.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.00% and a negative net margin of 36.98%. Equities analysts forecast that Lumentum Holdings Inc. will post -0.04 earnings per share for the current year.

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.