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Lumentum Holdings Inc. (NASDAQ:LITE) Position Reduced by State of New Jersey Common Pension Fund D

Lumentum logo with Computer and Technology background

State of New Jersey Common Pension Fund D reduced its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 17.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 35,164 shares of the technology company's stock after selling 7,660 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.05% of Lumentum worth $2,229,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in LITE. Signaturefd LLC increased its position in Lumentum by 13.8% during the third quarter. Signaturefd LLC now owns 1,302 shares of the technology company's stock worth $83,000 after buying an additional 158 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Lumentum by 1.8% during the first quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company's stock worth $691,000 after purchasing an additional 260 shares during the period. Mcdonald Partners LLC raised its position in Lumentum by 1.6% during the 2nd quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company's stock worth $1,010,000 after purchasing an additional 318 shares during the last quarter. Arizona State Retirement System boosted its holdings in Lumentum by 2.5% in the second quarter. Arizona State Retirement System now owns 18,868 shares of the technology company's stock valued at $961,000 after acquiring an additional 455 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in shares of Lumentum in the 3rd quarter valued at $33,000. Institutional investors own 94.05% of the company's stock.

Lumentum Stock Down 5.8 %

NASDAQ:LITE traded down $4.98 during mid-day trading on Friday, hitting $80.15. 926,842 shares of the company's stock traded hands, compared to its average volume of 1,471,145. The company has a fifty day moving average of $65.76 and a 200 day moving average of $55.13. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. Lumentum Holdings Inc. has a twelve month low of $38.28 and a twelve month high of $89.70.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.03. The business had revenue of $308.30 million for the quarter, compared to analyst estimates of $301.36 million. Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. The company's revenue for the quarter was down 16.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.12 EPS. On average, research analysts forecast that Lumentum Holdings Inc. will post 0.17 EPS for the current year.

Insider Activity at Lumentum

In related news, Director Harold L. Covert sold 15,000 shares of the company's stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the transaction, the director now owns 8,761 shares of the company's stock, valued at $763,696.37. This represents a 63.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the company's stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total value of $715,867.20. Following the completion of the sale, 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 disclosure for this sale can be found here. 0.19% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently commented on LITE. Needham & Company LLC boosted their target price on shares of Lumentum from $65.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, August 15th. Barclays boosted their price target on shares of Lumentum from $40.00 to $80.00 and gave the stock an "underweight" rating in a report on Monday. Craig Hallum increased their price objective on Lumentum from $65.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, August 15th. Susquehanna lifted their target price on Lumentum from $80.00 to $115.00 and gave the company a "positive" rating in a report on Friday, November 8th. Finally, Rosenblatt Securities raised their price target on shares of Lumentum from $69.00 to $110.00 and gave the company a "buy" rating in a report on Friday, November 8th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, Lumentum presently has a consensus rating of "Hold" and a consensus target price of $74.85.

Get Our Latest Stock Analysis on Lumentum

About Lumentum

(Free Report)

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.

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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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