State Treasurer State of Michigan boosted its position in Lumentum Holdings Inc (NASDAQ:LITE) by 3.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,100 shares of the technology company’s stock after purchasing an additional 800 shares during the period. State Treasurer State of Michigan’s holdings in Lumentum were worth $1,532,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also recently made changes to their positions in LITE. Ellis Investment Partners LLC increased its position in shares of Lumentum by 5,816.5% during the first quarter. Ellis Investment Partners LLC now owns 1,488,472 shares of the technology company’s stock worth $1,488,000 after acquiring an additional 1,463,314 shares during the period. Oregon Public Employees Retirement Fund increased its position in shares of Lumentum by 4,834.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,231,145 shares of the technology company’s stock worth $29,000 after acquiring an additional 1,206,194 shares during the period. Northern Trust Corp increased its position in shares of Lumentum by 16.3% during the fourth quarter. Northern Trust Corp now owns 1,158,996 shares of the technology company’s stock worth $48,688,000 after acquiring an additional 162,095 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Lumentum by 31.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,131,377 shares of the technology company’s stock worth $47,529,000 after acquiring an additional 272,165 shares during the period. Finally, Eagle Asset Management Inc. increased its position in shares of Lumentum by 2.2% during the first quarter. Eagle Asset Management Inc. now owns 877,374 shares of the technology company’s stock worth $49,606,000 after acquiring an additional 19,045 shares during the period. 88.02% of the stock is owned by institutional investors and hedge funds.
In other news, Director Martin A. Kaplan sold 3,025 shares of Lumentum stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $48.72, for a total transaction of $147,378.00. Following the completion of the sale, the director now directly owns 18,902 shares in the company, valued at $920,905.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Jason Reinhardt sold 9,575 shares of Lumentum stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $50.38, for a total transaction of $482,388.50. Following the sale, the executive vice president now owns 63,877 shares of the company’s stock, valued at $3,218,123.26. The disclosure for this sale can be found here. Insiders have sold 14,029 shares of company stock valued at $713,563 over the last quarter. Insiders own 0.55% of the company’s stock.
NASDAQ LITE traded down $0.15 on Wednesday, hitting $46.01. The stock had a trading volume of 24,301 shares, compared to its average volume of 1,687,056. The company has a current ratio of 3.96, a quick ratio of 3.20 and a debt-to-equity ratio of 0.55. Lumentum Holdings Inc has a 52-week low of $37.00 and a 52-week high of $69.95. The firm has a market capitalization of $3.54 billion, a P/E ratio of 14.20, a P/E/G ratio of 0.90 and a beta of 0.68.
Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.91 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.22. Lumentum had a net margin of 1.57% and a return on equity of 19.94%. The business had revenue of $433.00 million during the quarter, compared to the consensus estimate of $428.33 million. During the same period in the previous year, the firm posted $0.78 earnings per share. The business’s revenue for the quarter was up 44.8% compared to the same quarter last year. As a group, sell-side analysts predict that Lumentum Holdings Inc will post 3.3 earnings per share for the current fiscal year.
A number of equities analysts have recently commented on LITE shares. Zacks Investment Research lowered shares of Lumentum from a “buy” rating to a “strong sell” rating in a research report on Thursday, February 21st. BidaskClub raised shares of Lumentum from a “buy” rating to a “strong-buy” rating in a research report on Friday, February 22nd. Northland Securities reaffirmed a “buy” rating and set a $64.00 target price on shares of Lumentum in a research report on Wednesday, March 6th. Morgan Stanley raised shares of Lumentum from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $55.00 to $65.00 in a research report on Wednesday, March 27th. Finally, MKM Partners lifted their price objective on shares of Lumentum to $66.00 and gave the company a “buy” rating in a report on Wednesday, February 6th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $67.16.
WARNING: This story was originally published by Zolmax and is owned by of Zolmax. If you are accessing this story on another website, it was stolen and republished in violation of United States and international copyright and trademark laws. The correct version of this story can be viewed at https://zolmax.com/investing/state-treasurer-state-of-michigan-has-1-53-million-holdings-in-lumentum-holdings-inc-lite/3092062.html.
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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.
Featured Article: Price to Earnings Ratio (PE)
Want to see what other hedge funds are holding LITE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lumentum Holdings Inc (NASDAQ:LITE).
Receive News & Ratings for Lumentum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lumentum and related companies with MarketBeat.com's FREE daily email newsletter.