Treasurer of the State of North Carolina Boosts Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Treasurer of the State of North Carolina increased its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 2.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 29,872 shares of the technology company’s stock after acquiring an additional 710 shares during the period. Treasurer of the State of North Carolina’s holdings in Lumentum were worth $2,508,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the stock. UMB Bank n.a. raised its holdings in 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 in the last quarter. Jones Financial Companies Lllp increased its position in shares of Lumentum by 54.2% during the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after buying an additional 130 shares during the period. J.Safra Asset Management Corp raised its stake in Lumentum by 31.1% in the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock worth $43,000 after buying an additional 122 shares in the last quarter. Quadrant Capital Group LLC raised its stake in Lumentum by 27.2% in the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company’s stock worth $64,000 after buying an additional 164 shares in the last quarter. Finally, Daiwa Securities Group Inc. purchased a new stake in Lumentum in the fourth quarter worth about $67,000. Institutional investors own 94.05% of the company’s stock.

Insiders Place Their Bets

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the transaction, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. This trade represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.19% of the stock is currently owned by insiders.

Lumentum Trading Down 0.4 %

Shares of NASDAQ:LITE opened at $52.00 on Friday. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. Lumentum Holdings Inc. has a 1 year low of $38.29 and a 1 year high of $104.00. The company has a market cap of $3.60 billion, a P/E ratio of -6.76 and a beta of 1.14. The stock’s fifty day moving average price is $64.81 and its 200-day moving average price is $75.41.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results 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 net margin of 36.98% and a negative return on equity of 7.25%. Sell-side analysts expect that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Wall Street Analyst Weigh In

LITE has been the topic of a number of research analyst reports. Stifel Nicolaus upped their target price on Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, February 7th. JPMorgan Chase & Co. decreased their price objective on Lumentum from $105.00 to $73.00 and set an “overweight” rating for the company in a report on Thursday. Needham & Company LLC restated a “buy” rating and set a $110.00 target price on shares of Lumentum in a report on Friday, February 7th. Jefferies Financial Group began coverage on shares of Lumentum in a research note on Friday, February 21st. They issued a “buy” rating for the company. Finally, Raymond James raised shares of Lumentum from an “outperform” rating to a “strong-buy” rating and dropped their price objective for the stock from $96.00 to $82.00 in a research note on Monday, March 24th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.93.

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.