Mutual of America Capital Management LLC Cuts Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Mutual of America Capital Management LLC lessened its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 1.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 36,290 shares of the technology company’s stock after selling 408 shares during the quarter. Mutual of America Capital Management LLC owned about 0.05% of Lumentum worth $3,047,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Creative Planning increased its position in Lumentum by 36.0% during the 3rd quarter. Creative Planning now owns 6,914 shares of the technology company’s stock worth $438,000 after purchasing an additional 1,831 shares in the last quarter. State of Alaska Department of Revenue grew its stake in Lumentum by 7.3% during the third quarter. State of Alaska Department of Revenue now owns 7,848 shares of the technology company’s stock worth $497,000 after buying an additional 535 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of Lumentum by 7.7% in the 3rd quarter. Janney Montgomery Scott LLC now owns 18,150 shares of the technology company’s stock valued at $1,150,000 after acquiring an additional 1,296 shares during the period. JB Capital LLC lifted its stake in shares of Lumentum by 5.0% during the third quarter. JB Capital LLC now owns 32,630 shares of the technology company’s stock worth $2,068,000 after purchasing an additional 1,561 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Lumentum during the third quarter valued at approximately $33,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Lumentum

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

Lumentum Price Performance

LITE opened at $61.09 on Friday. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. The company’s 50-day moving average price is $82.58 and its 200 day moving average price is $74.99. Lumentum Holdings Inc. has a fifty-two week low of $38.29 and a fifty-two week high of $104.00. The firm has a market cap of $4.23 billion, a price-to-earnings ratio of -7.94 and a beta of 1.03.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. As a group, sell-side analysts expect that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $110.00 price objective on shares of Lumentum in a research report on Friday, February 7th. Stifel Nicolaus increased their price target on Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a report on Friday, February 7th. Susquehanna lifted their price objective on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a report on Friday, November 8th. Raymond James raised their price target on shares of Lumentum from $94.00 to $96.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Finally, Barclays raised shares of Lumentum from an “underweight” rating to an “overweight” rating and upped their price target for the company from $80.00 to $125.00 in a report on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $88.07.

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.