10,043 Shares in Lumentum Holdings Inc. (NASDAQ:LITE) Bought by Teacher Retirement System of Texas

Teacher Retirement System of Texas acquired a new position in Lumentum Holdings Inc. (NASDAQ:LITE) in the 1st quarter, HoldingsChannel.com reports. The institutional investor acquired 10,043 shares of the technology company’s stock, valued at approximately $626,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Rakuten Securities Inc. increased its stake in Lumentum by 164.4% in the first quarter. Rakuten Securities Inc. now owns 476 shares of the technology company’s stock valued at $30,000 after purchasing an additional 296 shares in the last quarter. Jones Financial Companies Lllp increased its position in Lumentum by 54.2% in the 4th 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 in the last quarter. Golden State Wealth Management LLC raised its stake in Lumentum by 103.2% during the 1st quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company’s stock worth $32,000 after buying an additional 260 shares during the period. CoreCap Advisors LLC boosted its holdings in Lumentum by 2,235.3% in the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock worth $33,000 after acquiring an additional 380 shares in the last quarter. Finally, UMB Bank n.a. grew its stake in Lumentum by 132.9% in the first quarter. UMB Bank n.a. now owns 785 shares of the technology company’s stock valued at $49,000 after acquiring an additional 448 shares during the period. Institutional investors own 94.05% of the company’s stock.

Lumentum Stock Performance

Shares of LITE stock opened at $98.14 on Wednesday. Lumentum Holdings Inc. has a one year low of $38.29 and a one year high of $104.00. The company has a market cap of $6.81 billion, a P/E ratio of -15.22 and a beta of 1.34. The firm has a 50-day moving average of $83.27 and a 200-day moving average of $75.48. The company has a debt-to-equity ratio of 2.91, a current ratio of 4.72 and a quick ratio of 3.53.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.50 by $0.07. Lumentum had a negative net margin of 29.87% and a negative return on equity of 8.69%. The firm had revenue of $425.20 million during the quarter, compared to analyst estimates of $418.18 million. During the same quarter last year, the business posted $0.09 EPS. The company’s revenue for the quarter was up 16.0% on a year-over-year basis. Equities research analysts forecast that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Yuen Wupen sold 4,716 shares of Lumentum stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $76.87, for a total transaction of $362,518.92. Following the sale, the insider directly owned 82,957 shares in the company, valued at $6,376,904.59. The trade was a 5.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Wajid Ali sold 2,222 shares of the business’s stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total transaction of $185,714.76. Following the completion of the transaction, the chief financial officer directly owned 47,460 shares in the company, valued at $3,966,706.80. This trade represents a 4.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,520 shares of company stock valued at $5,742,078. Insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Stifel Nicolaus boosted their price objective on Lumentum from $85.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, June 5th. Raymond James Financial lifted their price target on shares of Lumentum from $80.00 to $90.00 and gave the company a “strong-buy” rating in a research report on Wednesday, June 4th. B. Riley upped their price objective on shares of Lumentum from $65.00 to $73.00 and gave the stock a “neutral” rating in a report on Wednesday, June 4th. Northland Securities set a $80.00 price objective on shares of Lumentum in a research note on Wednesday, May 7th. Finally, Barclays set a $75.00 price objective on shares of Lumentum and gave the company an “overweight” rating in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Lumentum presently has a consensus rating of “Moderate Buy” and an average target price of $85.53.

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.