Treasurer of the State of North Carolina Acquires 710 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Treasurer of the State of North Carolina grew its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 2.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,872 shares of the technology company’s stock after purchasing 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.

A number of other institutional investors also recently modified their holdings of LITE. UMB Bank n.a. raised its holdings in Lumentum by 301.2% during the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after acquiring an additional 253 shares during the period. Jones Financial Companies Lllp raised its stake in shares of Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after purchasing an additional 130 shares during the period. J.Safra Asset Management Corp lifted its holdings in Lumentum by 31.1% during the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock worth $43,000 after purchasing an additional 122 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in Lumentum by 27.2% in the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company’s stock worth $64,000 after purchasing an additional 164 shares during the period. Finally, Daiwa Securities Group Inc. purchased a new position in Lumentum during the 4th quarter valued at about $67,000. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Lumentum Price Performance

LITE stock opened at $52.00 on Friday. The firm has a market cap of $3.60 billion, a P/E ratio of -6.76 and a beta of 1.14. The firm’s fifty day moving average is $64.81 and its 200 day moving average is $75.41. Lumentum Holdings Inc. has a 52 week low of $38.29 and a 52 week high of $104.00. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. Research analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

LITE has been the subject of a number of analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Lumentum from $105.00 to $73.00 and set an “overweight” rating for the company in a research report on Thursday. Morgan Stanley cut their price target on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, January 31st. Stifel Nicolaus upped their price target on shares of Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Northland Securities raised Lumentum from a “market perform” rating to an “outperform” rating in a research note on Monday, April 7th. Finally, B. Riley boosted their target price on Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Lumentum has an average rating of “Moderate Buy” and a consensus price target of $87.93.

Insider Buying and Selling at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the sale, the chief financial officer now owns 51,976 shares of the company’s stock, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.19% of the company’s stock.

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.