Lumentum Holdings Inc. (LITE) Shares Bought by Texas Permanent School Fund
Texas Permanent School Fund raised its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 1.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,628 shares of the technology company’s stock after buying an additional 468 shares during the period. Texas Permanent School Fund’s holdings in Lumentum Holdings were worth $2,318,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Chicago Equity Partners LLC acquired a new position in shares of Lumentum Holdings during the first quarter valued at approximately $651,000. Riggs Asset Managment Co. Inc. increased its position in shares of Lumentum Holdings by 0.6% in the first quarter. Riggs Asset Managment Co. Inc. now owns 36,569 shares of the technology company’s stock valued at $1,951,000 after buying an additional 229 shares during the last quarter. Great West Life Assurance Co. Can increased its position in shares of Lumentum Holdings by 7.8% in the first quarter. Great West Life Assurance Co. Can now owns 76,101 shares of the technology company’s stock valued at $4,055,000 after buying an additional 5,507 shares during the last quarter. Tocqueville Asset Management L.P. increased its position in shares of Lumentum Holdings by 112.5% in the first quarter. Tocqueville Asset Management L.P. now owns 25,500 shares of the technology company’s stock valued at $1,360,000 after buying an additional 13,500 shares during the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD acquired a new position in shares of Lumentum Holdings during the first quarter valued at approximately $55,001,000. 95.06% of the stock is owned by hedge funds and other institutional investors.
Shares of Lumentum Holdings Inc. (NASDAQ LITE) opened at 57.40 on Thursday. The firm’s 50-day moving average is $61.39 and its 200-day moving average is $52.56. The firm’s market cap is $3.51 billion. Lumentum Holdings Inc. has a 52-week low of $30.24 and a 52-week high of $68.63.
Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.18. The company had revenue of $222.70 million for the quarter, compared to analysts’ expectations of $229.45 million. Lumentum Holdings had a positive return on equity of 19.55% and a negative net margin of 3.28%. The firm’s revenue for the quarter was down 7.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 earnings per share. Analysts anticipate that Lumentum Holdings Inc. will post $1.90 earnings per share for the current year.
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Several research analysts have commented on the company. Barclays PLC reissued a “hold” rating on shares of Lumentum Holdings in a research note on Friday, July 14th. Stifel Nicolaus reissued a “buy” rating and set a $73.00 target price on shares of Lumentum Holdings in a research note on Saturday, July 22nd. B. Riley reissued a “buy” rating and set a $77.00 target price (up previously from $58.00) on shares of Lumentum Holdings in a research note on Tuesday, June 27th. BidaskClub downgraded Lumentum Holdings from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Finally, DA Davidson assumed coverage on Lumentum Holdings in a research note on Thursday, June 22nd. They set a “neutral” rating and a $77.00 target price for the company. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $61.25.
In related news, CFO Aaron Tachibana sold 1,521 shares of the company’s stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $54.40, for a total value of $82,742.40. Following the sale, the chief financial officer now directly owns 45,495 shares of the company’s stock, valued at $2,474,928. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Alan S. Lowe sold 5,954 shares of the company’s stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $54.29, for a total value of $323,242.66. Following the completion of the sale, the chief executive officer now directly owns 153,439 shares in the company, valued at $8,330,203.31. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,813 shares of company stock worth $648,776. 0.76% of the stock is owned by insiders.
About Lumentum Holdings
Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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