California Public Employees Retirement System Cuts Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

Posted by Defense World Staff on May 17th, 2023

California Public Employees Retirement System lessened its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE – Get Rating) by 7.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 153,594 shares of the technology company’s stock after selling 11,652 shares during the period. California Public Employees Retirement System owned 0.23% of Lumentum worth $8,013,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Assetmark Inc. lifted its holdings in shares of Lumentum by 35.7% in the 3rd quarter. Assetmark Inc. now owns 513 shares of the technology company’s stock worth $35,000 after acquiring an additional 135 shares during the last quarter. JB Capital LLC lifted its holdings in shares of Lumentum by 4.1% in the 4th quarter. JB Capital LLC now owns 6,287 shares of the technology company’s stock worth $328,000 after acquiring an additional 246 shares during the last quarter. Green Alpha Advisors LLC lifted its holdings in shares of Lumentum by 2.5% in the 4th quarter. Green Alpha Advisors LLC now owns 12,192 shares of the technology company’s stock worth $636,000 after acquiring an additional 303 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Lumentum by 0.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 35,911 shares of the technology company’s stock worth $2,462,000 after acquiring an additional 323 shares during the last quarter. Finally, Toroso Investments LLC lifted its holdings in shares of Lumentum by 14.7% in the 1st quarter. Toroso Investments LLC now owns 2,623 shares of the technology company’s stock worth $256,000 after acquiring an additional 336 shares during the last quarter. Hedge funds and other institutional investors own 92.46% of the company’s stock.

Lumentum Trading Down 1.8 %

Shares of NASDAQ:LITE opened at $44.33 on Wednesday. Lumentum Holdings Inc. has a 52 week low of $42.00 and a 52 week high of $96.46. The company’s 50 day moving average is $48.65 and its two-hundred day moving average is $54.04. The company has a current ratio of 3.06, a quick ratio of 2.61 and a debt-to-equity ratio of 1.23. The company has a market cap of $3.04 billion, a PE ratio of -80.60, a P/E/G ratio of 2.80 and a beta of 1.10.

Lumentum (NASDAQ:LITE – Get Rating) last posted its earnings results on Tuesday, May 9th. The technology company reported $0.36 EPS for the quarter, meeting analysts’ consensus estimates of $0.36. The firm had revenue of $383.40 million for the quarter, compared to the consensus estimate of $393.08 million. Lumentum had a net margin of 1.56% and a return on equity of 17.77%. Equities analysts predict that Lumentum Holdings Inc. will post 3.05 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Raymond James decreased their price objective on shares of Lumentum from $84.00 to $73.00 and set an “outperform” rating on the stock in a report on Thursday, April 6th. Northland Securities reduced their target price on shares of Lumentum from $57.00 to $40.00 in a report on Tuesday, April 18th. UBS Group reduced their target price on shares of Lumentum from $59.00 to $50.00 and set a “neutral” rating on the stock in a report on Thursday, April 6th. JPMorgan Chase & Co. upgraded shares of Lumentum from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $54.00 to $60.00 in a report on Monday, April 17th. Finally, Rosenblatt Securities lowered shares of Lumentum from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $77.00 to $48.00 in a report on Thursday, April 6th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Lumentum currently has an average rating of “Hold” and a consensus price target of $58.27.

Lumentum Company Profile

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Lumentum Holdings, Inc engages in the provision of optical and photonic products. It operates through the Optical Communications (OpComms) and Commercial Lasers segments. The OpComms segment includes a range of components, modules, and subsystems to support customers including carrier networks of access (local), metro (intracity), long-haul (city-to-city and worldwide), and submarine (undersea) applications.