Public Employees Retirement System of Ohio Sells 1,200 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Public Employees Retirement System of Ohio lessened its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 4.5% during the third quarter, HoldingsChannel.com reports. The fund owned 25,375 shares of the technology company’s stock after selling 1,200 shares during the period. Public Employees Retirement System of Ohio’s holdings in Lumentum were worth $1,608,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Atreides Management LP increased its holdings in shares of Lumentum by 28.5% in the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock worth $107,177,000 after buying an additional 375,389 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in shares of Lumentum in the 3rd quarter worth $17,981,000. Van Lanschot Kempen Investment Management N.V. increased its holdings in shares of Lumentum by 17.8% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock worth $58,803,000 after buying an additional 174,828 shares during the last quarter. Pinnacle Associates Ltd. increased its holdings in shares of Lumentum by 50.4% in the 3rd quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock worth $25,846,000 after buying an additional 136,659 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Lumentum by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock worth $86,760,000 after buying an additional 130,838 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

Insider Buying and Selling at Lumentum

In other news, CAO Matthew Joseph Sepe sold 8,172 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total value of $715,867.20. Following the completion of the sale, the chief accounting officer now directly owns 21,138 shares of the company’s stock, valued at approximately $1,851,688.80. This trade represents a 27.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Harold L. Covert sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the completion of the sale, the director now directly owns 8,761 shares of the company’s stock, valued at approximately $763,696.37. This represents a 63.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 101,797 shares of company stock valued at $8,881,428 in the last quarter. Company insiders own 0.19% of the company’s stock.

Lumentum Trading Down 6.8 %

Shares of LITE opened at $82.90 on Thursday. The stock has a market capitalization of $5.70 billion, a P/E ratio of -10.01 and a beta of 0.95. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The firm has a fifty day simple moving average of $78.67 and a two-hundred day simple moving average of $62.40. Lumentum Holdings Inc. has a twelve month low of $38.28 and a twelve month high of $96.25.

Analysts Set New Price Targets

LITE has been the topic of a number of research analyst reports. Rosenblatt Securities increased their price target on shares of Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Raymond James increased their price target on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Morgan Stanley increased their target price on shares of Lumentum from $76.00 to $83.00 and gave the company an “equal weight” rating in a report on Tuesday. Susquehanna increased their target price on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. Finally, Northland Securities increased their target price on shares of Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $75.38.

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.