Texas Permanent School Fund Corp Boosts Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Texas Permanent School Fund Corp boosted its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 1.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 59,338 shares of the technology company’s stock after acquiring an additional 1,079 shares during the quarter. Texas Permanent School Fund Corp owned 0.09% of Lumentum worth $3,021,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Lumentum by 6.5% during the fourth quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock valued at $377,225,000 after acquiring an additional 442,177 shares during the last quarter. Duality Advisers LP bought a new stake in Lumentum during the first quarter valued at about $1,307,000. Retirement Systems of Alabama grew its holdings in Lumentum by 13.9% during the first quarter. Retirement Systems of Alabama now owns 357,452 shares of the technology company’s stock valued at $16,925,000 after purchasing an additional 43,687 shares during the period. John G Ullman & Associates Inc. grew its holdings in Lumentum by 26.0% during the first quarter. John G Ullman & Associates Inc. now owns 73,973 shares of the technology company’s stock valued at $3,503,000 after purchasing an additional 15,282 shares during the period. Finally, Thompson Investment Management Inc. grew its holdings in Lumentum by 139.1% during the first quarter. Thompson Investment Management Inc. now owns 71,429 shares of the technology company’s stock valued at $3,382,000 after purchasing an additional 41,556 shares during the period. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Susquehanna boosted their price target on Lumentum from $60.00 to $70.00 and gave the company a “positive” rating in a report on Wednesday, July 17th. B. Riley boosted their price target on Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Craig Hallum boosted their price target on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Jefferies Financial Group boosted their price target on Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Finally, Barclays upped their price objective on Lumentum from $38.00 to $40.00 and gave the stock an “underweight” rating in a research note on Thursday, August 15th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $59.08.

Lumentum Stock Performance

NASDAQ LITE opened at $55.78 on Monday. The stock has a market capitalization of $3.79 billion, a PE ratio of -10.62, a P/E/G ratio of 4.26 and a beta of 0.88. The business has a 50 day simple moving average of $52.70 and a two-hundred day simple moving average of $48.74. The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43. Lumentum Holdings Inc. has a 1-year low of $35.35 and a 1-year high of $60.99.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.03. The business had revenue of $308.30 million during the quarter, compared to analysts’ expectations of $301.36 million. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The firm’s revenue for the quarter was down 16.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.12 EPS. On average, research analysts predict that Lumentum Holdings Inc. will post 0.22 EPS for the current fiscal year.

Lumentum Company Profile

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.