Harold L. Covert Sells 15,000 Shares of Lumentum Holdings Inc. (NASDAQ:LITE) Stock

Lumentum Holdings Inc. (NASDAQ:LITE) Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total value of $1,307,550.00. Following the transaction, the director now 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 sale was disclosed in a filing with the SEC, which is available through this link.

Lumentum Trading Down 2.2 %

Shares of LITE traded down $1.84 during mid-day trading on Friday, reaching $83.29. 209,000 shares of the company’s stock were exchanged, compared to its average volume of 1,467,911. The business’s fifty day simple moving average is $65.76 and its 200-day simple moving average is $55.13. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. Lumentum Holdings Inc. has a 52-week low of $38.28 and a 52-week high of $89.70.

Lumentum (NASDAQ:LITE) last announced its earnings results on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 40.70% and a negative return on equity of 6.79%. The business’s revenue was down 16.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.12 earnings per share. Sell-side analysts anticipate that Lumentum Holdings Inc. will post 0.17 earnings per share for the current year.

Institutional Trading of Lumentum

A number of institutional investors have recently modified their holdings of LITE. Vanguard Group Inc. boosted its position in shares of Lumentum by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock worth $341,786,000 after purchasing an additional 22,088 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Lumentum by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock valued at $86,760,000 after buying an additional 130,838 shares during the period. Atreides Management LP increased its position in Lumentum by 28.5% during the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock worth $107,177,000 after purchasing an additional 375,389 shares during the last quarter. Earnest Partners LLC increased its holdings in shares of Lumentum by 6.0% during the 1st quarter. Earnest Partners LLC now owns 1,690,117 shares of the technology company’s stock worth $80,027,000 after buying an additional 95,428 shares during the last quarter. Finally, Swedbank AB acquired a new stake in Lumentum during the first quarter worth about $71,025,000. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Northland Securities lifted 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. Morgan Stanley increased their target price on Lumentum from $61.00 to $76.00 and gave the company an “equal weight” rating in a research report on Thursday. Bank of America raised their price target on shares of Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a research note on Thursday, August 15th. Susquehanna lifted their target price on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. increased their price target on shares of Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Lumentum presently has a consensus rating of “Hold” and an average target price of $74.85.

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.