Insider Selling: Lumentum Holdings Inc. (NASDAQ:LITE) Director Sells 15,000 Shares of Stock

Lumentum Holdings Inc. (NASDAQ:LITE) Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction 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 directly owns 8,761 shares of the company’s stock, valued at approximately $763,696.37. The trade was a 63.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Lumentum Price Performance

Shares of LITE stock opened at $81.45 on Friday. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. Lumentum Holdings Inc. has a 12 month low of $38.28 and a 12 month high of $89.70. The firm has a market cap of $5.60 billion, a price-to-earnings ratio of -9.84, a PEG ratio of 8.98 and a beta of 0.88. The stock has a 50-day moving average price of $66.35 and a 200 day moving average price of $55.48.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. The business had revenue of $308.30 million during the quarter, compared to the consensus estimate of $301.36 million. During the same period in the previous year, the firm posted $0.12 earnings per share. Lumentum’s revenue for the quarter was down 16.9% compared to the same quarter last year. Research analysts expect that Lumentum Holdings Inc. will post 0.17 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Quarry LP increased its holdings in Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after purchasing an additional 201 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Lumentum in the 3rd quarter valued at about $33,000. Point72 DIFC Ltd acquired a new stake in shares of Lumentum in the 2nd quarter valued at approximately $36,000. Nomura Asset Management Co. Ltd. boosted its stake in Lumentum by 67.5% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after acquiring an additional 270 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in Lumentum by 141.6% during the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after purchasing an additional 524 shares during the period. Institutional investors and hedge funds own 94.05% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on LITE. Rosenblatt Securities lifted their price target on shares of Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 8th. Bank of America lifted their target price 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. Morgan Stanley raised their price target on Lumentum from $61.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday. Northland Securities boosted their price objective on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. Finally, Raymond James raised their target price on Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target 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.