Lumentum Holdings Inc. (NASDAQ:LITE) Director Sells $835,800.00 in Stock

Lumentum Holdings Inc. (NASDAQ:LITE) Director Alan S. Lowe sold 10,000 shares of the stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $83.58, for a total transaction of $835,800.00. Following the completion of the sale, the director now owns 270,471 shares of the company’s stock, valued at approximately $22,605,966.18. The trade was a 3.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Lumentum Trading Down 0.2%

LITE stock opened at $81.46 on Monday. The business has a fifty day moving average of $65.04 and a 200-day moving average of $74.96. The company has a market cap of $5.65 billion, a P/E ratio of -10.59 and a beta of 1.28. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. Lumentum Holdings Inc. has a twelve month low of $38.29 and a twelve month high of $104.00.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.07. The business had revenue of $425.20 million during the quarter, compared to the consensus estimate of $418.18 million. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The firm’s revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.09 earnings per share. As a group, equities research analysts expect that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Institutional Investors Weigh In On Lumentum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LITE. J.Safra Asset Management Corp grew its stake in Lumentum by 31.1% in the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock valued at $43,000 after acquiring an additional 122 shares during the period. Jones Financial Companies Lllp grew its stake in Lumentum by 54.2% in the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after acquiring an additional 130 shares during the period. Quadrant Capital Group LLC grew its stake in Lumentum by 27.2% in the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company’s stock valued at $64,000 after acquiring an additional 164 shares during the period. Oregon Public Employees Retirement Fund grew its stake in Lumentum by 1.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 14,130 shares of the technology company’s stock valued at $881,000 after acquiring an additional 176 shares during the period. Finally, Manchester Capital Management LLC grew its stake in Lumentum by 22.6% in the fourth quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company’s stock valued at $86,000 after acquiring an additional 190 shares during the period. Institutional investors own 94.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on LITE. Morgan Stanley increased their target price on shares of Lumentum from $70.00 to $76.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 4th. Northland Capmk upgraded shares of Lumentum from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Raymond James raised their price target on shares of Lumentum from $80.00 to $90.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, June 4th. UBS Group cut their price target on shares of Lumentum from $96.00 to $78.00 and set a “neutral” rating for the company in a research note on Wednesday, May 7th. Finally, Needham & Company LLC cut their price target on shares of Lumentum from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $82.80.

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.