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

Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) Director Alan S. Lowe sold 10,000 shares of Lumentum stock in a transaction on 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 directly owns 270,471 shares in the company, valued at $22,605,966.18. This represents a 3.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Lumentum Trading Up 0.8%

LITE stock traded up $0.65 during midday trading on Monday, hitting $82.11. 1,273,773 shares of the company's stock were exchanged, compared to its average volume of 2,047,043. The business has a 50-day simple moving average of $65.04 and a two-hundred day simple moving average of $74.96. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The stock has a market capitalization of $5.70 billion, a PE ratio of -10.68 and a beta of 1.28. Lumentum Holdings Inc. has a 1-year low of $38.29 and a 1-year high of $104.00.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.07. The company had revenue of $425.20 million during the quarter, compared to analysts' expectations 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 quarterly revenue was up 16.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.09 earnings per share. On average, sell-side analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on LITE. B. Riley raised their target price on Lumentum from $65.00 to $73.00 and gave the company a "neutral" rating in a research report on Wednesday, June 4th. Jefferies Financial Group began coverage on Lumentum in a research report on Friday, February 21st. They issued a "buy" rating on the stock. Stifel Nicolaus raised their target price on Lumentum from $85.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday. JPMorgan Chase & Co. decreased their target price on Lumentum from $105.00 to $73.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, Northland Securities set a $80.00 price target on Lumentum in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $82.80.

Institutional Investors Weigh In On Lumentum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LITE. Advisors Preferred LLC acquired a new stake in Lumentum during the fourth quarter worth $865,000. Empowered Funds LLC acquired a new stake in shares of Lumentum in the fourth quarter valued at $626,000. Lightrock Netherlands B.V. acquired a new stake in shares of Lumentum in the fourth quarter valued at $12,668,000. Louisiana State Employees Retirement System grew its stake in shares of Lumentum by 1.6% in the fourth quarter. Louisiana State Employees Retirement System now owns 19,100 shares of the technology company's stock valued at $1,603,000 after buying an additional 300 shares in the last quarter. Finally, Legato Capital Management LLC acquired a new stake in shares of Lumentum in the fourth quarter valued at $1,188,000. Institutional investors and hedge funds own 94.05% of the company's stock.

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.